Financial Stability Oversight Council Improvement Act of 2015

Supplemental capital issues, regulatory issues for credit unions and tax exemption status: HR 185; HR 957; HR 1176; HR 1188; HR 1266; HR 1422; HR 1486; HR 1529; HR 1550; HR 1660; HR 1941; HR 2099; HR 2213; HR 2473; HR 2769;HR 2896; HR 3557; HR 3738; HR 3808; HR 3857; HR 4099; HR 4210; HR 4248; HR 4647; HR 4894; HR 4913; HR 4997; HR 5112; HR 5211; HR 5413; HR 5419; HR 5453; HR 5465; HR 5490; HR 5491; HR 5521; HR 5522; HR 5523; HR 5527; HR 5569; HR 5724; HR 5869; HR 5991; HR 6118; HR 6162; HR 6244; HR 6266; HR 6392; S. 423; S. 482; S. 726; S. 774; S. 924; S. 970; S. 1383; S. 1440; S. 1484; S. 1491; S. 2038; S. 2216; S. 2315; S. 2663; S. 2722; S. 2760; S. 2790; S. 2995; 2.3083; S. 3153; S. 3196; S. 3215; S. 3219; S. 3321; data security and cybersecurity; patent reform; FHLB membership rules; CFPB and FSOC reform; and GSE reform.

Client expense: Not reported · Firm income: $50,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S.754, Implementation of the Cybersecurity Information Sharing Act of 2015. S. 961, Data Security Act of 2015. S. 1484, Financial Regulatory Improvement Act. S. 1910, Financial Services and General Government Appropriations Act, 2016. As the bill relates to electronic delivery of financial disclosures. H.R. 1090, the Retail Investor Protection Act. H.R. 1770, the Data Security and Breach Notification Act of 2015. H.R. 2205, the Data Security Act. H.R. 1550, the Financial Stability Oversight Council Improvement Act. H.R. 2995, the Financial Services and General Government Appropriations Act, 2016. As the bill relates to electronic delivery of financial disclosures. HR 5983, the Financial CHOICE Act of 2016. (note concern above under Insurance section) Issues related to SEC mutual fund disclosures. SEC Final Rule, Registration of Municipal Advisors, 17 CFR, Parts 240 and 249, 78 FR 59814 (9/30/2013). CFTC Exemptive Order Regarding Compliance with Certain Swap Regulations (Cross-Border Phase-In Exemptive Order) (7/12/13). Department of Treasury, IAIS Common Framework for the Supervision of Internationally Active Insurance Groups (7/1/11). Section 619, "Dodd Frank Wall Street Reform and Consumer Protection Act", Final Rule, 12 CFR Part 44, 12 CFR Part 248, 12 CFR Part 351, 17 CFR Part 255 (12/10/2013). "The Dodd-Frank Wall Street Reform and Consumer Protection Act", P.L. No. 111-203 - Regulatory implementation of provisions relating to insurance companies.

Client expense: Not reported · Firm income: $40,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 50 (Unfunded Mandates Information and Transparency Act of 2015); H.R. 414 (Burdensome Data Collection Relief Act); H.R. 644 (Trade Facilitation and Trade Enforcement Act of 2015); H.R. 1090 (Retail Investor Protection Act); H.R. 1098 (Investor Choice Act of 2015); H.R. 1163 (Futures Investor Protection Act); H.R. 1295 (Trade Preferences Extension Act of 2015); H.R. 1314 (Trade Act of 2015); H.R. 1334 (Holding Company Registration Threshold Equalization Act of 2015); H.R. 1525 (Disclosure Modernization and Simplification Act of 2015); H.R. 1550 (Financial Stability Oversight Council Improvement Act of 2015); H.R. 1723 (Small Company Simple Registration Act of 2015); H.R. 1890 (Bipartisan Congressional Trade Priorities and Accountability Act of 2015); H.R. 1982 (Restoring Main Street Investor Protection and Confidence Act); H.R. 2356 (Fair Access to Investment Research Act of 2015); H.R. 3738 (Office of Financial Research Accountability Act of 2015); H.R. 3340 (Financial Stability Oversight Council Reform Act); H.R. 4538 (Senior$afe Act of 2016); H.R. 5019 (Fair Access to Investment Research Act of 2016); H.R. 5485 (Financial Services and General Government Appropriations Act, 2017); H.R. 5592 (Derivatives Oversight and Taxpayer Protection Act); S. 67 (Restoring Main Street Investor Protection and Confidence Act); S. 115 (Fair Tax Act of 2015); S. 153 (I-Squared Act of 2015); S. 161 (Paying a Fair Share Act of 2015); S. 305 (American Job Protection Act); S. 576 (Encouraging Employee Ownership Act); S. 995 (Bipartisan Congressional Trade Priorities and Accountability Act of 2015); S. 1484 (Financial Regulatory Improvement Act of 2015); S. 2216 (Senior$afe Act of 2015); S. 2497 (Retail Investor Protection Act of 2016); S. 3092 (Fair Access to Investment Research Act of 2016); Swap dealer and major swap participant recordkeeping and reporting, duties, and conflicts of interest policies and procedures; Swap execution facilities; Swap dealer, major swap participant, and futures commission merchant chief compliance officer; Dodd-Frank Wall Street Reform and Consumer Protection Act Implementation (including Section 913; Section 914; Systemic risk regulation and liquidation authority; Section 342 (Office of Minority and Women Inclusion); Section 621; Section 941; Title I and Title II); Systemic Risk Regulation and liquidation authority; China - strategic and economic dialogue; Bilateral Investment Treaties, India, China; Transpacific Partnership; India Market Access Issues; European Union proposal regarding Credit Default Swaps and Credit Rating Agencies and their impact on US Markets; Basel Capital Rules; Basel Securitization Framework; TransAtlantic Trade and Investment Partnership (TTIP); India Financial Sector Reform; Accounting standards for municipalities; Securities Investor Protection Corporation (SIPC) reform and funding fees; Support of financial literacy; Privacy and cybersecurity issues (general); Municipal advisor regulation; CFTC cross-border guidance exemptive order; Financial Stability Oversight Council (FSOC); FSOC consideration of systemically important financial institutions (SIFIs); FSOC Transparency Policy; CFTC exemptive order on extraterritorial scope of Title VII; Legal entity identifier (LEI); Jumpstart our Business Startups (JOBS) Act implementation; Basel Committee on Banking Supervision (BCBS) and International Organization of Securities Commissions (IOSCO) consultation paper on margin requirements for uncleared derivatives; Commodity Pools and Securitization; Securities and Exchange Commission Rules 15Ba1-1 through 15Ba1-8; CFTC recordkeeping requirements (CEA Section 23.201); Leverage capital requirements; Release No. 34-71958, Security-Based Swap Dealers Recordkeeping; Recordkeeping Requirements; Rules 17a-3, 17a-4 (Securities and Exchange Commission, Commodity Futures Trading Commission, Financial Industry Regulatory Authority); Regulation AB II (asset backed securities - Securities and Exchange Commission, Consumer Financial Protection Bureau); CFTC proposed rule on margin requirements for uncleared swaps; Prudential Regulator's proposed rule on margin requirements for uncleared swaps; Futures Commission Merchant and Introducing Broker Conflicts of Interest Policies and Procedures; Inter-affiliate swap transactions; Securities and Exchange Commission proposed rule on margin requirements for uncleared swaps; U.S./EU cross-border regulatory issues; Trade policy issues (general); China "Secure and Controllable" information and communication technologies (ICT) regulations. Mutual Fund 12b-1 Fees; Senior investors/diminished capacity investors; Broker-dealers/investment advisers mitigation of accounts; Public Company Accounting Oversight Board small broker/dealer exemption; U.S./EU financial markets regulatory dialogue; Trade and international issues (general); Diversity (general); National Market System (NMS) discussion draft; Data localization requirements in the Trans-Pacific Partnership; Swap Execution Facilities (SEFs) and clearing for swaps; Global FX Code of Conduct; Decision to delay implementation for margin for non-centrally cleared swaps; Financial CHOICE Act.

Client expense: $2,560,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, Ginnie Mae, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), Natl Economic Council (NEC), Natl Security Council (NSC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 37 (Promoting Job Creation and Reducing Small Business Burdens Act); H.R. 1550 (Financial Stability Oversight Council Improvement Act of 2015); H.R. 2209 (To require the appropriate Federal banking agencies to treat certain municipal obligations as level 2A liquid assets, and for other purposes); H.R. 2947 (Financial Institution Bankruptcy Act); H.R. 4096 (Investor Clarity and Bank Parity Act); S.3404 (A bill to amend the Federal Deposit Insurance Act to require the appropriate Federal banking agencies to treat certain municipal obligations as level 2B liquid assets, and for other purposes); Housing finance issues (General); Equity market structure issues; Single Security/Common Securitization Platform (Federal Housing Finance Agency); Federal Reserve Total Loss Absorbing Capacity (TLAC) proposal; Federal Reserve G-SIB capital surcharge; Federal Reserve liquidity coverage ratio (LCR)/net stable funding ratio (NSFR); Section 956 of the Dodd-Frank Act; Fixed Income Investments Liquidity; China banking regulation; Volcker Rule Illiquid Funds; Federal Reserve proposed rule on merchant banking and commodities; Dodd-Frank Wall Street Reform and Consumer Protection Act Implementation.

