Modernizing Disclosures for Investors Act

Capital Market structure issues Technology and market surveillance H.R.4015 - Corporate Governance Reform and Transparency Act of 2017 H.R. 6139 - Improving Investment Research for Small and Emerging Issuers Act H.R. 5749 - Options Markets Stability Act H.R. 5877 - Main Street Growth Act, as amended H.R. 5970 - Modernizing Disclosures for Investors Act H.R. 5054- Small Company Disclosure Simplification Act of 2018 H.R. 2864- Improving Access to Capital Act H.R. 4263- Regulation A+ Improvement Act of 2017 S. 488- JOBS and Investor Confidence Act of 2018

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 5877, the Main Street Growth Act; clarification of legal certainty for the trading of private securities on the Nasdaq Private Market platform; transparency and conflicts of interest in the proxy advisory industry; implementation and expansion of the JOBS Act/capital formation agenda/IPOs; security market structure and price transparency; proprietary ownership and distribution of market data; corporate governance issues; cybersecurity and system infrastructure; computer trading and H.R. 3973, Market Data Protection Act of 2017; H.R. 4015, Corporate Governance Reform and Transparency Act of 2017; S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection; S. 3641, Corporate Governance Fairness Act; H.R. 5970, the Modernizing Disclosures for Investors Act; H.R.3555, Exchange Regulatory Improvement Act; H.R. 3903, Encouraging Public Offerings Act of 2017; short selling transparency; JOBS Act 3.0

Client expense: Not reported · Firm income: $70,000

General issues relating to the following: Revitalize the market for small public companies/policies that promote IPOs, H.R. 10 - Financial CHOICE Act of 2017, S. 488 - JOBS and Investor Confidence Act of 2018; Legislation to increase transparency and reduce conflicts of interest in the proxy advisory industry, H.R.4015 - Corporate Governance Reform and Transparency Act of 2016; Legislation on confidential filing and test the waters, H.R. 3903 - Encouraging Public Offerings Act; Trading and listings standards needed for a U.S. Venture Exchange, H.R. 5877 - Main Street Growth Act; Legislation requiring the prudential regulators to implement a risk-adjusted approach to value centrally-cleared exchange-listed derivatives, H.R. 5749 - Options Markets Stability Act; Legislation on 10-Q optionality, H.R. 5970 - Modernizing Disclosures for Investors Act; SEC Conflict Minerals Rule, H.R. 4248 - To amend the Securities Exchange Act of 1934 to repeal certain disclosure requirements related to conflict minerals; Section 31 Fee Overpayments, S. 462 - Section 31 Fee Overpayments, H.R. 1257 - Section 31 Fee Overpayments; Cross border regulatory issues between the U.S. and Europe; Incentives for the trading of small cap stocks/ETFs; Implementation and expansion of the Jobs Act (S.488 - JOBS and Investor Confidence Act of 2018)/capital formation agenda/IPOs; H1B visa/immigration reform; Equity, fixed income market structure/Regulation NMS; Proprietary ownership and distribution of market data; Cyber Security and system infrastructure; Limitations on SEC regulation of non-exchange activities H.R.3555 - Exchange Regulatory Improvement Act; and Requiring transparency of short positions that match existing requirements on long position holders.

Client expense: $350,000 · Firm income: Not reported

H.R. 5970 Modernizing Disclosures for Investors Act, general issues regarding the cost benefit analysis of Form 10-Q; H.R. 5037 Securities Fraud Act of 2018, general issues regarding securities litigation; H.R. 3089 / S. 1717 Corporate Transparency Act of 2017, general issues regarding deterring money laundering; and General issues regarding capital market developments.

