; 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 subclause (I) or (II); and (ii) 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. (B) Issuer 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 ). (2) Quarterly reports (A) Reports required Not later than 180 days after the date of enactment of this subsection, the Commission shall amend the reporting rules under this section to require each issuer with a class of equity securities registered under section 12 of this title to submit to the Commission and the shareholders of the issuer a quarterly report containing— (i) a description of any expenditure for political activities made during the preceding quarter; (ii) the date of each expenditure for political activities; (iii) the amount of each expenditure for political activities; (iv) if the expenditure for political activities was made in support of or in opposition to a candidate, the name of the candidate and the office sought by, and the political party affiliation of, the candidate