Client expense: $2,560,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, Ginnie Mae, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), Natl Economic Council (NEC), Natl Security Council (NSC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 1309, Systemic Risk Designation Improvement Act of 2015 H.R. 1486, Taking Account of Bureaucrats' Spending (TABS) Act of 2016 H.R. 1550, Financial Stability Oversight Council Improvement Act of 2015 H.R. 2356, Fair Access to Investment Research Act of 2015 H.R. 2357, Accelerating Access to Capital Act of 2015 H.R. 2477, Financial Transparency Act of 2015 H.R. 3340, Financial Stability Oversight Council Reform Act H.R. 3557, FSOC Transparency and Accountability Act H.R. 3738, Office of Financial Research Accountability Act of 2015 H.R. 3784, SEC Small Business Advocate Act of 2015 H.R. 3791, To raise the consolidated assets threshold under the small bank holding company policy statement, and for other purposes H.R. 3798, Due Process Restoration Act of 2015 H.R. 3868, Small Business Credit Availability Act H.R. 4096, Investor Clarity and Bank Parity Act H.R. 4139, Fostering Innovation Act of 2015 H.R. 4166, Expanding Proven Financing for American Employers Act H.R. 4168, Small Business Capital Formation Enhancement Act H.R. 4216/S. 1802, Consumer Financial Choice and Capital Markets Protection Act of 2015 H.R. 4293, Affordable Retirement Advice Protection Act H.R. 4294, Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act of 2015 H.R. 4450/S. 2489, Incorporation Transparency and Law Enforcement Assistance Act H.R. 4498/S. 978, Helping Angels Lead Our Startups (HALOS) Act H.R. 4620, Preserving Access to CRE Capital Act of 2016 H.R. 4718, Gender Diversity in Corporate Leadership Act of 2016 H.R. 4852, Private Placement Improvement Act of 2016 H.R. 4854, Supporting America's Innovators Act of 2016 H.R. 4855, Fix Crowdfunding Act H.R. 5019, Fair Access to Investment Research Act of 2016 H.R. 5143, Transparent Insurance Standards Act of 2016 H.R. 5311, Corporate Governance Reform and Transparency Act of 2016 H.R. 5424, Investment Advisers Modernization Act of 2016 H.R. 5429, SEC Regulatory Accountability Act H.R. 5485/S. 3067, Financial Services and General Government Appropriations Act, 2017, including provisions related to House Amendment 1253 H.R. 5982, Midnight Rules Relief Act of 2016 H.R. 5983, Financial CHOICE Act of 2016 H.R. 6392, Systemic Risk Designation Improvement Act of 2016 H.R. 6427, Creating Financial Prosperity for Businesses and Investors Act S. 2867, SEC Small Business Advocate Act of 2016 Final regulation on definition of the term "fiduciary"; conflict of interest rule--retirement investment advice (81 Fed. Reg. 20,946, April 8, 2016) Proposed regulations on arbitration agreements (81 Fed. Reg. 32,830, May 24, 2016) Proposed regulations on amendments relating to disclosure of records and information (81 Fed. Reg. 58,310, August 24, 2016) Proposed regulations on universal proxy (81 Fed. Reg. 79,122, November 10, 2016) Proposed regulations on regulation automated trading (81 Fed. Reg. 85,334, November 25, 2016) Proposed regulations on cross-border application of the registration thresholds and external business conduct standards applicable to swap dealers and major swap participants (81 Fed. Reg. 71,946, October 18, 2016) Proposed rule on regulations Q and Y; risk-based capital and other regulatory requirements for activities of financial holding companies related to physical commodities and risk-based capital requirements for merchant banking investments (81 Fed. Reg. 67,220, September 30, 2016) Notice regarding consumer response company response survey (81 Fed. Reg. 50,484, August 1, 2016) Various issues relating to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203); Basel III capital standards, bank capital, and liquidity reform; political spending disclosures; systemic risk regulation and capital standards for non-bank financial companies; changes to Credit Repair Organizations Act (CROA) of 1996 (P.L. 90-321, Title IV); Federal Reserve reform; proxy voting system

Client expense: $18,590,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Bureau of Industry and Security (BIS), Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Consumer Financial Protection Bureau (CFPB), Consumer Product Safety Commission (CPSC), Council on Environmental Quality (CEQ), Defense, Dept of (DOD), Education, Dept of, Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Executive Office of the President (EOP), Federal Bureau of Investigation (FBI), Federal Communications Commission (FCC), Federal Reserve System, Federal Trade Commission (FTC), General Services Administration (GSA), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Homeland Security, Dept of (DHS), Interior, Dept of (DOI), Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Economic Council (NEC), Natl Institute of Standards & Technology (NIST), Natl Labor Relations Board (NLRB), Natl Security Council (NSC), Occupational Safety & Health Administration (OSHA), Office of Management & Budget (OMB), Patent & Trademark Office (PTO), Pension Benefit Guaranty Corporation (PBGC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), State, Dept of (DOS), Transportation Security Administration (TSA), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Copyright Office, U.S. Customs & Border Protection, U.S. Fish & Wildlife Service (USFWS), U.S. Geological Survey (USGS), U.S. Trade Representative (USTR), White House Office

Financial Regulatory Reform Federal Reserve Supervision of Savings and Loan Holding Companies Dodd-Frank Wall Street Reform and Consumer Protection Act in regards to: Systemic Risk Designation Capital Requirements for the Savings & Loan Holding Company and Federal Reserve Oversight Incentive Compensation Asset Manager SIFI Designation as in the following bill: HR1550 - Financial Stability Oversight Council Improvement Act of 2015 FDIC Treatment of Brokered Deposits Corporate Governance E-Delivery/SEC Rule 30e-3 HR4096 - Investor Clarity and Bank Parity Act Securities disclosure

Client expense: $370,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

General background on retirement issues. Issues related to e-delivery rule and DOL fiduciary duty rule. Issues related to FSOC reform. H.R. 1550, Financial Stability Oversight Council Improvement Act of 2015.

Client expense: Not reported · Firm income: $50,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

General financial services issues. General banking issues. General derivatives issues. On-going implementation of the Dodd Frank Act. Market structure issues; NMS Governance. Commodities Future Trading Commission Reauthorization. Implementation of title VII of Dodd Frank Act, including cross border regulations, margin and capital requirements. S. 1484 Financial Regulatory Improvement Act of 2015. H.R. 1550 Financial Stability Oversight Council Improvement Act of 2015. H.R. 2289 Commodity End-User Relief Act.S. 2917, Commodity End-User Relief Act Tax treatment of foreign companies in the U.S.

Client expense: $120,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Public Law 111-203, H.R. 4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act. Issue: Implementation and Regulatory reform. Captive Reinsurance Transactions, Insurance Capital Standards and Global Capital Standards. Roles of federal and state agencies at the International Association of Insurance Supervisors and the Financial Stability Board. Implementation of S. 2270 - Insurance Capital Standards Clarification Act of 2014. The bill would give the Federal Reserve the authority to tailor capital standards for insurance companies subject to Fed supervision. Issue: Capital Standards, Basel III H.R. 1090/ S. 2497, the Retail Investor Protection Act. Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law. Issue: Fiduciary Duties Financial Services and General Government Appropriations Act, 2016. Making appropriations for financial services and general government for the fiscal year ending September 30, 2016, and for other purposes. Issue: Global insurance standards H.R. 1478/S. 798 - Policyholder Protection Act of 2015. To amend the Federal Deposit Insurance Act to provide for notice to, and input by, State insurance commissioners when requiring an insurance company to serve as a source of financial strength pursuant to such Act. Issue: Source of strength H.R. 601 - Eliminate Privacy Notice Confusion Act. This bill amends the Gramm-Leach-Bliley Act to exempt from its annual privacy policy notice requirement any financial institution which: (1) provides nonpublic personal information only in accordance with specified requirements, and (2) has not changed its policies and practices with regard to disclosing nonpublic personal information from those disclosed in the most recent disclosure sent to consumers. Issue: privacy S. 423 - Privacy Notice Modernization Act of 2015. This bill amends the Gramm-Leach-Bliley Act to exempt from its annual written privacy policy notice requirement any financial institution which: (1) provides nonpublic personal information only in accordance with specified requirements, (2) has not changed its policies and practices with respect to disclosing nonpublic personal information from those disclosed in the most recent disclosure sent to consumers, and (3) otherwise provides customers access to such most recent disclosure in electronic or other form permitted by specified regulations. Issue: privacy H.R. 2141 - International Insurance Standards Transparency and Policyholder Protection Act of 2015. This bill prescribes negotiating objectives for international insurance regulatory frameworks, including: standards, requirements, and rules focused solely upon protection of policy holders, as reflected in the U.S. solvency regime; and a negotiated international insurance regulatory framework that recognizes U.S. prudential measures as equivalent to foreign measures. Issue: global insurance standards. S. 1484 - Financial Regulatory Improvement Act of 2015. This legislation will improve accountability and transparency in the United States financial regulatory system, protect access to credit for consumers, provide sensible relief to financial institutions. Issue: financial regulatory reform. S. 1086 - International Insurance Capital Standards Accountability Act of 2015. This bill establishes at the Board of Governors of the Federal Reserve System the Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues, a 21-member committee representing diverse expert perspectives from the U.S. insurance industry (including life insurance, property and casualty insurance and reinsurance, agents and brokers, academics, consumer advocates, or experts on issues facing underserved insurance communities and consumers). Issue: financial regulatory reform. H.R. 1550 - Financial Stability Oversight Council Improvement Act of 2015. Amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, when determining whether to subject a U.S. or a foreign nonbank financial company to supervision by the Board of Governors of the Federal Reserve System (Board), including prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability. Issue: FSOC S. 1137 - PATENT Act - This bill amends title 35, United States Code, and the Leahy-Smith America Invents Act to make improvements and technical corrections. H.R. 9 - Innovation Act - This bill amends title 35, United States Code, and the Leahy-Smith America Invents Act to make improvements and technical corrections. H.R. 2029 - Consolidated Appropriations Act. Issue: privacy, cybersecurity source of strength, financial regulatory reform, Department of Labors proposed fiduciary rule. H.R. 4248 - FSOC Designation Review Act. Issue: SIFI de-risking. H.R. 3340 - FSOC Reform Act. Issue: SIFI de-risking. H.R. 4538/S. 2216 - Senior$afe Act of 2016. Issue: safe harbor for reporting of suspected senior financial abuse HR 5983: Financial CHOICE Act. Issue: Implementation and regulatory reform of the financial services industry. H.R. 5143 - Transparent Insurance Standards Act. Issue: international insurance standards H.R. 5983 -- Financial CHOICE Act. Issue: Implementation and regulatory reform of the financial services industry. Draft House International Insurance Standards legislation. Issue: international insurance standards. Issue: Federal Housing Finance Agency proposed rule on federal home loan bank membership. No bill number assigned. Issue: Covered agreements on prudential measures with respect to the business of insurance and reinsurance. No bill number assigned. Issue: Unclaimed life insurance products. No bill number assigned. Tracking: Issue: Holocaust era insurance policy claims. No bill number assigned. Issue: Patent reform legislation. No bill number assigned.