Client expense: $510,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Natl Economic Council (NEC), Office of the Vice President of the United States, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 10, Financial CHOICE Act of 2017 H.R. 21/S. 34, Midnight Rules Relief Act of 2017 H.R. 78, SEC Regulatory Accountability Act H.R. 79/S. 588, Helping Angels Lead Our Startups (HALOS) Act H.R. 238, Commodity End-User Relief Act H.R. 477, Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 H.R. 1116, Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017 H.R. 1153, Mortgage Choice Act of 2017 H.R. 1219/S. 444, Supporting America's Innovators Act of 2017 H.R. 1257, Securities and Exchange Commission Overpayment Credit Act H.R. 1312/S. 416, Small Business Capital Formation Enhancement Act H.R. 1343, Encouraging Employee Ownership Act of 2017 H.R. 1457, Making Online Banking Initiation Legal and Easy (MOBILE) Act of 2017 H.R. 1585, Fair Investment Opportunities for Professional Experts Act H.R. 1611, Gender Diversity in Corporate Leadership Act of 2017 H.R. 1645/S. 2126, Fostering Innovation Act of 2017 H.R. 1702, Small Business Development Centers Improvement Act of 2018 H.R. 2128, Due Process Restoration Act of 2017 H.R. 2201, Micro Offering Safe Harbor Act H.R. 2226/S. 2013, Portfolio Lending and Mortgage Access Act H.R. 2396, Privacy Notification Technical Clarification Act H.R. 2553, Taking Account of Bureaucrats Spending (TABS) Act of 2017 H.R. 2706, Financial Institution Customer Protection Act of 2017 H.R. 3089, Corporate Transparency Act of 2017 H.R. 3093, Investor Clarity and Bank Parity Act H.R. 3110, Financial Stability Oversight Council Insurance Member Continuity Act H.R. 3179, Transparency and Accountability for Business Standards Act H.R. 3299, Protecting Consumers' Access to Credit Act of 2017 H.R. 3312/S. 1893, Systemic Risk Designation Improvement Act of 2017 H.R. 3746/S. 2702, Business of Insurance Regulatory Reform Act of 2017 H.R. 3762, International Insurance Standards Act of 2017 H.R. 3857, Protecting Advice for Small Savers (PASS) Act of 2017 H.R. 3860, IRS Data Verification Modernization Act of 2017 H.R. 3903/S. 2347, Encouraging Public Offerings Act of 2017 H.R. 3911, Risk-Based Credit Examination Act H.R. 3948, Protection of Source Code Act H.R. 3972, Family Office Technical Correction Act of 2017 H.R. 3973, Market Data Protection Act of 2017 H.R. 3978, TRID Improvement Act of 2017 H.R. 4015, Corporate Governance Reform and Transparency Act of 2017 H.R. 4061, Financial Stability Oversight Council Improvement Act of 2017 H.R. 4248, To amend the Securities Exchange Act of 1934 to repeal certain disclosure requirements related to conflict minerals, and for other purposes H.R. 4263, Regulation A+ Improvement Act of 2017 H.R. 4267, Small Business Credit Availability Act H.R. 4279, Expanding Investment Opportunities Act H.R. 4281/S. 2953, Expanding Access to Capital for Rural Job Creators Act H.R. 4289, To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal certain disclosure requirements related to coal and mine safety H.R. 4292, Financial Institution Living Will Improvement Act of 2017 H.R. 4293, Stress Test Improvement Act of 2017 H.R. 4294, Prevention of Private Information Dissemination Act of 2017 H.R. 4296, To place requirements on operational risk capital requirements for banking organizations established by an appropriate Federal banking agency H.R. 4311, Foreign Investment Risk Review Modernization Act of 2017 H.R. 4519, To amend the Securities Exchange Act of 1934 to repeal certain disclosure requirements related to resource extraction, and for other purposes H.R. 4529, Accelerating Access to Capital Act of 2017 H.R. 4537, International Insurance Standards Act of 2017 H.R. 4545, Financial Institutions Examination Fairness and Reform Act H.R. 4550, Practice of Law Technical Clarification Act of 2017 H.R. 4566, Alleviating Stress Test Burdens to Help Investors Act H.R. 4607, Comprehensive Regulatory Review Act H.R. 4659, To require the appropriate Federal banking agencies to recognize the exposure-reducing nature of client margin for cleared derivatives H.R. 4753, Federal Reserve Supervision Testimony Clarification Act H.R. 4771, Small Bank Holding Company Relief Act of 2018 H.R. 4790, Volcker Rule Regulatory Harmonization Act H.R. 4861, Ensuring Quality Unbiased Access to Loans (EQUAL) Act of 2018 H.R. 5036, Financial Technology Protection Act H.R. 5051, Public Company Registration Threshold Act H.R. 5054, Small Company Disclosure Simplification Act of 2018 H.R. 5059, State Insurance Regulation Preservation Act H.R. 5105/S. 2436, Better Utilization of Investments Leading to Development (BUILD) Act of 2018 H.R. 5192/S. 2498, Protecting Children from Identity Theft Act H.R. 5266, Financial Product Safety Commission Act of 2018 H.R. 5323, Derivatives Fairness Act H.R. 5534, Give Useful Information to Define Effective (GUIDE) Compliance Act H.R. 5645, Standard Merger and Acquisition Reviews Through Equal Rules Act of 2018 H.R. 5749, Options Markets Stability Act H.R. 5756, To require the Securities and Exchange Commission to adjust certain resubmission thresholds for shareholder proposals H.R. 5783, Cooperate with Law Enforcement Agencies and Watch Act of 2018 H.R. 5877, Main Street Growth Act H.R. 5970, Simplifying Disclosures for Investors Act H.R. 5999, Streamlining Communications for Investors Act H.R. 6021, Small Business Audit Correction Act of 2018 H.R. 6035, Streamlining Communications for Investors Act H.R. 6068, Counter Terrorism and Illicit Finance Act H.R. 6130, Helping Startups Continue to Grow Act H.R. 6139, Improving Investment Research for Small and Emerging Issuers Act H.R. 6158, Brokered Deposit Affiliate-Subsidiary Modernization Act of 2018 H.R. 6177, Developing and Empowering our Aspiring Leaders Act of 2018 H.R. 6319, Expanding Investment in Small Businesses Act H.R. 6320, Promoting Transparent Standards for Corporate Insiders Act H.R. 6321, Investment Adviser Regulatory Flexibility Improvement Act H.R. 6322, Enhancing Multi-Class Stock Disclosures Act H.R. 6324, Middle Market IPO Underwriting Cost Act S. 366, Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017 S. 462, Securities and Exchange Commission Overpayment Credit Act S. 488, JOBS and Investor Confidence Act of 2018 S. 536, Cybersecurity Disclosure Act of 2017 S. 1117, Consumer Financial Choice and Capital Markets Protection Act of 2017 S. 1241, Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 S. 1454, True Incorporation Transparency for Law Enforcement (TITLE) Act S. 1463, Financial Stability Oversight Council Insurance Member Continuity Act S. 1717, Corporate Transparency Act of 2017 S. 1744, Brokaw Act S. 2098, Foreign Investment Risk Review Modernization Act of 2017 S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection Act S. 2499, A bill to require the Financial Industry Regulatory Authority to establish a relief fund to provide investors with the full value of unpaid arbitration awards issued against brokerage firms or brokers regulated by the Authority S. 2756, Fair Investment Opportunities for Professional Experts Act S. 2765, RBIC Advisers Relief Act of 2018 S. 3004, Small Business Audit Correction Act of 2018 S. 3421, Blue Sky Harmonization Act S. J. Res. 57, A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to "Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act" Draft legislation titled Credit Services Protection Act of 2017 Draft legislation titled Counter Terrorism and Illicit Finance Act Draft legislation titled Data Acquisition and Technology Accountability and Security Act Draft legislation directing the Securities and Exchange Commission to increase and align the smaller reporting company and nonaccelerated filer financial thresholds Draft legislation to remove the limitation on large accelerated filers qualifying as an emerging growth company Draft legislation to require the Securities and Exchange Commission to revise the definition of a qualifying portfolio company to include an emerging growth company, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940 Draft legislation to amend the Investment Company Act of 1940 to increase the percentage of voting shares a diversified company may hold in a single issuer Potential legislation similar to H.R. 1090, Retail Investor Protection Act (114th Cong.) Potential legislation similar to H.R. 4294, Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act of 2015 Proposed regulations on universal proxy (81 Fed. Reg. 79,122-79,186, November 10, 2016) Proposed rule on auditor independence with respect to certain loans or debtor-creditor relationships (83 Fed. Reg. 20,753-20,773, May 8, 2018) Proposed regulation on Regulation Best Interest (83 Fed. Reg. 21,574-21,682, May 9, 2018) Proposed Commission interpretation regarding standard of conduct for investment advisers; request for comment on enhancing investment (83 Fed. Reg. 21,203-21,214, May 9, 2018) Proposed rule on form CRS relationship summary; amendments to form ADV; required disclosures in retail communications and restrictions on the use of certain names or titles (83 Fed. Reg. 21,416-21,575, May 9, 2018) Federal Reserve and the Office of the Comptroller of the Currency; Joint Notice of Proposed Rulemaking: Regulatory Capital Rules: Regulatory Capital, Enhanced Supplementary Leverage Ratio Standards for U.S. Global Systemically Important Bank Holding Companies and Certain of Their Subsidiary Insured Depository Institutions; Total Loss-Absorbing Capacity Requirements for U.S. Global Systemically Important Bank Holding Companies; Federal Reserve System Docket No. R-1604 and OCC Docket ID OCC-2018-0002 Nomination of Kathleen Kraninger to serve as Director of the Bureau of Consumer Financial Protection Nomination of Elad Roisman to serve as a Commissioner of the Securities and Exchange Commission Nomination of Dr. Dino Falaschetti to serve as Director of the Office of Financial Research Nomination of Jelena McWilliams to be Chair of the Federal Deposit Insurance Corporation Nomination of Kimberly Reed to serve as President of the Export-Import Bank of the United States (Ex-Im) Various issues relating to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203); implementation of the Jumpstart Our Business Startups Act (P.L. 112-106); implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act (P.L. 115-174, section 215); Executive Order 13772, Core Principles for Regulating the United States Financial System; Presidential Memorandum for the Secretary of the Treasury regarding Orderly Liquidation Authority; Basel III capital standards, bank capital, and liquidity reform; Consumer Financial Protection Bureau (CFPB) transparency and accountability; CFPB regulatory sandbox for disclosures; CFPB consumer complaint database; CFPB reform; anti-money laundering and Bank Secrecy Act (P.L. 91-508) improvements; political spending disclosures; systemic risk regulation and Financial Stability Oversight Council (FSOC) designation of non-bank financial companies; Financial Stability Oversight Council (FSOC) reform; Department of Treasury review of FSOC determination and designation process; Federal Reserve: Enhanced Disclosure of the Models Used in the Federal Reserves Supervisory Stress Test, Docket No. OP-1586; Stress Testing Policy Statement, Docket No. OP-1587; Policy Statement on the Scenario Design Framework for Stress Testing, Docket No. OP-1588; Office of Financial Research transparency and accountability; reform of international standard setting bodies including Financial Stability Board, International Association of Insurance Supervisors and Basel Committee on Banking Supervision; Federal Reserve reform; Federal Reserve proposed guidance on supervisory expectation for boards of directors 2017-16735; proxy voting systems; Security Exchange Commission strategic plan; Security Exchange Commission Rule 701 Form S-8 reforms; Security Exchange Commission conflict mineral rule; Security Exchange Commission pay ratio rule; Security Exchange Commission Advisory Committee on Small and Emerging Companies; Security Exchange Commission request for information regarding standards of conduct for investment advisors and broker-dealers; Security Exchange Commission staff legal bulletin 141 (CF) shareholder proposals; Security Exchange Commission FAST Act (P.L. 114-94) modernization and simplification of regulations S-K file no. S7-08-17; Security Exchange Commission amendments to the Commissioners whistleblower rules file no. S7-16-18; Security Exchange Commission auditor independence with respect to certain loans or debtor-creditor relationships file no. S7-10-18; Security Exchange Commission Staff Legal Bulletin 20 Proxy Voting: Proxy Voting Responsibilities of Investment Advisers and Availability of Exemptions from the Proxy Rules for Proxy Advisory Firms; Security Exchange Commission proposal on the use of derivatives by registered investment companies and business development companies; Security Exchange Commission standards of conduct for investment advisers and broker-dealers; Public Company Accounting Oversight Board (PCAOB), including draft strategic plan for 2018-2022; Federal Trade Commission competition and consumer protection in the 21st century hearings regarding common ownership; disclosure requirements and materiality; JOBS Act 3.0; potential legislation to create legal framework for venture exchange; credit bureau issues; tailoring bank rules to reduce the burden on small, midsize, and regional banks; beneficial ownership; reforms to the Committee on Foreign Investment in the United States; modernization of the Community Reinvestment Act (P.L. 95-128); application of Customer Identification Program requirements under anti-money laundering rules to bank-affiliated premium finance companies; application of the May 2016 Customer Due Diligence Rule to routine cash refunds issued by bank-affiliated premium finance companies; proposals to audit the Board of Governors of the Federal Reserve System; small business lending; consolidated asset thresholds related to the Advanced Approaches capital framework, the net stable fund ratio rule, and the liquidity coverage ratio rule; impact of prudential regulations on lending to small businesses by depository institutions; testimony by the Vice Chairman for Supervision, Federal Reserve Board, to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs; CFTC Proposed rulemaking on the De Minimis Exception to the Swap Dealer Definition; HUD proposed rulemaking regarding implementation of the Fair Housing Acts Disparate Impact Standard; Federal Trade Commission concerning Common Ownership; SEC proposed amendments to the Commissions Whistleblower Program rules; blockchain and fintech

