Legislation to set up a regulatory regime for firms that give investors advice on how to vote their shares in public companies has seen more lobbying activity lately, according to a Bloomberg Government analysis of required disclosures.

The analysis looked at how many lobbying filings list the legislation. It showed the bill has now seen twice as much lobbying activity as an earlier version from 2016.

The most frequent filer for lobbying is Nasdaq Inc., a vocal supporter of the...