Client expense: $500,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Financial regulatory reform issues including implementation of PL 111-203 Dodd-Frank Wall Street Reform and Consumer Protection Act. Implementation of PL 113-279, S 2270 Insurance Capital Standards Clarification Act of 2014. Issue: capital standards. HR 4538 / S 2216 Senior$afe Act of 2016. Issue: protecting seniors' financial security. HR 2141 International Insurance Standards Transparency and Policyholder Protection Act of 2015. Issue: insurance standards. HR 5143 Transparent Insurance Standards Act. Issue: insurance standards. S 1086 International Insurance Capital Standards Accountability Act of 2015. Issue: insurance regulatory reform. HR 1550 Financial Stability Oversight Council Improvement Act of 2015. Issue: FSOC procedures. HR 5983: Financial CHOICE Act. Issue: implementation and regulatory reform of financial services industry. No bill number. Issue: covered agreements on prudential measures with respect to the business of insurance and reinsurance.

Client expense: $250,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 5143 - Transparent Insurance Standards Act of 2016 No Bill # - Issues relating to Dodd-Frank implementation and FIO, OFR, Volcker Rule, FSOC, FSB and their associated work on topics like capital standards, non-bank SIFI designation, insurance regulation, and oversight S. 1484 - Financial Regulatory Improvement Act of 2015 No Bill # - Insurance Capital Standards H.R. 4248 - FSOC Designation Review Act No Bill # - IAIS development of international capital standards for global systemically important insurers and internationally active insurers H.R. 1550 - Financial Stability Oversight Council Improvement Act of 2015 S. 1086 - International Insurance Capital Standards Accountability Act of 2015 H.R. 2141 - International Insurance Standards Transparency and Policyholder Protection Act of 2015. N/A - Basel Committee on Banking Supervision's Fundamental Review of the Trading Book (Pre-rulemaking stages) N/A - RIN 3064-AE33 "Recordkeeping for Timely Deposit Insurance Determination"

Client expense: $1,790,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 554 - Enhancing Educational Opportunities for All Students Act; entire bill H.R. 1098 - The Investor Choice Act; entire bill H.R. 1550 - Financial Stability Oversight Council Improvement Act of 2015; entire bill H.R. 1560 - Protecting Cyber Networks Act; entire bill H.R. 1731 - National Cybersecurity Protection Advancement Act of 2015; entire bill H.R. 1770 - Data Security and Breach Notification Act of 2015; entire bill H.R. 2141 - International Insurance Standards Transparency and Policyholder Protection Act; entire bill H.R. 2205 - Data Security Act; entire bill H.R. 2289 - Commodity End-User Relief Act; entire bill H.R. 2356 - Fair Access to Investment Research Act of 2015; entire bill H.R. 2896 - Taking Account of Institutions with Low Operation Risk Act of 2015 or the TAILOR Act of 2015; entire bill H.R. 3524 - Equal Employment for All Act of 2015; entire bill H.R. 5143 - the Transparent Insurance Standards Act of 2016; entire bill H.R. 5311 - the Corporate Governance Reform and Transparency Act; entire bill H.R. 5485 - Financial Services and General Government Appropriations Act, 2017; provisions relating to SECs proposed Rule 30e-3 on e-delivery of shareholder reports H.R. 6118 - Financial Services Innovation Act of 2016; entire bill H.R. 6392 - Systemic Risk Designation Improvement Act of 2016; entire bill S. 177 - Data Security and Breach Notification Act of 2015; entire bill S. 1086 - The International Insurance Capital Standards Accountability Act, entire bill S. 1158 - Consumer Privacy Protection Act of 2015; entire bill S. 1560 - To amend the Commodity Exchange Act to provide end-users with a reasonable amount of time to meet their margin requirements and to repeal certain indemnification requirements for regulatory authorities to obtain access to swap data required to be provided by swaps entities; entire bill S. 1722 - Salary Collection Regulatory Relief Act; entire bill S. 3092 - Fair Access to Investment Research Act of 2016; entire bill S. 3153 - Taking Account of Institutions with Low Operation Risk Act of 2016 or TAILOR Act of 2016; entire bill Administrations package of legislative and regulatory initiatives designed to improve U.S. cybersecurity and protect customers from data breaches Financial CHOICE Act of 2016 Discussion Draft; provisions relating to SIFI designation, international capital standards, FIO restructuring, Senior$afe Act, DOL ERISA Fiduciary rule

Client expense: $770,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues arising from Dodd-Frank regulations - including systemic risk regulation of non-bank financial institutions, FSOC process improvements, SIFI designations for non-bank financial institutions, and approaches to reducing systemic risk in the financial system (including the Financial Stability Oversight Council Improvement Act of 2015 - H.R. 1550 - and Section 302 of the Financial Regulatory Improvement Act of 2015 - S. 1484) Issues related to systemic risk standards being developed by the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) for mutual funds and fund companies Issues related to the Office of Financial Research and its analysis of asset managers and mutual funds Issues related to money market fund operations and regulations, including the Consumer Financial Choice and Capital Markets Protection Act of 2015 (S. 1802 and H.R. 4216) Issues related to private label securitization market and appropriate benchmarks Issues related to the management of ETFs, including portfolio transparency, custom basket rules and usage of custom baskets, and general rulemaking and policy guidance on ETFs Issues related to municipal bonds and other securities and the structure of the municipal securities market, including issues related to bankruptcy Issues related to equity market structure matters, including trade-at, Regulation NMS reform, minimizing latency of market data feeds, improving resiliency of technology and infrastructure to avoid single points of failure, access fees, the maker-taker model, ETF trading, limit-up/limit-down, and reopening processes Issues related to a pilot program for expanded tick sizes for small capitalization stocks Issues related to monetary policy Issues related to existing and potential financial services, investment offerings and asset management Issues related to proposed margin rules for uncleared swaps, including eligible collateral, initial margin thresholds, variation margin and segregation of margin Issues related to supplemental leverage ratio Issues related to security-based swaps reporting Issues related to swap clearinghouse risks and swap execution facility liquidity Issues related to cross border derivative trading provisions Issues related to ISDA Resolution Stay Protocol Issues related to legislation and regulations affecting mutual funds and the mutual fund industry Issues related to the availability and management of liquidity in the fixed income markets Issues related to the structure of the fixed income markets, including the Treasury market Issues related to the harmonization of standards of care for Registered Investment Advisers and Broker-Dealers (Dodd-Frank Act Section 913) Issues related to modernization of mutual fund information reporting and enhanced portfolio disclosure Issues related to operational risk in the asset management industry Issues related to liquidity management rules for mutual funds and ETFs, including swing pricing Issues related to funds' use of derivatives Issues related to corporate governance Issues related to SEC rulemaking toward electronic delivery of mutual fund disclosures

Client expense: $650,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Reserve System, Federal Trade Commission (FTC), Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 1550, Financial Stability Oversight Council Improvement Act of 2015 Issues related to the regulation of asset managers