Small company capital formation issues, capital markets reform to encourage more US IPOs, JOBS and Investor Confidence Act, H.R. 5054 the Small Company Disclosure Simplification Act, H.R. 5756 to require the SEC to adjust resubmission thresholds for shareholder proposals, H.R. 5970 Modernizing Disclosures for Investors Act, H.R. 6130 Helping Startups Continue to Grow Act, H.R. 6139 Improving Investment Research for Small and Emerging Issuers Act, Proposals to expand the definition of smaller reporting company (SRC),Disclosure of material short positions, Dodd-Frank regulatory issues, Volcker Rule, Registered Investment Advisor rules, the Developing and Empowering our Aspiring Leaders (DEAL) Act H.R. 6177, Tick Size Pilot, venture exchanges, HALOs Act, Fostering Innovation Act H.R. 4139/S. 1645, Corporate Governance Reform and Transparency Act H.R. 4015, beneficial ownership disclosure rules/Counterterrorism & Illicit Finance Act, Foreign Investment Risk Review Modernization Act S. 2098/H.R. 4311, Economic Growth, Regulatory Relief, and Consumer Protection Act S. 2155, cryptocurrency regulation, and House Innovation Initiative.

Client expense: $525,734 · Firm income: Not reported

Capital Market structure issues Technology and market surveillance H.R.4015 - Corporate Governance Reform and Transparency Act of 2017 S.2155 - Economic Growth, Regulatory Relief, and Consumer Protection Act H.R. 5877 - Main Street Growth Act, as amended H.R. 5970 - Modernizing Disclosures for Investors Act H.R.5970- Simplifying Disclosures for Investors Act H.R. 2864- Improving Access to Capital Act

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

General issues relating to the following: Revitalize the market for small public companies/policies that promote IPOs, H.R. 10 - Financial CHOICE Act of 2017; Legislation to increase transparency and reduce conflicts of interest in the proxy advisory industry, H.R.4015 - Corporate Governance Reform and Transparency Act of 2016; Legislation on confidential filing and test the waters, H.R. 3903 - Encouraging Public Offerings Act; Trading and listings standards needed for a U.S. Venture Exchange, H.R. 5877 - Main Street Growth Act; Legislation requiring the prudential regulators to implement a risk-adjusted approach to value centrally-cleared exchange-listed derivatives, H.R. 5749 - Options Markets Stability Act; Legislation on 10-Q optionality, H.R. 5970 - Modernizing Disclosures for Investors Act; SEC Conflict Minerals Rule, H.R. 4248 - To amend the Securities Exchange Act of 1934 to repeal certain disclosure requirements related to conflict minerals; Section 31 Fee Overpayments, S. 462 - Section 31 Fee Overpayments, H.R. 1257 - Section 31 Fee Overpayments; Cross border regulatory issues between the U.S. and Europe; Incentives for the trading of small cap stocks/ETFs; Repatriation/tax reform; Implementation and expansion of the Jobs Act (S.488 - JOBS and Investor Confidence Act of 2018)/capital formation agenda/IPOs; H1B visa/immigration reform; Equity, fixed income market structure/Regulation NMS; Proprietary ownership and distribution of market data; Corporate governance issues; Cyber Security and system infrastructure; Limitations on SEC regulation of non-exchange activities H.R.3555 - Exchange Regulatory Improvement Act; and Requiring transparency of short positions that match existing requirements on long position holders.

Client expense: $290,000 · Firm income: Not reported

H.R. 5877, the Main Street Growth Act; clarification of legal certainty for the trading of private securities on the Nasdaq Private Market platform; transparency and conflicts of interest in the proxy advisory industry; implementation and expansion of the JOBS Act/capital formation agenda/IPOs; security market structure and price transparency; proprietary ownership and distribution of market data; corporate governance issues; cybersecurity and system infrastructure; computer trading and H.R. 3973, Market Data Protection Act of 2017; H.R. 4015, Corporate Governance Reform and Transparency Act of 2017; S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection; issues related to capital formation; Voldex; H.R. 5970, the Modernizing Disclosures for Investors Act; H.R.3555, Exchange Regulatory Improvement Act; H.R. 3903, Encouraging Public Offerings Act of 2017; short selling transparency; JOBS Act 3.0

Client expense: Not reported · Firm income: $70,000

Best interest standard CFPB Office of Fair Lending and Equal Opportunity Funding of CFPB H.R. 3299, the "Protecting Consumers Access to Credit Act of 2017" HR 4439 -- Modernizing Credit Opportunities Act Legislation affecting Consumer Financial Protection Bureau staffing S. 2417 -- the Stopping Abuse & Fraud in Electronic (SAFE) Lending Act SEC fiduciary rule S.J. Res. 57, H.J. Res. 132 CRA for CFPB Guidance on Indirect Auto-Lending HR 6096 -- Reward Work Act S. 2605 -- Reward Work Act HR 5756 -- To require the Securities and Exchange Commission to adjust certain resubmission thresholds for shareholder proposals Budd Discussion Draft (SEC R 002) HR 6035 -- Streamlining Communications for Investors Act HR 5970 -- Simplifying Disclosures for Investors Act HR 6130 -- Helping Startups Continue to Grow Act S.J. Res 56/H.J. 122 CRA for CFPB Payday Rule S. 387 -- Consumer Financial Protection Bureau Accountability Act of 2017 HR 1018 -- CFPB Constitutional Reform Act of 2017

