; and (ii) does not include any person described in clause (i) that, together with the parent, subsidiaries, and affiliates of the person, receives on a consolidated basis in a fiscal year gross receipts from the clients of the person in an amount that is not more than $5,000,000, as adjusted annually by the Commission to reflect the percentage change for the previous calendar year in the gross domestic product of the United States, as calculated by the Bureau of Economic Analysis of the Department of Commerce, except that a person described in this clause may choose to be considered a proxy advisory firm for the purposes of this Act. (B) Notwithstanding any other provision of law or regulation— (i) for the purposes of this Act, a proxy advisory firm may not be considered to be excluded from the definition of the term investment adviser under paragraph (11) because of the application of subparagraph (D) of that paragraph; and (ii) only the Commission, under subparagraph (H) of paragraph (11), may designate a proxy advisory firm as a person described in that subparagraph, except that the Commission may not make such a designation if the proxy advisory firm is described in any of paragraphs (1) through (9) of section 203(e). ; (2) in section 203 ( 15 U.S.C. 80b–3 ), by adding at the end the following: (o) Rule of construction Nothing in subsections (b) through (n) may be construed to exempt a proxy advisory firm from the application of the provisions of subsection (a). ; (3) in section 203A(a)(1) (15 U.S.C. 80b–3a(a)(1))— (A) in subparagraph (A), by striking or at the end; (B) in subparagraph (B), by striking the period at the end and inserting ; 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)