; (ii) an electioneering communication (as defined in section 304(f)(3) of that Act ( 52 U.S.C. 30104(f)(3) )) and any other public communication (as defined in section 301(22) of that Act ( 52 U.S.C. 30101(22) )) that would be an electioneering communication if it were a broadcast, cable, or satellite communication; or (iii) dues or other payments to trade associations or organizations described in section 501(c) of the Internal Revenue Code of 1986 and exempt from tax under section 501(a) of that Code that are, or could reasonably be anticipated to be, used or transferred to another association or organization for the purposes described in clauses (i) or (ii); and (B) does not include— (i) direct lobbying efforts through registered lobbyists employed or hired by the issuer; (ii) communications by an issuer to its shareholders and executive or administrative personnel and their families; or (iii) the establishment and administration of contributions to a separate segregated fund to be utilized for political purposes by a corporation; and (2) the term issuer does not include an investment company registered under section 8 of the Investment Company Act of 1940 ( 15 U.S.C. 80a–8 ). (b) Shareholder authorization for political expenditures Each solicitation of proxy, consent, or authorization by an issuer with a class of equity securities registered under section 12 of this title shall— (1) contain— (A) a description of the specific nature of any expenditure for political activities proposed to be made by the issuer for the forthcoming fiscal year that has not been authorized by a vote of the shareholders of the issuer, to the extent the specific nature is known to the issuer; and (B) the total amount of expenditures for political activities proposed to be made by the issuer for the forthcoming fiscal year