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

Government targets: Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection Act S.J. Res. 57 (Resolution of Disapproval of CFPB auto lending guidance) Community Reinvestment Act reform Bureau of Consumer Financial Protection inherited regulations Bank capital rules Banks stress tests Best interest standard CFPB Office of Fair Lending and Equal Opportunity Financial Technology ("Fintech") Funding of CFPB H.R. 1116, the "Taking Account of Institutions with Low Operation Risk Act of 2017" H.R. 1144, the Inclusive Prosperity Act H.R. 3299, the "Protecting Consumers Access to Credit Act of 2017" H.R. 3948, the "Protection of Source Code Act" H.R. 4293, the "Stress Test Improvement Act" H.R. 4545, the "Financial Institutions Examination Fairness and Reform Act" HR 4061 -- Financial Stability Oversight Council Improvement Act of 2017 HR 4439 -- Modernizing Credit Opportunities Act HR 4790 -- Volcker Rule Regulatory Harmonization Act HR 5749 -- Options Market Stability Act Legislation affecting Consumer Financial Protection Bureau staffing Nominations for SEC, CFTC, FDIC Protecting Consumers Access to Credit Act of 2017 (H.R. 3299) S. 1020, the Carried Interest Fairness Act S. 2155 -- Economic Growth, Regulatory Relief, and Consumer Protection Act S. 2417 -- the Stopping Abuse & Fraud in Electronic (SAFE) Lending Act SEC fiduciary rule Substitute Amendment to S. 2155 S.J. Res. 57, H.J. Res. 132 CRA for CFPB Guidance on Indirect Auto-Lending Volcker Rule HR 6096 -- Reward Work Act S. 2605 -- Reward Work Act Brokaw bill HR 3861 -- Federal Insurance Office Reform Act of 2017 HR 5054 -- Small Company Disclosure Simplification Act of 2018 HR 5756 -- To require the Securities and Exchange Commission to adjust certain resubmission thresholds for shareholder proposals HR 5877 -- Main Street Growth Act Budd Discussion Draft (SEC R 002) HR 6035 -- Streamlining Communications for Investors Act HR 5970 -- Simplifying Disclosures for Investors Act HR 6130 -- Helping Startups Continue to Grow Act Liquidity disclosures for funds Budget - FSGG Appropriations S.J. Res 56/H.J. 122 CRA for CFPB Payday Rule S. 387 -- Consumer Financial Protection Bureau Accountability Act of 2017 HR 1018 -- CFPB Constitutional Reform Act of 2017

H.R. 5970 To require the Securities and Exchange Commission to carry out a cost benefit analysis of the use of Form 10-Q and for other purposes, general issues regarding the cost benefit analysis of Form 10-Q; H.R. 5037 Securities Fraud Act of 2018, general issues regarding securities litigation; H.R. 3089 / S. 1717 Corporate Transparency Act of 2017, general issues regarding deterring money laundering; and General issues regarding capital market developments.

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

Government targets: Executive Office of the President (EOP), HOUSE OF REPRESENTATIVES, Natl Economic Council (NEC), Office of the Vice President of the United States, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

General issues relating to the following: Revitalize the market for small public companies/policies that promote IPOs, H.R. 10 - Financial CHOICE Act of 2017; Legislation to increase transparency and reduce conflicts of interest in the proxy advisory industry, H.R.4015 - Corporate Governance Reform and Transparency Act of 2016; Legislation on confidential filing and test the waters, H.R. 3903 - Encouraging Public Offerings Act; Trading and listings standards needed for a U.S. Venture Exchange, H.R. 5877 - Main Street Growth Act; Legislation requiring the prudential regulators to implement a risk-adjusted approach to value centrally-cleared exchange-listed derivatives, H.R. 5749 - Options Markets Stability Act; Legislation on 10-Q optionality, H.R. 5970 - Modernizing Disclosures for Investors Act; SEC Conflict Minerals Rule, H.R. 4248 - To amend the Securities Exchange Act of 1934 to repeal certain disclosure requirements related to conflict minerals; Section 31 Fee Overpayments, S. 462 - Section 31 Fee Overpayments, H.R. 1257 - Section 31 Fee Overpayments; Cross border regulatory issues between the U.S. and Europe; Incentives for the trading of small cap stocks/ETFs; Repatriation/tax reform; Implementation and expansion of the Jobs Act/capital formation agenda/IPOs; H1B visa/immigration reform; Equity, fixed income market structure/Regulation NMS; Proprietary ownership and distribution of market data; Corporate governance issues; Cyber Security and system infrastructure; Limitations on SEC regulation of non-exchange activities H.R.3555 - Exchange Regulatory Improvement Act; and Requiring transparency of short positions that match existing requirements on long position holders.

Client expense: $310,000 · Firm income: Not reported

Trading and listing standards needed for a U.S. Venture Exchange; H.R. 5877, the Main Street Growth Act; clarification of legal certainty for the trading of private securities on the Nasdaq Private Market platform; transparency and conflicts of interest in the proxy advisory industry; incentives for the trading of small cap stocks/ETFs; implementation and expansion of the JOBS Act/capital formation agenda/IPOs; security market structure and price transparency; SEC policies during turbulent market conditions; proprietary ownership and distribution of market data; corporate governance issues; cybersecurity and system infrastructure; computer trading and HR.1257 & S.462, Securities and Exchange Commission Overpayment Credit Act; H.R. 3973, Market Data Protection Act of 2017; H.R.4248, conflicts minerals; H.R. 4015, Corporate Governance Reform and Transparency Act of 2017; S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection; issues related to capital formation; Voldex; H.R. 5970, the Modernizing Disclosures for Investors Act; H.R.3555, Exchange Regulatory Improvement Act; H.R. 3903, Encouraging Public Offerings Act of 2017.

