Yes, it needs to be updated.
For example, the act allows you to invest in mutual funds. That's not a problem. However, it prohibits you from investing in ETFs, or exchange-traded funds, because those investments are considered shares. However, it's essentially the same thing.
If you have $100 or $1,000 of investments in ETFs, your opinion won't change anything and you won't be able to influence the companies in question in any way, shape or form. However, I still have to tell you to put it in a blind trust or sell it, because it's prohibited. It's because ETFs weren't taken into account when the act was first drafted. So now it's not working. The financial market is evolving and creating new tools. People who have no political influence should be allowed to own those assets, but for the moment, I have no discretionary power in that regard. There are no rules or laws that specify exactly what is allowed or not; it simply prohibits anything related to public procurement and public companies.