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B-334478 Jul 25, 2022 1 (2022-07-25)

handle is hein.gao/gaonlo0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-334478 July 25, 2022 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Proxy Voting Advice Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (SEC) entitled Proxy Voting Advice (RIN: 3235-AM92). We received the rule on July 13, 2022. It was published in the Federal Register as a final rule on July 19, 2022. 87 Fed. Reg. 43168. The effective date is September 19, 2022. According to SEC, the final rule adopts amendments to the federal proxy rules governing proxy voting advice. SEC states that the amendments adopted by this rule remove a condition to the availability of certain exemptions from the information and filing requirements of the federal proxy rules for proxy voting advice businesses (PVABs). SEC states that this rule also rescinds certain SEC guidance previously issued to investment advisers about their proxy voting obligations, as well as removes a note that used to provide examples of situations where failure to disclose certain information in proxy voting advice could be considered misleading under the federal proxy rules' prohibition on material misstatements or omissions. Finally, SEC states that this rule discusses SEC's views regarding the application of the prohibition on material misstatements or omissions to proxy voting advice, in particular with respect to statements of opinion. Enclosed is our assessment of SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the

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