Client expense: Not reported · Firm income: $70,000

H.R. 10, Financial CHOICE Act of 2017 H.R. 21/S. 34, Midnight Rules Relief Act of 2017 H.R. 78, SEC Regulatory Accountability Act H.R. 79/S. 588, Helping Angels Lead Our Startups (HALOS) Act H.R. 238, Commodity End-User Relief Act H.R. 477, Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 H.R. 1116, Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017 H.R. 1153, Mortgage Choice Act of 2017 H.R. 1219/S. 444, Supporting America's Innovators Act of 2017 H.R. 1257, Securities and Exchange Commission Overpayment Credit Act H.R. 1312/S. 416, Small Business Capital Formation Enhancement Act H.R. 1343, Encouraging Employee Ownership Act of 2017 H.R. 1457, Making Online Banking Initiation Legal and Easy (MOBILE) Act of 2017 H.R. 1585, Fair Investment Opportunities for Professional Experts Act H.R. 1611, Gender Diversity in Corporate Leadership Act of 2017 H.R. 1645/S. 2126, Fostering Innovation Act of 2017 H.R. 1702, Small Business Development Centers Improvement Act of 2018 H.R. 2201, Micro Offering Safe Harbor Act H.R. 2226/S. 2013, Portfolio Lending and Mortgage Access Act H.R. 2396, Privacy Notification Technical Clarification Act H.R. 2553, Taking Account of Bureaucrats Spending (TABS) Act of 2017 H.R. 2706, Financial Institution Customer Protection Act of 2017 H.R. 3089, Corporate Transparency Act of 2017 H.R. 3093, Investor Clarity and Bank Parity Act H.R. 3110, Financial Stability Oversight Council Insurance Member Continuity Act H.R. 3179, Transparency and Accountability for Business Standards Act H.R. 3299, Protecting Consumers' Access to Credit Act of 2017 H.R. 3312/S. 1893, Systemic Risk Designation Improvement Act of 2017 H.R. 3746/S. 2702, Business of Insurance Regulatory Reform Act of 2017 H.R. 3762, International Insurance Standards Act of 2017 H.R. 3857, Protecting Advice for Small Savers (PASS) Act of 2017 H.R. 3860, IRS Data Verification Modernization Act of 2017 H.R. 3903/S. 2347, Encouraging Public Offerings Act of 2017 H.R. 3911, Risk-Based Credit Examination Act H.R. 3948, Protection of Source Code Act H.R. 3972, Family Office Technical Correction Act of 2017 H.R. 3973, Market Data Protection Act of 2017 H.R. 3978, TRID Improvement Act of 2017 H.R. 4015, Corporate Governance Reform and Transparency Act of 2017 H.R. 4028/S. 1982, Promoting Responsible Oversight of Transactions and Examinations of Credit Technology (PROTECT) Act of 2017 H.R. 4061, Financial Stability Oversight Council Improvement Act of 2017 H.R. 4248, To amend the Securities Exchange Act of 1934 to repeal certain disclosure requirements related to conflict minerals, and for other purposes H.R. 4263, Regulation A+ Improvement Act of 2017 H.R. 4267, Small Business Credit Availability Act H.R. 4279, Expanding Investment Opportunities Act H.R. 4281/S. 2953, Expanding Access to Capital for Rural Job Creators Act H.R. 4289, To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal certain disclosure requirements related to coal and mine safety H.R. 4292, Financial Institution Living Will Improvement Act of 2017 H.R. 4293, Stress Test Improvement Act of 2017 H.R. 4294, Prevention of Private Information Dissemination Act of 2017 H.R. 4296, To place requirements on operational risk capital requirements for banking organizations established by an appropriate Federal banking agency H.R. 4311, Foreign Investment Risk Review Modernization Act of 2017 H.R. 4519, To amend the Securities Exchange Act of 1934 to repeal certain disclosure requirements related to resource extraction, and for other purposes H.R. 4529, Accelerating Access to Capital Act of 2017 H.R. 4537, International Insurance Standards Act of 2017 H.R. 4545, Financial Institutions Examination Fairness and Reform Act H.R. 4550, Practice of Law Technical Clarification Act of 2017 H.R. 4566, Alleviating Stress Test Burdens to Help Investors Act H.R. 4607, Comprehensive Regulatory Review Act H.R. 4659, To require the appropriate Federal banking agencies to recognize the exposure-reducing nature of client margin for cleared derivatives H.R. 4771, Small Bank Holding Company Relief Act of 2018 H.R. 4790, Volcker Rule Regulatory Harmonization Act H.R. 4861, Ensuring Quality Unbiased Access to Loans (EQUAL) Act of 2018 H.R. 5051, Public Company Registration Threshold Act H.R. 5054, Small Company Disclosure Simplification Act of 2018 H.R. 5059, State Insurance Regulation Preservation Act H.R. 5105/S. 2436, Better Utilization of Investments Leading to Development (BUILD) Act of 2018 H.R. 5192/S. 2498, Protecting Children from Identity Theft Act H.R. 5266, Financial Product Safety Commission Act of 2018 H.R. 5323, Derivatives Fairness Act H.R. 5645, Standard Merger and Acquisition Reviews Through Equal Rules Act of 2018 H.R. 5749, Options Markets Stability Act H.R. 5756, To require the Securities and Exchange Commission to adjust certain resubmission thresholds for shareholder proposals H.R. 5783, Cooperate with Law Enforcement Agencies and Watch Act of 2018 H.R. 5877, Main Street Growth Act H.R. 5970, Simplifying Disclosures for Investors Act H.R. 5999, Streamlining Communications for Investors Act H.R. 6035, Streamlining Communications for Investors Act H.R. 6068, Counter Terrorism and Illicit Finance Act H.R. 6130, Helping Startups Continue to Grow Act H.R. 6139, Improving Investment Research for Small and Emerging Issuers Act S. 327, Fair Access to Investment Research Act of 2017 S. 366, Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017 S. 462, Securities and Exchange Commission Overpayment Credit Act S. 488, Encouraging Employee Ownership Act S. 536, Cybersecurity Disclosure Act of 2017 S. 1117, Consumer Financial Choice and Capital Markets Protection Act of 2017 S. 1241, Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 S. 1284, Community Bank Relief Act S. 1454, True Incorporation Transparency for Law Enforcement (TITLE) Act S. 1463, Financial Stability Oversight Council Insurance Member Continuity Act S. 1717, Corporate Transparency Act of 2017 S. 1744, Brokaw Act S. 2098, Foreign Investment Risk Review Modernization Act of 2017 S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection Act S. 2282, Bankruptcy Venue Reform Act of 2018 S. 2499, A bill to require the Financial Industry Regulatory Authority to establish a relief fund to provide investors with the full value of unpaid arbitration awards issued against brokerage firms or brokers regulated by the Authority S. 2756, Fair Investment Opportunities for Professional Experts Act S. 2765, RBIC Advisers Relief Act of 2018 S. 3004, Small Business Audit Correction Act of 2018 S. J. Res. 57, A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to "Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act" Draft legislation titled Credit Services Protection Act of 2017 Draft legislation titled Counter Terrorism and Illicit Finance Act Draft legislation titled Data Acquisition and Technology Accountability and Security Act