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The Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Securities Exchange Act of 1934 by adding Section 14A, which requires companies (i) to conduct a separate shareholder advisory vote to approve the compensation of certain executives, (ii) to conduct a separate shareholder advisory vote to determine how often an issuer will conduct a shareholder advisory vote on executive compensation and (iii) when soliciting votes to approve merger or acquisition transactions, to provide disclosure of certain "golden parachute" compensation arrangements and, in certain circumstances, to conduct a separate shareholder advisory vote to approve the golden parachute compensation arrangements
In connection with implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC has proposed a rule that would define and exempt "family offices" from being subject to regulation under the Investment Advisers Act of 1940