Client expense: Not reported · Firm income: $15,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 601- Consumer Financial Products H.R. 888- Dodd-Frank amendment H.R. 1233- Regulatory Relief H.R. 1262- Consumer Financial Products H.R. 1264- Consumer Financial Products H.R. 1266- Financial Product Safety Commission H.R. 1550- Financial Stability Oversight Council (FSOC) H.R. 1965- Securities and Exchange Commission (SEC) H.R. 2029- Appropriations H.R. 2099- Consumer Financial Products H.R. 3340- FSOC H.R. 3189- Federal Reserve H.R. 3557- FSOC H.R. 3738- Data Security H.R. 3857- FSOC H.R. 4538- Senior Citizens; Finance H.R. 5983- Financial CHOICE Act of 2016 S. 2038- Finance Reform S. 2216- Senior Citizens; Finance

Client expense: $790,000 · Firm income: Not reported

Government targets: Centers For Medicare and Medicaid Services (CMS), Consumer Financial Protection Bureau (CFPB), Executive Office of the President (EOP), Federal Aviation Administration (FAA), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Highway Administration (FHA), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Interior, Dept of (DOI), Internal Revenue Service (IRS), Natl Geospatial Intelligence Agency, Natl Highway Traffic Safety Administration (NHTSA), Natl Transportation Safety Board (NTSB), Office of Management & Budget (OMB), SENATE, Securities & Exchange Commission (SEC), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

Issues related to: Anti-Money Laundering (AML); S. 3067 and H.R. 5485 - FY17 Financial Services and General Government appropriations; Credit Card/Interchange Fees; Retirement Security; Data Breach; Automobile Financing; Arbitration; Structure and Activities of the Office of Financial Research; S. 510 Bureau of Consumer Financial Protection-Inspector General Reform Act; S. 774 Financial Institutions Examination Fairness and Reform Act; H.R. 185 Regulatory Accountability Act; H.R. 601 Eliminate Privacy Notice Confusion Act; H.R.1233 Community Lending Enhancement and Regulatory Relief Act of 2015; H.R.37 Promoting Job Creation and Reducing Small Business Burdens Act; S. 961 The Data Security Act; H.R 2205 The Data Security Act; H.R.1550 Financial Stability Oversight Council Improvement Act of 2015; H.R 1266 Financial Product Safety Commission Act; Federal Reserve Dividend Revenue; S. 1484 Financial Regulatory Improvement Act; H.R. 3738, Office of Financial Research Accountability Act of 2015; Implications of the Federal Reserve dividend reduction section contained in PL 114-94, the Drive Act; Senior $afe Act (H.R.4538; S.2216); Financial Stability Oversight Council Reform Act (H.R.3340; issues related to cybersecurity and financial services; H.R. 1309 - Systemic Risk Designation Improvement Act of 2015; S.2251, Seniors And Veterans Emergency Benefits Act or the SAVE Benefits Act; Retirement Enhancement and Savings Act; H.R. 5983, Financial CHOICE Act,Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs.

Client expense: $950,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Defense, Dept of (DOD), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Natl Economic Council (NEC), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

Issues related to: Flood Insurance; Retirement Security/Annuities; H.R.1550, To amend the Financial Stability Act of 2010 to improve the transparency of the Financial Stability Oversight Council, to improve the Systemically Important Financial Institution (SIFI) designation process, and for other purposes; H.R.1309, Systemic Risk Designation Improvement Act of 2015; S.1484 Financial Regulatory Improvement Act of 2015; H.R.141 Flood Insurance Premium Parity Act of 2015; H.R.1478 The Policy Holder Protection Act; S.1679 Flood Insurance Market Parity and Modernization Act; H.R 2901, Flood Insurance Market Parity and Modernization Act; H.R 1550 Financial Stability Oversight Council Improvement Act of 2015; H.R. 2141 International Insurance Standards Transparency and Policyholder Protection Act of 2015; S.1086 International Insurance Capital Standards Accountability Act; H.R. 2029, Consolidated Appropriations Act of 2016; and H.R.3738, Office of Financial Research Accountability Act of 2015; Financial Stability Oversight Council Reform Act (H.R.3340); H.R. 4538 Seniors And Veterans Emergency Benefits Act or the SAVE Benefits Act and S. 2216 Senior$afe Act of 2015

Client expense: $950,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Defense, Dept of (DOD), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Natl Economic Council (NEC), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

Issues related to Federal Housing Finance Reform; Department of Labor (DoL)/Securities and Exchange Commission (SEC) decision on the definition of fiduciary duty (H.J.Res.88; S.J.Res.33); Servicemembers Civil Relief Act (SCRA) issues and provisions within the National Defense Authorization Act; S.1484 Financial Regulatory Improvement Act of 2015; H.R. 1550 Financial Stability Oversight Council Improvement Act of 2015. Implications of the Federal Reserve dividend reduction section contained in PL 114-94, S.1647 - Developing a Reliable and Innovative Vision for the Economy Act.

Client expense: $950,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Defense, Dept of (DOD), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Natl Economic Council (NEC), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

Issues related to FSTOC reform, HR1550 - Financial Stability Oversight Council Improvement Act of 2015.

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Dodd-Frank Wall Street Reform and Consumer Protection Act; HR. 1550, Financial Stability Oversight Council Improvement Act; S. 1484, Financial Regulatory Improvement Act;HR 2656, Receiving Electronic Statements To Improve Retiree Earnings Act money market fund regulation; systemic risk regulation; municipal bonds; asset management

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Transparent Insurance Standards Act of 2016, H.R. 5143, all provisions Monitor implementation of (Pub. L. 114-1), the Terrorism Risk Insurance Program Reauthorization Act of 2015, all provisions Monitor implementation of Pub. L. 114-113, Consolidated Appropriations Act, 2016 (contains the Policyholder Protection Act), all provisions Terrorism Risk Insurance Program Reauthorization Act of 2015, H.R. 26, all provisions The Federal Insurance Offices activities at the International Association of Insurance Supervisors, all provisions Monitor implementation of P.L. 113-279, The Insurance Capital Standard Clarification of 2014, all provisions International Insurance Capital Standards Accountability Act - S. 1086, all provisions International Insurance Standards Transparency and Policyholder Protection Act - H.R. 2141, all provisions Financial Regulatory Improvement Act - S. 1484, all provisions Retail Investor Protection Act, H.R. 1090, all provisions Federal Reserve Accountability and Transparency Act of 2014, H.R. 5018, all provisions Office of Financial Research Accountability Act of 2015, H.R. 3738, all provisions Nonprofit Property Protection Act, H.R. 3794, all provisions FILES Act of 2015, H.R. 3890, all provisions FSOC Designation Review Act, H.R. 4248, all provisions Financial Stability Oversight Council Improvement Act of 2015, H.R. 1550, all provisions American Business Competitiveness Act of 2015, H.R. 4377, all provisions Bureau of Consumer Financial Protection Accountability Act of 2015, H.R. 1261, all provisions Consumer Right to Financial Privacy Act of 2015, H.R. 1262, all provisions Bureau of Consumer Financial Protection Advisory Board Enhancement Act, S. 1963, all provisions Consumer Financial Protection Safety and Soundness Improvement Act of 2015, H.R. 1263, all provisions Bureau of Consumer Financial Protection Advisory Boards Act, H.R. 1195, all provisions Financial Regulatory Improvement Act of 2015, S. 1484, all provisions Financial Stability Oversight Council Reform Act, H.R. 3340, all provisions Financial Product Safety Commission Act of 2015, H.R. 1266, all provisions FSOC Transparency and Accountability Act, H.R. 3557, all provisions Office of Financial Research Accountability Act of 2015, H.R. 3738, all provisions To require the Board of Governors of the Federal Reserve System and the Financial Stability Oversight Council to carry out certain requirements under the Financial Stability Act of 2010 before making any new determination under section 113 of such Act, and for other purposes, H.R. 3857, all provisions AFFIRM Act, H.R. 3973, all provisions AFFIRM Act, S. 2244, all provisions Consumer Financial Protection Bureau Accountability Act of 2016, S. 3318, all provisions A bill to amend the Terrorism Risk Insurance Act of 2002 to provide for the release of certain blocked assets, and for other purposes, S. 3442, all provisions Financial CHOICE Act of 2016, H.R. 5983, all provisions Systemic Risk Designation Improvement Act of 2016, H.R. 6391, all provisions Systemic Risk Designation Improvement Act of 2016, H.R. 6390, all provisions U.S. Insurance Regulation Works Act of 2016, H.R. 6436, all provisions

Client expense: $390,000 · Firm income: Not reported

Government targets: Federal Aviation Administration (FAA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), SENATE, Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 1550 - Financial Stability Oversight Council Improvement Act of 2015 (Ross) H.R. 4538 - Senior Safe Act of 2016 (Sinema) H.R. 4854 - Supporting America's Innovators Act of 2016 (McHenry) H.R. 5311 - Corporate Governance Reform and Transparency Act of 2016 (Duffy) H.R. 5322 - U.S. Territories Investor Protection Act of 2016 (Velazquez) H.R. 5983 - Financial CHOICE Act of 2016 (Hensarling) S. 1484 - Financial Regulatory Improvement Act of 2015 (Shelby) S. 3467 - US Territories Investor Protect Act of 2016 (Menendez) FSOC Review of Asset Management Sector for Potential SIFI Designations Financial Stability Board SEC Proposal on Electronic Delivery of Mutual Fund Shareholder Reports SEC Proposal on use of Derivatives by Registered Funds SEC Rule on Liquidity Risk Management CFTC Rule 4.5 Exchange-Traded Funds National Market System Plans

Client expense: $956,400 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, White House Office