Draft legislation directing the Securities and Exchange Commission to increase and align the smaller reporting company and nonaccelerated filer financial thresholds Draft legislation to remove the limitation on large accelerated filers qualifying as an emerging growth company Draft legislation to require the Securities and Exchange Commission to revise the definition of a qualifying portfolio company to include an emerging growth company, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940 Draft legislation to amend the Investment Company Act of 1940 to increase the percentage of voting shares a diversified company may hold in a single issuer Potential legislation similar to H.R. 1090, Retail Investor Protection Act (114th Cong.) Potential legislation similar to H.R. 4294, Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act of 2015 Final regulation on definition of the term "fiduciary"; conflict of interest rule--retirement investment advice (81 Fed. Reg. 20,945-21,002, April 8, 2016) Proposed regulations on universal proxy (81 Fed. Reg. 79,122-79,186, November 10, 2016) Joint advance notice of proposed rulemaking on enhanced cyber risk management standards (81 Fed. Reg. 74,315-74,326, October 26, 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. 67,220-67,239, September 30, 2016) Proposed regulation on Regulation Best Interest (83 Fed. Reg. 21,574-21,682, May 9, 2018) Proposed Commission interpretation regarding standard of conduct for investment advisers; request for comment on enhancing investment (83 Fed. Reg. 21,203-21,214, May 9, 2018) Proposed rule on form CRS relationship summary; amendments to form ADV; required disclosures in retail communications and restrictions on the use of certain names or titles (83 Fed. Reg. 21,416-21,575, May 9, 2018) Request for Information Regarding Bureau Civil Investigative Demands and Associated Processes (83 Fed. Reg. 3,686-3,687, January 26, 2018) Request for Information Regarding Bureau Rules and Practices for Adjudication Proceedings (83 Fed. Reg. 5,055-5,056, February 5, 2018) Request for Information Regarding Bureau Enforcement Processes (83 Fed. Reg. 5,999-6,000, February 12, 2018) Request for Information Regarding Bureau External Engagements (83 Fed. Reg. 8,247-8,249, February 26, 2018) Request for Information Regarding Bureau Public Reporting Practices of Consumer Complaint Information (83 Fed. Reg. 9,499-9,501, March 6, 2018) Request for Information Regarding Bureau Rulemaking Processes (83 Fed. Reg. 10,437-10,440, March 9, 2018) Request for Information Regarding the Bureaus Adopted Regulations and New Rulemaking Authorities (83 Fed. Reg. 12,286-12,289, March 21, 2018) Request for Information Regarding the Bureaus Inherited Regulations and Inherited Rulemaking Authorities (83 Fed. Reg. 12,881-12,883, March 26, 2018) Request for Information Regarding the Bureaus Supervision Program (83 Fed. Reg. 7,166-7,168, February 20, 2018) Federal Reserve and the Office of the Comptroller of the Currency; Joint Notice of Proposed Rulemaking: Regulatory Capital Rules: Regulatory Capital, Enhanced Supplementary Leverage Ratio Standards for U.S. Global Systemically Important Bank Holding Companies and Certain of Their Subsidiary Insured Depository Institutions; Total Loss-Absorbing Capacity Requirements for U.S. Global Systemically Important Bank Holding Companies; Federal Reserve System Docket No. R-1604 and OCC Docket ID OCC-2018-0002 Nomination of Governor Jerome Powell to serve as Chairman of the Board of Governors of the Federal Reserve System Nomination of Jelena McWilliams to be Chair of the Federal Deposit Insurance Corporation Various issues relating to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203); implementation of the Jumpstart Our Business Startups Act (P.L. 112-106); Executive Order 13772, Core Principles for Regulating the United States Financial System; Presidential Memorandum for the Secretary of the Treasury regarding Orderly Liquidation Authority; Basel III capital standards, bank capital, and liquidity reform; Consumer Financial Protection Bureau (CFPB) transparency and accountability; CFPB consumer complaint database; CFPB reform; anti-money laundering and Bank Secrecy Act (P.L. 91-508) improvements; Notice of Stakeholder Consultations on Responsible Conflict Mineral Sourcing; Financial Industry Regulatory Authority (FINRA) engagement initiative; political spending disclosures; systemic risk regulation and Financial Stability Oversight Council (FSOC) designation of non-bank financial companies; Financial Stability Oversight Council (FSOC) reform; Department of Treasury review of FSOC determination and designation process; Federal Reserve: Enhanced Disclosure of the Models Used in the Federal Reserves Supervisory Stress Test, Docket No. OP-1586; Stress Testing Policy Statement, Docket No. OP-1587; Policy Statement on the Scenario Design Framework for Stress Testing, Docket No. OP-1588; Office of Financial Research transparency and accountability; reform of international standard setting bodies including Financial Stability Board, International Association of Insurance Supervisors and Basel Committee on Banking Supervision; Federal Reserve reform; Federal Reserve proposed guidance on supervisory expectation for boards of directors 2017-16735; proxy voting systems; Security Exchange Commission conflict mineral rule; Security Exchange Commission pay ratio rule; Security Exchange Commission Advisory Committee on Small and Emerging Companies; Security Exchange Commission request for information regarding standards of conduct for investment advisors and broker-dealers; Security Exchange Commission staff legal bulletin 141 (CF) shareholder proposals; Security Exchange Commission FAST Act (P.L. 114-94) modernization and simplification of regulations S-K file no. S7-08-17; disclosure requirements and materiality; JOBS Act 3.0; potential legislation to create legal framework for venture exchange; credit bureau issues; tailoring bank rules to reduce the burden on small, midsize, and regional banks; beneficial ownership; reforms to the Committee on Foreign Investment in the United States; modernization of the Community Reinvestment Act (P.L. 95-128); application of Customer Identification Program requirements under anti-money laundering rules to bank-affiliated premium finance companies; application of the May 2016 Customer Due Diligence Rule to routine cash refunds issued by bank-affiliated premium finance companies; proposals to audit the Board of Governors of the Federal Reserve System; small business lending; consolidated asset thresholds related to the Advanced Approaches capital framework, the net stable fund ratio rule, and the liquidity coverage ratio rule; impact of prudential regulations on lending to small businesses by depository institutions; testimony by the Vice Chairman for Supervision, Federal Reserve Board, to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs; blockchain and fintech

