Adds new rules for proxy advisory firms under the Investment Advisers Act of 1940: it defines "proxy advisory firm," requires SEC access for inspections and records, directs the SEC to report to Congress on conflicts of interest and accuracy (with updates every 5 years), clarifies how existing rules apply to these firms, and creates a small-entity exclusion for firms with under $5,000,000 in annual revenue (adjusted annually). The change increases SEC oversight of proxy advisors and sets compliance and reporting requirements intended to improve transparency about conflicts and the accuracy of proxy recommendations.