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OklahomaHB 4429Oklahoma 2026 Regular SessionHouseWALLET

Securities; Proxy Advisor Transparency Act; effective date.

Sponsored By: Kyle Hilbert (Republican)

Signed by Governor

Senate Committee

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 0 costs, 2 mixed.

Enforcement and lawsuits over proxy advice

Breaking this law counts as a deceptive trade practice in Oklahoma. The Attorney General can investigate and enforce. Anyone harmed—recipients, subject companies, or shareholders—can sue for a court order. They must give the Attorney General written notice within seven days after filing, and the Attorney General may join the case. Other deceptive‑practice claims remain available. These powers start November 1, 2026.

Stronger disclosures for proxy advisors

Proxy advisors must give clear notices when they recommend voting against company management. If no written financial analysis backs it, they must say so, name the service and recommendation, and warn recipients. They must also send that notice to the company’s board by email and U.S. mail, and post a front‑page website notice. If a written analysis backs it, they must say so, make the analysis available on request, and send it to the board at the same time. These rules start November 1, 2026.

Which advisors are covered and when

The law defines what a “written financial analysis” must include for proxy advice. It must weigh short‑ and long‑term costs and benefits, pick the vote best for shareholder value, and explain methods, team experience, and location. 501(c)(3) charities are not covered if proxy‑advice revenue is under $250,000 a year; affiliates must also stay under $250,000 combined. These rules take effect November 1, 2026.

Sponsors & Cosponsors

Sponsor

  • Kyle Hilbert

    Republican • House

Cosponsors

  • Julie Daniels

    Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 96 • No: 27

Senate vote • 4/28/2026

THIRD READING

Yes: 0 • No: 7

Senate vote • 4/9/2026

Top_of_Page

Yes: 0 • No: 0

Senate vote • 4/9/2026

Top_of_Page

Yes: 0 • No: 0

House vote • 3/25/2026

Top_of_Page

Yes: 73 • No: 17

House vote • 3/5/2026

DO PASS

Yes: 14 • No: 3

House vote • 2/10/2026

DO PASS

Yes: 9 • No: 0

Actions Timeline

  1. Approved by Governor 05/01/2026

    5/4/2026House

  2. Sent to Governor

    4/28/2026House

  3. Enrolled measure signed, returned to House

    4/28/2026Senate

  4. Enrolled, signed, to Senate

    4/28/2026House

  5. Referred for enrollment

    4/28/2026House

  6. Engrossed measure signed, returned to House

    4/28/2026Senate

  7. Measure passed: Ayes: 37 Nays: 7

    4/28/2026Senate

  8. General Order, Considered

    4/28/2026Senate

  9. Placed on General Order

    4/14/2026Senate

  10. Reported Do Pass Business and Insurance committee; CR filed

    4/9/2026Senate

  11. Second Reading referred to Business and Insurance

    4/1/2026Senate

  12. First Reading

    3/26/2026Senate

  13. Engrossed, signed, to Senate

    3/26/2026House

  14. Referred for engrossment

    3/25/2026House

  15. Third Reading, Measure passed: Ayes: 73 Nays: 17

    3/25/2026House

  16. Amended by floor substitute

    3/25/2026House

  17. General Order

    3/25/2026House

  18. Authored by Senator Daniels (principal Senate author)

    3/5/2026House

  19. CR; Do Pass Government Oversight Committee

    3/5/2026House

  20. Policy recommendation to the Government Oversight committee; Do Pass Banking, Financial Services and Pensions

    2/11/2026House

  21. Referred to Banking, Financial Services and Pensions

    2/3/2026House

  22. Second Reading referred to Government Oversight

    2/3/2026House

  23. Authored by Representative Hilbert

    2/2/2026House

  24. First Reading

    2/2/2026House

Bill Text

  • Enrolled (final version)

    4/28/2026

    PDF

  • Floor (Senate)

    4/13/2026

    PDF

  • Senate Committee Report

    4/9/2026

    PDF

  • Engrossed

    3/25/2026

    PDF

  • Floor (House)

    3/5/2026

    PDF

  • House Committee Report

    3/5/2026

    PDF

  • House Policy Committee Report

    2/11/2026

    PDF

  • Introduced

    1/15/2026

    PDF

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