PL-114-1 TRIA/NARAB II Implementation HR 1090- Retail Investor Protection Act (all provisions) DOL Fiduciary Standard HR 1550- FSOC Improvement Act (all provisions) S 1086- International Insurance Capital Standards Accountability Act (all provisions) HFIAA (Homeowner Flood Insurance Affordability Act) Implementation HR 2141- International Insurance Standards Transparency and Policyholder Protection Act (all provisions) S 1679 and HR 2901- Flood Insurance Market Parity Act (all provisions) HR 3794- Non Profit Property Protection Act (all provisions) HR 4107- Flood Insurance Transparency Act (all provisions) S 2497- Retail Investor Protection Act (all provisions) S 2505 and HR 4292- SAVERS Act (all provisions) S 2502 and HR 4293- Affordable Retirement Advice Protection Act (all provisions) HR 3922- Retirement Choice Protection Act (all provisions) HR 5177- National Mitigation Investment Act (all provisions) HR 3583- Prepare Act (title V, flood insurance claims & process reforms) HR 5143- Transparent Insurance Standards Act (all provisions) HJ Res 88- CRA DOL Fiduciary Resolution (all provisions) HR 6104- Timely Payments to Flooded Victims Act (all provisions) HR 6159- Foreign Account Tax Compliance Act (all provisions) HR 5983- CHOICE Act (insurance provisions) HR 2230- Disaster Savings Account Act of 2015 (all provisions) HR 6270 & S 3424- To prevent the avoidance of tax by insurance companies through reinsurance with non-taxed affiliates (all provisions) HR 6436- US Insurance Regulation Works Act (all provisions)

Client expense: $230,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Farm Credit Administration, Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Reserve System, Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), Office of Management & Budget (OMB), SENATE, Treasury, Dept of

FIN - Fourth Quarter Report - 2016 Public Law 111-203, H.R. 4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act. Issue: Implementation and Regulatory reform. Captive Reinsurance Transactions, Insurance Capital Standards and Global Capital Standards. Roles of federal and state agencies at the International Association of Insurance Supervisors and the Financial Stability Board. H.R. 9 - Innovation Act - This bill amends title 35, United States Code, and the Leahy-Smith America Invents Act to make improvements and technical corrections. Issue: patent reform H.R. 601 - Eliminate Privacy Notice Confusion Act. This bill amends the Gramm-Leach-Bliley Act to exempt from its annual privacy policy notice requirement any financial institution which: (1) provides nonpublic personal information only in accordance with specified requirements, and (2) has not changed its policies and practices with regard to disclosing nonpublic personal information from those disclosed in the most recent disclosure sent to consumers. Issue: privacy H.R. 1090/S. 2497, the Retail Investor Protection Act. Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law. Issue: Fiduciary Duties H.R. 1478/S. 798 - Policyholder Protection Act of 2015. To amend the Federal Deposit Insurance Act to provide for notice to, and input by, State insurance commissioners when requiring an insurance company to serve as a source of financial strength pursuant to such Act. Issue: Source of strength H.R. 1550 - Financial Stability Oversight Council Improvement Act of 2015. Amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, when determining whether to subject a U.S. or a foreign nonbank financial company to supervision by the Board of Governors of the Federal Reserve System (Board), including prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability. Issue: FSOC H.R. 2029 - Consolidated Appropriations Act. Issue: privacy, cybersecurity, source of strength, financial regulatory reform, Department of Labor proposed fiduciary rule. H.R. 2141 - International Insurance Standards Transparency and Policyholder Protection Act of 2015. This bill prescribes negotiating objectives for international insurance regulatory frameworks, including: standards, requirements, and rules focused solely upon protection of policy holders, as reflected in the U.S. solvency regime; and a negotiated international insurance regulatory framework that recognizes U.S. prudential measures as equivalent to foreign measures. Issue: global insurance standards. H.R. 4248 - FSOC Designation Review Act. Issue: SIFI de-risking. H.R. 3340 - FSOC Reform Act. Issue: SIFI de-risking. H.R. 4538/S. 2216 - Senior$afe Act of 2016. Issue: protecting seniors financial security H.R. 5143 - Transparent Insurance Standards Act. Issue: international insurance standards H.R. 5484/S. 3067 - Financial Services and General Government Appropriations Act, 2017. Making appropriations for financial services and general government for the fiscal year ending September 30, 2017, and for other purposes. Issue: Global insurance standards; SIFI de-risking. H.R. 5983 -- Financial CHOICE Act. Issue: Implementation and regulatory reform of the financial services industry. S. 423 - Privacy Notice Modernization Act of 2015. This bill amends the Gramm-Leach-Bliley Act to exempt from its annual written privacy policy notice requirement any financial institution which: (1) provides nonpublic personal information only in accordance with specified requirements, (2) has not changed its policies and practices with respect to disclosing nonpublic personal information from those disclosed in the most recent disclosure sent to consumers, and (3) otherwise provides customers access to such most recent disclosure in electronic or other form permitted by specified regulations. Issue: privacy S. 1086 - International Insurance Capital Standards Accountability Act of 2015. This bill establishes at the Board of Governors of the Federal Reserve System the Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues, a 21-member committee representing diverse expert perspectives from the U.S. insurance industry (including life insurance, property and casualty insurance and reinsurance, agents and brokers, academics, consumer advocates, or experts on issues facing underserved insurance communities and consumers). Issue: financial regulatory reform. S. 1137 - PATENT Act - This bill amends title 35, United States Code, and the Leahy-Smith America Invents Act to make improvements and technical corrections. Issue: patent reform S. 1484 - Financial Regulatory Improvement Act of 2015. This legislation will improve accountability and transparency in the United States financial regulatory system, protect access to credit for consumers, provide sensible relief to financial institutions. Issue: financial regulatory reform. S. 1491/H.R. 2642 - Community Lender Regulatory Relief and Consumer Protection Act of 2015. This legislation will provide sensible relief to community financial institutions and to protect consumers. Issue: financial regulatory reform Implementation of S. 2270 - Insurance Capital Standards Clarification Act of 2014. The bill would give the Federal Reserve the authority to tailor capital standards for insurance companies subject to Fed supervision. Issue: Capital Standards, Basel III Amendment to the Transportation, Housing & Urban Development Appropriations act, to prohibit federal guarantees for mortgages seized through eminent domain. Issue: Mortgage Investments. Draft House International Insurance Standards legislation. Issue: international insurance standards. Issue: Covered agreements on prudential measures with respect to the business of insurance and reinsurance. No bill number assigned. Issue: Unclaimed life insurance products. No bill number assigned. Tracking: Issue: Patent reform legislation. No bill number assigned. Issue: Trust Indenture Act. No bill number assigned.

Client expense: $800,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1550, Financial Stability Oversight Council Improvement Act of 2015 Issues related to SEC rule making regarding data reporting and e-delivery

Client expense: Not reported · Firm income: $40,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1550, Financial Stability Oversight Council Improvement Act.

Client expense: Not reported · Firm income: $10,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1550, Financial Stability Oversight Council Improvement Act. Issues related to SEC rulemaking toward electronic delivery of mutual fund disclosures.

Client expense: Not reported · Firm income: $10,000

Government targets: HOUSE OF REPRESENTATIVES

Dodd-Frank regulations - systemic risk, FSOC, SIFI issues and derivatives. Mutual fund issues, Money Market Fund regulations; ETFs; securities issues; market structure issues; and financial services issues; FSOC, SIFI issues (H.R. 1550; Section 302 of Financial Regulatory Improvement Act of 2015); H.R. 5983, Financial Choice Act.

Client expense: Not reported · Firm income: $60,000

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Monitoring HR 5983 The Financial Choice Act of 2016, those provisions related to insurance regulation; S 1484 The Financial Regulatory Improvement Act of 2015, particularly those provisions that relate to insurance company regulation; and HR 1550 Financial Stability Oversight Council Improvement Act of 2015, particularly those aspects that promote greater transparency in the work of the Financial Stability Oversight Council; HR 3340 Financial Stability Oversight Council Reform Act, monitoring the process for creating domestic capital standards; and HR 3557 FSOC Transparency and Accountability Act, tracking the involvement of the Federal Reserve and other federal entities in the regulation of the insurance industry; and HR 3189 The Fed Oversight and Reform Modernization Act, particularly those sections aimed to increase transparency of Fed activities

Client expense: $80,000 · Firm income: Not reported

Government targets: Federal Aviation Administration (FAA), HOUSE OF REPRESENTATIVES, SENATE

