,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #dfef  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #ad1 #bjbc,mr4  
,nunn ( ,i[a introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,a ,,bill  ,to am5d 
! ,securities ,ex*ange ,act ( #aicd to  
prohibit robovot+ ) respect to votes    
relat$ to proxy or cons5t solicitation  
mat]ials1 & = o!r purposes4  #a4 ,%ort  
title ,?is ,act may be cit$ z !         
,protect+ ,am]ican's ,sav+s ,act4  #b4  
,requirem5ts relat$ to proxy vot+  7a7  
,9 g5]al ,section #ad ( ! ,securities   
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghn7 is am5d$ by add+ at ! end !       
foll[+3  7l7 ,prohibition on robovot+   
7#a7 ,9 g5]al ,! ,commission %all issue 
f9al rules prohibit+ ! use ( robovot+ ) 
respect to votes relat$ to proxy or     
cons5t solicitation mat]ials4  7#b7     
,robovot+ def9$ ,9 ?is subsection1 ! t]m
 robovot+ means ! practice (            
automatically vot+ 9 a mann] consi/5t ) 
! recomm5dations ( a proxy advisory firm

 or pre-populat+ votes on a proxy       
advisory firm's electronic vot+ plat=m )
 ! proxy advisory firm's recomm5dations1
 9 ei!r case1 )\t indep5d5t review &    
analysis4  7m7 ,prohibition on outs\rc+ 
vot+ decisions by in/itutional inve/ors 
,an in/itutional inve/or may n outs\rce 
vot+ decisions ) respect to votes relat$
 to proxy or cons5t solicitation        
mat]ials4  7n7 ,no requirem5t to vote   
,no p]son may be requir$ to ca/ votes   
relat$ to proxy or cons5t solicitation  
mat]ials4  7o7 ,proxy advisory firm     
calculation ( votes ,) respect to votes 
relat$ to proxy or cons5t solicitation  
mat]ials ) respect to an issu]1 a proxy 
advisor firm %all calculate ! vote      
result consi/5t ) ! law ( ! ,/ate 9 :i* 
! issu] is incorporat$4  4  7b7 ,proxy  
advisory firm def9$ ,section #c7;a7 ( ! 
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a77 is am5d$ by add+ at 
! end ! foll[+3  7#hb7 ,proxy advisory  
firm ,! t]m proxy advisory firm-- 7,a7  
means any p]son :o is prim>ily engag$ 9 

! bus9ess ( provid+ proxy vot+ advice1  
rese>*1 analysis1 rat+s1 or             
recomm5dations to cli5ts1 :i* conduct   
con/itutes a solicitation )9 ! mean+ (  
section #ad2 &  7,b7 does n include any 
p]son t is exempt "u law or regulation f
 ! requirem5ts o!rwise applicable to    
p]sons engag$ 9 su* a solicitation4  4