; and (II) exercise any of the rights of the investors that are conferred by securities held by the investors. ; and (D) by adding at the end the following: (2) Updates of proxy advisory firms report Not less frequently than once every 5 years, beginning on the date on which the Commission submits the report required under paragraph (1)(C), the Commission shall submit to the congressional committees described in that paragraph an updated version of that report, which shall evaluate whether the existing rules of the Commission, as of the date on which the applicable updated report is submitted, sufficiently protect investors, including the ability of investors to consider, in a reasonably timely manner, material information that is necessary for the investors to— (A) make informed investment decisions; and (B) exercise any of the rights of the investors that are conferred by securities held by the investors. .