; and (B) define ESG metrics. (2) Sustainable Finance Advisory Committee The Sustainable Finance Advisory Committee of the Commission shall, not later than 180 days after the date of the first meeting of such Committee, submit to the Commission recommendations about what ESG metrics the Commission should require issuers to disclose. (3) Materiality It is the sense of Congress that ESG metrics, as such term is defined by the Commission pursuant to paragraph (1), are de facto material for the purposes of disclosures under the Securities Exchange Act of 1934 and the Securities Act of 1933. (4) Incorporation of international standards When amending part 210 of title 17, Code of Federal Regulations (or any successor thereto) pursuant to paragraph (1), the Commission may, as the Commission determines appropriate, incorporate any internationally recognized, independent, multi-stakeholder environmental, social, and governance disclosure standards. (5) Location of disclosure Any disclosure required by paragraph (1) may be included in a notes section of the filing. (6) Delay for small issuers The Commission may use a phased approach when applying any amendments made pursuant to paragraph (1) to small issuers and may determine the criteria by which an issuer qualifies as a small issuer for purposes of such phased approach. 4. Sustainable Finance Advisory Committee Section 4 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d ) is amended by adding at the end the following: (l) Sustainable Finance Advisory Committee (1) Establishment The Commission shall establish a permanent advisory committee to be called the Sustainable Finance Advisory Committee (in this subsection referred to as the Committee ). (2) Duties of Committee The Committee shall— (A) submit a report to the Commission not later than 18 months after the date of the first meeting of the Committee that— (i) identifies the challenges and opportunities for investors associated with sustainable finance