Public Law 111-203, H.R. 4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act. Issue: Implementation and Regulatory reform. Captive Reinsurance Transactions, Insurance Capital Standards and Global Capital Standards. Roles of federal and state agencies at the International Association of Insurance Supervisors and the Financial Stability Board. Implementation of S. 2270 - Insurance Capital Standards Clarification Act of 2014. The bill would give the Federal Reserve the authority to tailor capital standards for insurance companies subject to Fed supervision. Issue: Capital Standards, Basel III H.R. 1090/S. 2497, the Retail Investor Protection Act. Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law. Issue: Fiduciary Duties Amendment to the Transportation, Housing & Urban Development Appropriations act, to prohibit federal guarantees for mortgages seized through eminent domain. Issue: Mortgage Investments. H.R. 5484/S. 3067 - Financial Services and General Government Appropriations Act, 2017. Making appropriations for financial services and general government for the fiscal year ending September 30, 2017, and for other purposes. Issue: Global insurance standards; SIFI de-risking. H.R. 1478/S. 798 - Policyholder Protection Act of 2015. To amend the Federal Deposit Insurance Act to provide for notice to, and input by, State insurance commissioners when requiring an insurance company to serve as a source of financial strength pursuant to such Act. Issue: Source of strength H.R. 601 - Eliminate Privacy Notice Confusion Act. This bill amends the Gramm-Leach-Bliley Act to exempt from its annual privacy policy notice requirement any financial institution which: (1) provides nonpublic personal information only in accordance with specified requirements, and (2) has not changed its policies and practices with regard to disclosing nonpublic personal information from those disclosed in the most recent disclosure sent to consumers. Issue: privacy S. 423 - Privacy Notice Modernization Act of 2015. This bill amends the Gramm-Leach-Bliley Act to exempt from its annual written privacy policy notice requirement any financial institution which: (1) provides nonpublic personal information only in accordance with specified requirements, (2) has not changed its policies and practices with respect to disclosing nonpublic personal information from those disclosed in the most recent disclosure sent to consumers, and (3) otherwise provides customers access to such most recent disclosure in electronic or other form permitted by specified regulations. Issue: privacy H.R. 2141 - International Insurance Standards Transparency and Policyholder Protection Act of 2015. This bill prescribes negotiating objectives for international insurance regulatory frameworks, including: standards, requirements, and rules focused solely upon protection of policy holders, as reflected in the U.S. solvency regime; and a negotiated international insurance regulatory framework that recognizes U.S. prudential measures as equivalent to foreign measures. Issue: global insurance standards. S. 1484 - Financial Regulatory Improvement Act of 2015. This legislation will improve accountability and transparency in the United States financial regulatory system, protect access to credit for consumers, provide sensible relief to financial institutions. Issue: financial regulatory reform. S. 1086 - International Insurance Capital Standards Accountability Act of 2015. This bill establishes at the Board of Governors of the Federal Reserve System the Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues, a 21-member committee representing diverse expert perspectives from the U.S. insurance industry (including life insurance, property and casualty insurance and reinsurance, agents and brokers, academics, consumer advocates, or experts on issues facing underserved insurance communities and consumers). Issue: financial regulatory reform. H.R. 1550 - Financial Stability Oversight Council Improvement Act of 2015. Amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, when determining whether to subject a U.S. or a foreign nonbank financial company to supervision by the Board of Governors of the Federal Reserve System (Board), including prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability. Issue: FSOC S. 1491/H.R. 2642 - Community Lender Regulatory Relief and Consumer Protection Act of 2015. This legislation will provide sensible relief to community financial institutions and to protect consumers. Issue: financial regulatory reform S. 1137 - PATENT Act - This bill amends title 35, United States Code, and the Leahy-Smith America Invents Act to make improvements and technical corrections. Issue: patent reform H.R. 9 - Innovation Act - This bill amends title 35, United States Code, and the Leahy-Smith America Invents Act to make improvements and technical corrections. Issue: patent reform H.R. 2029 - Consolidated Appropriations Act. Issue: privacy, cybersecurity, source of strength, financial regulatory reform, Department of Labor proposed fiduciary rule. H.R. 4248 - FSOC Designation Review Act. Issue: SIFI de-risking. H.R. 3340 - FSOC Reform Act. Issue: SIFI de-risking. H.R. 4538/S. 2216 - Senior$afe Act of 2016. Issue: protecting seniors financial security H.R. 5143 - Transparent Insurance Standards Act. Issue: international insurance standards H.R. 5983 -- Financial CHOICE Act. Issue: Implementation and regulatory reform of the financial services industry. Draft House International Insurance Standards legislation. Issue: international insurance standards. Issue: Federal Housing Finance Agency proposed rule on federal home loan bank membership. No bill number assigned. Issue: Covered agreements on prudential measures with respect to the business of insurance and reinsurance. No bill number assigned. Issue: Unclaimed life insurance products. No bill number assigned. Tracking: Issue: Holocaust era insurance policy claims. No bill number assigned. Issue: Patent reform legislation. No bill number assigned. Issue: Trust Indenture Act. No bill number assigned.

Client expense: $1,134,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Implementation of the "Dodd-Frank Wall Street Reform and Consumer Protection Act." Regulation of asset managers as systemically important financial institutions, including H.R. 1550, the "Financial Stability Oversight Council Improvement Act of 2015," and S. 1484, the "Financial Regulatory Improvement Act of 2015." H.R. 4096, the "Investor Clarity and Bank Parity Act." Protection of rights of institutional investors, including in potential bond restructurings.

Client expense: Not reported · Firm income: $80,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Implementation of the "Dodd-Frank Wall Street Reform and Consumer Protection Act." Regulation of asset managers as systemically important financial institutions, including H.R. 1550, the "Financial Stability Oversight Council Improvement Act of 2015," and S. 1484, the "Financial Regulatory Improvement Act of 2015." H.R. 4096, the "Investor Clarity and Bank Parity Act."

Client expense: Not reported · Firm income: $80,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S. 1484 "the Financial Regulatory Improvement Act of 2015 as it relates to the Financial Stability Councils (FSOC) review process of asset managers as systemically important financial institutions (SIFI). HR 1550 "Financial Stability Oversight Council Improvement Act of 2015." Opposed Amendment #39 to H.R. 5485, the Financial Services and General Government Appropriations Act of 2017. Amendment #39 would have prohibit the new SEC Proposed Rule 30e-3 that allows mutual funds to communicate to their customers using digital delivery of financial reporting information.

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 5983, Financial CHOICE Act of 2016 particularly language repealing FSOC's authority to designate non-bank financial companies as systemically important financial institutions (SIFIs); H.R. 4216, Consumer Financial Choice and Capital Markets Protection Act allowing money market funds to continue to fix their NAV at $1.00 per share; H.R. 1550, Financial Stability Oversight Council (FSOC) Improvement Act of 2015, all provisions, especially those that relate to the government's determination of non-bank institutions as systemically important financial institutions; H.R. 1090, Retail Investor Protection Act, all provisions, especially those creating uniform fiduciary standards for brokers or dealers; related Congressional regulation of money market funds and oversight of federal agencies who regulate them or may regulate them; monitoring Financial Services generally especially any amendments offered to appropriations bills pertaining to electronic delivery of mutual fund shareholder reports and hearings pertaining to the Financial Stability Board.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES

H.R. 601- Consumer Financial Products H.R. 888- Dodd-Frank amendment H.R. 1233- Regulatory Relief H.R. 1262- Consumer Financial Products H.R. 1264- Consumer Financial Products H.R. 1266- Financial Product Safety Commission H.R. 1550- Financial Stability Oversight Council (FSOC) H.R. 1965- Securities and Exchange Commission (SEC) H.R. 2029- Appropriations H.R. 2099- Consumer Financial Products H.R. 3340- FSOC H.R. 3189- Federal Reserve H.R. 3557- FSOC H.R. 3738- Data Security H.R. 3857- FSOC H.R. 4538- Senior Citizens; Finance H.R. 5983- Financial CHOICE Act of 2016 S. 2038- Finance Reform S. 2216- Senior Citizens; Finance

Client expense: Not reported · Firm income: Not reported

Government targets: Centers For Medicare and Medicaid Services (CMS), Consumer Financial Protection Bureau (CFPB), Executive Office of the President (EOP), Federal Aviation Administration (FAA), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Highway Administration (FHA), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Interior, Dept of (DOI), Internal Revenue Service (IRS), Natl Geospatial Intelligence Agency, Natl Highway Traffic Safety Administration (NHTSA), Natl Transportation Safety Board (NTSB), Office of Management & Budget (OMB), SENATE, Securities & Exchange Commission (SEC), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

Regulatory reform related to Dodd Frank H.R.1550 - Financial Stability Oversight Council Improvement Act of 2015 Department of Labor fiduciary rule

Client expense: Not reported · Firm income: $50,000

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), SENATE, Treasury, Dept of, White House Office

S. 754, the Cybersecurity Information Sharing Act of 2015. S. 961, A bill to protect information relating to consumers, to require notice of security breaches, and for other purposes. S. 1484,the "Financial Regulatory Improvement Act". S. 1910, the "Financial Services and General Government Appropriations Act, 2016". As the bill relates to electronic delivery of financial disclosures. H.R. 1090, the "Retail Investor Protection Act". H.R. 1770, the Data Security and Breach Notification Act of 2015. H.R. 2205, the "Bipartisan Data Security Act. H.R. 1550, the Financial Stability Oversight Council Improvement Act H.R. 2995, the "Financial Services and General Government Appropriations Act, 2016". As the bill relates to electronic delivery of financial disclosures. HR 5983, the Financial CHOICE Act of 2016. Issues related to SEC mutual fund disclosures. SEC Final Rule, Registration of Municipal Advisors, 17 CFR, Parts 240 and 249, 78 FR 59814 (9/30/2013). CFTC Exemptive Order Regarding Compliance with Certain Swap Regulations (Cross-Border Phase-In Exemptive Order) (7/12/13). Department of Treasury, IAIS Common Framework for the Supervision of Internationally Active Insurance Groups (7/1/11). Section 619, "Dodd Frank Wall Street Reform and Consumer Protection Act", Final Rule, 12 CFR Part 44, 12 CFR Part 248, 12 CFR Part 351, 17 CFR Part 255 (12/10/2013). "The Dodd-Frank Wall Street Reform and Consumer Protection Act", P.L. No. 111-203 - Regulatory implementation of provisions relating to insurance companies.

