As used in this chapter, "proxy advisor" means a person who, for compensation, provides a proxy advisory service to interest holders of an entity or to other persons with authority to vote on behalf of interest holders of an entity. The term does not include:

1. (1) a financial institution (as defined in IC 4-4-28-3 ) that has its deposits insured by the FDIC (as defined in IC 28-6.2-1-10 ) and provides proxy advisory services as a result of a fiduciary duty that the financial institution owes to the recipient of the financial institution's proxy advisory services, regardless of whether the fiduciary duty is required by agreement, statute, regulation, or common law; and

2. (2) any:

   1. (A) employee of a financial institution described in subdivision (1);
   2. (B) affiliate of a financial institution described in subdivision (1); and
   3. (C) employee of an affiliate of a financial institution described in subdivision (1).

As added by P.L.60-2026, SEC.1.