; or ; and (C) by adding at the end the following: (C) is a proxy advisory firm. ; (4) in section 204 ( 15 U.S.C. 80b–4 )— (A) by redesignating the second subsection (d) (relating to records of persons with custody or use) as subsection (e); and (B) by adding at the end the following: (f) Examination of records of proxy advisory firms (1) Periodic and special examinations The Commission— (A) shall— (i) beginning not later than 1 year after the date of enactment of this subsection, conduct periodic inspections of the records of proxy advisory firms in accordance with a schedule established by the Commission; and (ii) when conducting each inspection under clause (i), review— (I) whether any proxy advisory firm, with respect to any statement made by the firm to a client of the proxy advisory firm, knowingly— (aa) made any false statement to the client; or (bb) omitted to state a material fact that would be necessary to make the statement to the client not misleading; and (II) policies and programs regarding conflicts of interest at proxy advisory firms; and (B) may conduct, in addition to the inspections conducted under subparagraph (A), at any time and from time to time, such additional, special, and other examinations of proxy advisory firms and the records of proxy advisory firms as the Commission may prescribe as necessary and appropriate in the public interest and for the protection of investors. (2) Availability of records A proxy advisory firm shall make available to the Commission any copies or extracts from the records described in subparagraph (A)(i) or (B) of paragraph (1), as applicable, as may be prepared without undue effort, expense, or delay, as the Commission or its representatives may reasonably request. ; and (5) in section 211(h) ( 15 U.S.C. 80b–11(h) )— (A) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively, and adjusting the margins accordingly