Client expense: $570,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 37 (Promoting Job Creation and Reducing Small Business Burdens Act); H.R. 1550 (Financial Stability Oversight Council Improvement Act of 2015); H.R. 2209 (To require the appropriate Federal banking agencies to treat certain municipal obligations as level 2A liquid assets, and for other purposes); H.R. 2947 (Financial Institution Bankruptcy Act); H.R. 4096 (Investor Clarity and Bank Parity Act); S. 3404 (A bill to amend the Federal Deposit Insurance Act to require the appropriate Federal banking agencies to treat certain municipal obligations as level 2B liquid assets, and for other purposes); Dodd-Frank Wall Street Reform and Consumer Protection Act Implementation; Housing finance issues (General); Equity market structure issues; Fixed income market structure; Liquidity coverage ratio for municipal bonds; Single Security/Common Securitization Platform (Federal Housing Finance Agency); Federal Reserve Total Loss Absorbing Capacity (TLAC) proposal; Federal Reserve G-SIB capital surcharge; Federal Reserve liquidity coverage ratio (LCR)/net stable funding ratio (NSFR); Section 956 of the Dodd-Frank Act; Fixed Income Investments Liquidity; China banking regulation; Municipal Finance Caucus; Volcker Rule Illiquid Funds; Federal Reserve proposed rule on merchant banking and commodities.

Client expense: $1,620,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, Ginnie Mae, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), Natl Economic Council (NEC), Natl Security Council (NSC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 50 (Unfunded Mandates Information and Transparency Act of 2015); H.R. 414 (Burdensome Data Collection Relief Act); H.R. 644 (Trade Facilitation and Trade Enforcement Act of 2015); H.R. 1090 (Retail Investor Protection Act); H.R. 1098 (Investor Choice Act of 2015); H.R. 1163 (Futures Investor Protection Act); H.R. 1295 (Trade Preferences Extension Act of 2015); H.R. 1314 (Trade Act of 2015); H.R. 1334 (Holding Company Registration Threshold Equalization Act of 2015); H.R. 1525 (Disclosure Modernization and Simplification Act of 2015); H.R. 1550 (Financial Stability Oversight Council Improvement Act of 2015); H.R. 1723 (Small Company Simple Registration Act of 2015); H.R. 1890 (Bipartisan Congressional Trade Priorities and Accountability Act of 2015); H.R. 1982 (Restoring Main Street Investor Protection and Confidence Act); H.R. 2356 (Fair Access to Investment Research Act of 2015); H.R. 3738 (Office of Financial Research Accountability Act of 2015); H.R. 3340 (Financial Stability Oversight Council Reform Act); H.R. 4538 (Senior$afe Act of 2016); H.R. 5019 (Fair Access to Investment Research Act of 2016); H.R. 5485 (Financial Services and General Government Appropriations Act, 2017); H.R. 5592 (Derivatives Oversight and Taxpayer Protection Act); S. 67 (Restoring Main Street Investor Protection and Confidence Act); S. 115 (Fair Tax Act of 2015); S. 153 (I-Squared Act of 2015); S. 161 (Paying a Fair Share Act of 2015); S. 305 (American Job Protection Act); S. 576 (Encouraging Employee Ownership Act); S. 995 (Bipartisan Congressional Trade Priorities and Accountability Act of 2015); S. 1484 (Financial Regulatory Improvement Act of 2015); S. 2216 (Senior$afe Act of 2015); S. 2497 (Retail Investor Protection Act of 2016); S. 3092 (Fair Access to Investment Research Act of 2016); Swap dealer and major swap participant recordkeeping and reporting, duties, and conflicts of interest policies and procedures; Swap execution facilities; Swap dealer, major swap participant, and futures commission merchant chief compliance officer; Dodd-Frank Wall Street Reform and Consumer Protection Act Implementation (including Section 913; Section 914; Systemic risk regulation and liquidation authority; Section 342 (Office of Minority and Women Inclusion); Section 621; Section 941; Title I and Title II); Systemic Risk Regulation and liquidation authority; China - strategic and economic dialogue; Bilateral Investment Treaties, India, China; Transpacific Partnership; India Market Access Issues; European Union proposal regarding Credit Default Swaps and Credit Rating Agencies and their impact on US Markets; Basel Capital Rules; Basel Securitization Framework; TransAtlantic Trade and Investment Partnership (TTIP); India Financial Sector Reform; Accounting standards for municipalities; Securities Investor Protection Corporation (SIPC) reform and funding fees; Bankruptcy reform for municipalities; Support of financial literacy; Privacy and cybersecurity issues (general); Municipal advisor regulation; CFTC cross-border guidance exemptive order; Financial Stability Oversight Council (FSOC); FSOC consideration of systemically important financial institutions (SIFIs); FSOC Transparency Policy; CFTC exemptive order on extraterritorial scope of Title VII; Legal entity identifier (LEI); Jumpstart our Business Startups (JOBS) Act implementation; Basel Committee on Banking Supervision (BCBS) and International Organization of Securities Commissions (IOSCO) consultation paper on margin requirements for uncleared derivatives; Commodity Pools and Securitization; Securities and Exchange Commission Rules 15Ba1-1 through 15Ba1-8; CFTC recordkeeping requirements (CEA Section 23.201); Leverage capital requirements; Release No. 34-71958, Security-Based Swap Dealers Recordkeeping; Recordkeeping Requirements; Rules 17a-3, 17a-4 (Securities and Exchange Commission, Commodity Futures Trading Commission, Financial Industry Regulatory Authority); Regulation AB II (asset backed securities - Securities and Exchange Commission, Consumer Financial Protection Bureau); CFTC proposed rule on margin requirements for uncleared swaps; Prudential Regulator's proposed rule on margin requirements for uncleared swaps; Futures Commission Merchant and Introducing Broker Conflicts of Interest Policies and Procedures; Inter-affiliate swap transactions; Securities and Exchange Commission proposed rule on margin requirements for uncleared swaps; U.S./EU cross-border regulatory issues; Trade policy issues (general); China "Secure and Controllable" information and communication technologies (ICT) regulations. Mutual Fund 12b-1 Fees; Senior investors/diminished capacity investors; Broker-dealers/investment advisers mitigation of accounts; Basel III Liquidity Coverage Ratio rules; Public Company Accounting Oversight Board small broker/dealer exemption; U.S./EU financial markets regulatory dialogue; Trade and international issues (general); Diversity (general); National Market System (NMS) discussion draft; Data localization requirements in the Trans-Pacific Partnership; Swap Execution Facilities (SEFs) and clearing for swaps; Global FX Code of Conduct; Decision to delay implementation for margin for non-centrally cleared swaps; Municipal securities disclosure regulation; Financial CHOICE Act.

Client expense: $1,620,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, Ginnie Mae, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), Natl Economic Council (NEC), Natl Security Council (NSC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR)

Issues arising from Dodd-Frank regulations - including systemic risk regulation of non-bank financial institutions, FSOC process improvements, SIFI designations for non-bank financial institutions, and approaches to reducing systemic risk in the financial system (including the Financial Stability Oversight Council Improvement Act of 2015 - H.R. 1550 - and Section 302 of the Financial Regulatory Improvement Act of 2015 - S. 1484) Issues related to systemic risk standards being developed by the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) for mutual funds and fund companies Issues related to the Office of Financial Research and its analysis of asset managers and mutual funds Issues related to money market fund operations and regulations, including the Consumer Financial Choice and Capital Markets Protection Act of 2015 (S. 1802) Issues related to private label securitization market and appropriate benchmarks Issues related to the management of ETFs, including portfolio transparency, custom basket rules and usage of custom baskets, and general rulemaking and policy guidance on ETFs Issues related to municipal bonds and other securities and the structure of the municipal securities market, including issues related to bankruptcy Issues related to equity market structure matters, including trade-at, Regulation NMS reform, minimizing latency of market data feeds, improving resiliency of technology and infrastructure to avoid single points of failure, access fees, the maker-taker model, ETF trading, limit-up/limit-down, and reopening processes Issues related to a pilot program for expanded tick sizes for small capitalization stocks Issues related to monetary policy Issues related to existing and potential financial services, investment offerings and asset management Issues related to proposed margin rules for uncleared swaps, including eligible collateral, initial margin thresholds, variation margin and segregation of margin Issues related to supplemental leverage ratio Issues related to security-based swaps reporting Issues related to swap clearinghouse risks and swap execution facility liquidity Issues related to cross border derivative trading provisions Issues related to ISDA Resolution Stay Protocol Issues related to legislation and regulations affecting mutual funds and the mutual fund industry Issues related to the availability and management of liquidity in the fixed income markets Issues related to the structure of the fixed income markets, including the Treasury market Issues related to the harmonization of standards of care for Registered Investment Advisers and Broker-Dealers (Dodd-Frank Act Section 913) Issues related to modernization of mutual fund information reporting and enhanced portfolio disclosure Issues related to operational risk in the asset management industry Issues related to liquidity management rules for mutual funds and ETFs, including swing pricing Issues related to funds' use of derivatives Issues related to corporate governance Issues related to SEC rulemaking toward electronic delivery of mutual fund disclosures