Capital Market structure issues Technology and market surveillance H.R.4015 - Corporate Governance Reform and Transparency Act of 2017 S.2155 - Economic Growth, Regulatory Relief, and Consumer Protection Act H.R. 6139 - Improving Investment Research for Small and Emerging Issuers Act H.R. 5749 - Options Markets Stability Act H.R. 5877 - Main Street Growth Act, as amended H.R. 5970 - Modernizing Disclosures for Investors Act H.R.5970- Simplifying Disclosures for Investors Act H.R. 5054- Small Company Disclosure Simplification Act of 2018 H.R. 2864- Improving Access to Capital Act H.R. 4263

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

Consumer financial protections, oppose S 2155-Economic growth, regulatory reform and consumer protection act, HR 4061-Financial stability Oversight Council Improvement act of 2017, HR 4293-Stress Test Improvement Act of 2017, HR 4790-Volcker rule regulatory Harmonization act, Defense of CFPB, consumer lobby day, HR 4439-Modernizing credit opportunity act, Hr 5749-to require the appropriate Federal banking agencies to increase the risk sensitivity of the capital treatment of certain centrally cleared exchange listed options, derivatives and for other purposes, Hr 5793-Housing choice voucher mobility demonstration act of 2018, HR 3861-Federal insurance office reform act of 2017, HR 5054-Small company disclosure simplification act of 2018, HR 5756-To require the SEC to adjust certain resubmission thresholds for shareholder proposals, HR 5877-Main Street Growth Act, HR 5970- To require the SEC to carry out a cost benefit analysis of the use of form 10-Q and other purposes, HR-6130 Helping startups continue to grow act, Stop the auto lending guidance CRA, Fiduciary rule, SEC nomination, disclosure to investors, Oppose the Crapo Bill-Dodd Frank rollbacks, SEC political disclosure, support progressive SEC nominees,

Client expense: $70,000 · Firm income: Not reported

Small company capital formation issues, capital markets reform to encourage more US IPOs; H.R. 5054 the Small Company Disclosure Simplification Act, H.R. 5756 to require the SEC to adjust resubmission thresholds for shareholder proposals, H.R. 5970 Modernizing Disclosures for Investors Act, H.R. 6130 Helping Startups Continue to Grow Act, H.R. 6139 Improving Investment Research for Small and Emerging Issuers Act, Proposals to expand the definition of smaller reporting company (SRC),Disclosure of material short positions, Dodd-Frank regulatory issues, Volcker Rule, Registered Investment Advisor rules, the Developing and Empowering our Aspiring Leaders (DEAL) Act H.R. 6177, Tick Size Pilot, venture exchanges, HALOs Act, Fostering Innovation Act H.R. 4139/S. 1645, Corporate Governance Reform and Transparency Act H.R. 4015, beneficial ownership disclosure rules/Counterterrorism & Illicit Finance Act, Foreign Investment Risk Review Modernization Act S. 2098/H.R. 4311, Economic Growth, Regulatory Relief, and Consumer Protection Act S. 2155, cryptocurrency regulation, and House Innovation Initiative.

Client expense: $608,791 · Firm income: Not reported