; and (B) shall become effective not later than 1 year after the date of enactment of this section. (2) Review of existing regulations Not later than 270 days after the date of enactment of this section, the Commission shall— (A) review its existing rules and regulations which affect the operations of proxy advisory firms; (B) amend or revise such rules and regulations in accordance with the purposes of this section, and issue such guidance, as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors; and (C) direct Commission staff to withdraw the Egan Jones Proxy Services (May 27, 2004) and Institutional Shareholder Services, Inc. (September 15, 2004) no-action letters. (o) Applicability This section, other than subsection (n), which shall apply on the date of enactment of this section, shall apply on the earlier of— (1) the date on which regulations are issued in final form under subsection (n)(1); or (2) 270 days after the date of enactment of this section. . (b) Conforming amendment Section 17(a)(1) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78q(a)(1) ) is amended by inserting proxy advisory firm, after nationally recognized statistical rating organization, . 483. Commission annual report The Commission shall make an annual report publicly available on the Commission’s Internet website. Such report shall, with respect to the year to which the report relates— (1) identify applicants for registration under section 15H of the Securities Exchange Act of 1934, as added by this subtitle; (2) specify the number of and actions taken on such applications; (3) specify the views of the Commission on the state of competition, transparency, policies and methodologies, and conflicts of interest among proxy advisory firms; (4) include the determination of the Commission with regard to— (A) the quality of proxy advisory services issued by proxy advisory firms; (B) the financial markets; (C) competition among proxy advisory firms