Client expense: $580,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Reserve System, Federal Trade Commission (FTC), Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 554 - Enhancing Educational Opportunities for All Students Act; entire bill H.R. 1098 - The Investor Choice Act; entire bill H.R. 1550 - Financial Stability Oversight Council Improvement Act of 2015; entire bill H.R. 1560 - Protecting Cyber Networks Act; entire bill H.R. 1731 - National Cybersecurity Protection Advancement Act of 2015; entire bill H.R. 1770 - Data Security and Breach Notification Act of 2015; entire bill H.R. 2141 - International Insurance Standards Transparency and Policyholder Protection Act; entire bill H.R. 2205 - Data Security Act; entire bill H.R. 2289 - Commodity End-User Relief Act; entire bill H.R. 2356 - Fair Access to Investment Research Act of 2015; entire bill H.R. 2896 - Taking Account of Institutions with Low Operation Risk Act of 2015 or the TAILOR Act of 2015; entire bill H.R. 3524 - Equal Employment for All Act of 2015; entire bill H.R. 5143 - the Transparent Insurance Standards Act of 2016; entire bill H.R. 5311 - the Corporate Governance Reform and Transparency Act; entire bill H.R. 5485 - Financial Services and General Government Appropriations Act, 2017; provisions relating to SECs proposed Rule 30e-3 on e-delivery of shareholder reports H.R. 6118 - Financial Services Innovation Act of 2016; entire bill S. 177 - Data Security and Breach Notification Act of 2015; entire bill S. 1086 - The International Insurance Capital Standards Accountability Act, entire bill S. 1158 - Consumer Privacy Protection Act of 2015; entire bill S. 1560 - To amend the Commodity Exchange Act to provide end-users with a reasonable amount of time to meet their margin requirements and to repeal certain indemnification requirements for regulatory authorities to obtain access to swap data required to be provided by swaps entities; entire bill S. 1722 - Salary Collection Regulatory Relief Act; entire bill S. 3092 - Fair Access to Investment Research Act of 2016; entire bill S. 3153 - Taking Account of Institutions with Low Operation Risk Act of 2016 or TAILOR Act of 2016; entire bill Administrations package of legislative and regulatory initiatives designed to improve U.S. cybersecurity and protect customers from data breaches. Financial CHOICE Act of 2016 Discussion Draft; provisions relating to SIFI designation, international capital standards, FIO restructuring, Senior$afe Act, DOL ERISA Fiduciary rule

Client expense: $560,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Financial regulatory reform issues including implementation of PL 111-203 Dodd-Frank Wall Street Reform and Consumer Protection Act. Implementation of PL 113-279, S 2270 Insurance Capital Standards Clarification Act of 2014. Issue: capital standards. HR 4538 / S 2216 Senior$afe Act of 2016. Issue: protecting seniors' financial security. HR 2141 International Insurance Standards Transparency and Policyholder Protection Act of 2015. Issue: insurance standards. HR 5143 Transparent Insurance Standards Act. Issue: insurance standards. S 1086 International Insurance Capital Standards Accountability Act of 2015. Issue: insurance regulatory reform. HR 1550 Financial Stability Oversight Council Improvement Act of 2015. Issue: FSOC procedures. HR 5983: Financial CHOICE Act. Issue: implementation and regulatory reform of financial services industry. No bill number. Issue: covered agreements on prudential measures with respect to the business of insurance and reinsurance.

Client expense: $250,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1309, Systemic Risk Designation Improvement Act of 2015 H.R. 1486, Taking Account of Bureaucrats' Spending (TABS) Act of 2016 H.R. 1550, Financial Stability Oversight Council Improvement Act of 2015 H.R. 2356, Fair Access to Investment Research Act of 2015 H.R. 2357, Accelerating Access to Capital Act of 2015 H.R. 2477, Financial Transparency Act of 2015 H.R. 3340, Financial Stability Oversight Council Reform Act H.R. 3557, FSOC Transparency and Accountability Act H.R. 3738, Office of Financial Research Accountability Act of 2015 H.R. 3784, SEC Small Business Advocate Act of 2015 H.R. 3791, To raise the consolidated assets threshold under the small bank holding company policy statement, and for other purposes H.R. 3798, Due Process Restoration Act of 2015 H.R. 3868, Small Business Credit Availability Act H.R. 4096, Investor Clarity and Bank Parity Act H.R. 4139, Fostering Innovation Act of 2015 H.R. 4166, Expanding Proven Financing for American Employers Act H.R. 4168, Small Business Capital Formation Enhancement Act H.R. 4216/S. 1802, Consumer Financial Choice and Capital Markets Protection Act of 2015 H.R. 4293, Affordable Retirement Advice Protection Act H.R. 4294, Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act of 2015 H.R. 4450/S. 2489, Incorporation Transparency and Law Enforcement Assistance Act H.R. 4498/S. 978, Helping Angels Lead Our Startups (HALOS) Act H.R. 4620, Preserving Access to CRE Capital Act of 2016 H.R. 4718, Gender Diversity in Corporate Leadership Act of 2016 H.R. 4852, Private Placement Improvement Act of 2016 H.R. 4854, Supporting America's Innovators Act of 2016 H.R. 4855, Fix Crowdfunding Act H.R. 5019, Fair Access to Investment Research Act of 2016 H.R. 5143, Transparent Insurance Standards Act of 2016 H.R. 5311, Corporate Governance Reform and Transparency Act of 2016 H.R. 5424, Investment Advisers Modernization Act of 2016 H.R. 5429, SEC Regulatory Accountability Act H.R. 5485/S. 3067, Financial Services and General Government Appropriations Act, 2017, including provisions related to House Amendment 1253 H.R. 5982, Midnight Rules Relief Act of 2016 H.R. 5983, Financial CHOICE Act of 2016 S. 2867, SEC Small Business Advocate Act of 2016 Final regulation on definition of the term "fiduciary"; conflict of interest rule--retirement investment advice (81 Fed. Reg. 20,946, April 8, 2016) Proposed regulations on regulation automated trading (80 Fed. Reg. 78,824, December 17, 2015) Proposed regulations on arbitration agreements (81 Fed. Reg. 32,830, May 24, 2016) Proposed regulations on capital requirements for supervised institutions significantly engaged in insurance activities (81 Fed. Reg. 38,631, June 14, 2016) Proposed regulations payday, vehicle title and certain high-cost installment loans (81 Fed. Reg. 47,864, July 22, 2016) Proposed regulations on amendments relating to disclosure of records and information (81 Fed. Reg. 58,310, August 24, 2016) Proposed regulations on enhanced prudential standards for systemically important insurance companies (81 Fed. Reg. 38,610, June 14, 2016) Notice regarding consumer response company response survey (81 Fed. Reg. 50,484, August 1, 2016) Various issues relating to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203); Basel III capital standards, bank capital, and liquidity reform; political spending disclosures; systemic risk regulation and capital standards for non-bank financial companies; changes to Credit Repair Organizations Act of 1996 (CROA) (P.L. 90-321, Title IV); Securities and Exchange Commission electronic delivery and investment company reporting modernization; Federal Reserve reform; universal ballot; proxy voting system

Client expense: $18,410,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Bureau of Industry and Security (BIS), Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Consumer Financial Protection Bureau (CFPB), Consumer Product Safety Commission (CPSC), Council on Environmental Quality (CEQ), Defense, Dept of (DOD), Education, Dept of, Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Executive Office of the President (EOP), Federal Bureau of Investigation (FBI), Federal Communications Commission (FCC), Federal Reserve System, Federal Trade Commission (FTC), General Services Administration (GSA), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Homeland Security, Dept of (DHS), Interior, Dept of (DOI), Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Economic Council (NEC), Natl Institute of Standards & Technology (NIST), Natl Labor Relations Board (NLRB), Natl Security Council (NSC), Occupational Safety & Health Administration (OSHA), Office of Management & Budget (OMB), Patent & Trademark Office (PTO), Pension Benefit Guaranty Corporation (PBGC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), State, Dept of (DOS), Transportation Security Administration (TSA), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Copyright Office, U.S. Customs & Border Protection, U.S. Fish & Wildlife Service (USFWS), U.S. Geological Survey (USGS), U.S. Trade Representative (USTR), White House Office

General issues related to the implementation of the Dodd-Frank Act, cybersecurity and privacy. Specific issues included: the regulation of asset managers, including FSOC systemic designation and regulation, "The Financial Regulatory Improvement Act of 2015", Title III (Shelby), the "Financial Stability Oversight Council Improvement Act of 2015" (Ross-Delaney)(HR 1550); and data security and breach notice proposals (HR 1770, "Data Security and Breach Notification Act of 2015", Blackburn, HR 2205, "Data Security Act of 2015", Neugebauer, "Data Security Act of 2015", Carper-Blunt, and draft proposals by Senators Warner and Thune), issues related to preemption and functional regulation.

Client expense: Not reported · Firm income: $10,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R.1550-Financial Stability Oversight Council Improvement Act of 2015 - SIFI Designation and Process, S. 1317- Lifetime Income Disclosure Act

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE