; and (2) if the investment adviser chooses not to solicit voting instructions under subparagraph (A), shall not be considered to be in violation of any duty under any Federal or State law for failing to vote the applicable securities. . (b) Effective date Section 208A of the Investment Advisers Act of 1940, as added by subsection (a), shall take effect on the first August 1 that occurs after the date that is 2 years after the date of enactment of this Act. 3. Voting instructions from customers Section 14(b)(1) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78n(b)(1) ) is amended by inserting voting instruction, after consent, .