Increasing Investor Opportunities Act

Issues related to investment management regulation, including exchange-traded funds, mutual funds, money market funds and proxy voting. SEC ESG Rules. SEC Predictive Analytics Rule. CFTC Rule 1.25. Retirement and savings reform. Retirement Fairness for Charities and Educational Institutions Act (H.R. 3063/S.4917) and Increasing Investor Opportunities Act (H.R. 2627).

Client expense: $320,000 · Firm income: Not reported

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

Issues related to Securities and Exchange Commission Regulation Best Interest (Regulation BI). Proposed Securities and Exchange Commission Rule 223-1: Safeguarding Advisory Client Assets (Custody Rule). Conflicts of Interest and Predictive Data Analytics Proposal. Regulation D and Accredited Investor Definition. Share Repurchase Disclosure Modernization Proposal. Issues relating to 401(k) defined contributions. H.R. 835, Fair Investment Opportunities for Professional Experts Act, all provisions. H.R. 1579, Accredited Investor Definition Review Act, all provisions. H.R. 2797, Equal Opportunity for All Investors Act of 2023, all provisions. H.R. 2593, Senior Security Act of 2023, all provisions. H.R. 2796, Promoting Opportunities for Non-Traditional Capital Formation Act, all provisions. H.R. 2799, Expanding Access to Capital Act of 2023, all provisions. H.R. 2627, Increasing Investor Opportunities Act, all provisions. Issues relating to fiduciary duties regarding asset classes under ERISA (Retirement Savings Modernization Act).

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

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

H.R. 1165 - Data Privacy Act; entire bill H.R. 1807 - Improving Disclosure for Investors Act of 2023; entire bill H.R. 2622 - to amend the Investment Advisers Act of 1940 to codify certain Securities and Exchange Commission no-action letters that exclude brokers and dealers compensated for certain research services from the definition of investment adviser, and for other purposes; entire bill H.R. 2627 - Increasing Investor Opportunities Act; entire bill H.R. 2799 - the Expanding Access to Capital Act of 2023; entire bill H.R. 3063 - Retirement Fairness for Charities and Educational Institutions Act of 2023; entire bill H.R. 8818 - American Privacy Rights Act of 2024; entire bill S. 3735 - Protecting Innovation in Investment Act; entire bill S. 3815 - Improving Disclosure for Investors Act; entire bill Financial Services General Government Appropriations - SEC rulemaking funding related to liquidity risk management, equity market structure, custody, and predictive data analytics. Congressional Review Act (CRA) resolution regarding the DOLs retirement security rule; entire resolution

Client expense: $440,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Asset management; H.R. 2627, Increasing Investor Opportunities Act.

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 4763--Financial Innovation and Technology for the 21st Century Act S. 2281--Responsible Financial Innovation Act H.R. 4766--Clarity for Payment Stablecoins Act S. 4155--the Lummis, Gillibrand Payment Stablecoins Act Issues related to crypto & digital assets including digital assets market structure and Stablecoins legislation Money Market Fund (MMF) regulation H.R. 2627--Increasing Investor Opportunities Act & draft Senate legislation--Retail investor access to alternative investments & private markets H.R.835-Fair Investment Opportunities for Professional Experts Act H.R. 2797--Equal Opportunity for All Investors Act H.R. 1579--Accredited Investor Definition Review Act H.R. 2773--Amends the definition of an accredited investor to include individuals receiving advice from certain professionals Accredited investor reform initiatives H.R. 1807-- Improving Disclosure for Investors Act--E-delivery initiatives H.R. 3063--Retirement Fairness for Charities and Educational Institutions Act and Securing a Strong Retirement Act (SECURE Act) 2.0 implementation and modifications--Retirement security initiatives Legislation and oversight of ESG investing including proxy voting by asset managers Congressional oversight of SEC rulemakings such as mandatory swing pricing, hard close, liquidity risk management proposal, and predictive data analytics H.J.Res. 142 and S.J.Res 79--Congressional oversight of the DOL Fiduciary rule proposal and CRA initiatives to disapprove the rule Basel III proposal and bank capital standards impact on asset managers H.R. 2799--the Expanding Access to Capital Act and draft Senate proposals--Capital formation initiatives SAB-121--Accounting and capital impacts on firms offering / holding crypto assets Retirement savings tax incentives including tax deferral for individuals participating in voluntary, employer provided retirement plans and IRAs. Restrictions on outbound investments to China H.R. 10445--Further Continuing Appropriations and Disaster Relief Supplemental Appropriations Act, 2025--Appropriations and disaster relief supplemental appropriations act.

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to investment management regulation, including exchange-traded funds, mutual funds, money market funds and proxy voting. SEC ESG Rules. SEC Predictive Analytics Rule. CFTC Rule 1.25. Retirement and savings reform. Retirement Fairness for Charities and Educational Institutions Act (H.R. 3063 /S.4917) and Increasing Investor Opportunities Act (H.R. 2627).

Client expense: $320,000 · Firm income: Not reported

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

H.R. 1379/ S. 4890, Access to Small Business Investor Capital Act, regarding all provisions. H.R. 2627, Increasing Investor Opportunities Act, regarding all provisions. H.R. 835, Fair Investment Opportunities for Professionals Act, regarding all provisions. H.R. 2797, Equal Opportunity for All Investors Act, regarding all provisions. H.R. 1579, Accredited Investor Definition Review Act, regarding all provisions. H.R. 2799, Expanding Access to Capital Act, provisions related to accredited investors and provisions related to closed-end funds. Issues related to co-investment for business development companies.

Client expense: $130,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act; H.R. 1807, Improving Disclosure for Investors Act; H.R. 3812, Financial Stability Oversight Council Improvement Act; H.R. 2627, Increasing Investor Opportunities Act; S. 4917, Retirement Fairness for Charities and Educational Institutions Act of 2024

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

H.R. 500, Financial Exploitation Prevention Act of 2023 H.R. 1807, Improving Disclosure for Investors Act of 2023 H.R. 2627, Increasing Investor Opportunities Act H.R. 2799, Expanding Access to Capital Act of 2023 H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act of 2023 H.R. 3812, Financial Stability Oversight Council Improvement Act of 2023 H.R. 4645, Empowering Shareholders Act of 2023 H.R. 4790, Prioritizing Economic Growth Over Woke Policies Act H.R. 7030, Review the Expansion of Government Act of 2024 H.R. 8339, SEC Reform and Restructuring Act H.J. Res. 120, Congressional Disapproval of FSOC rule on "Guidance on Nonbank Financial Company Determinations" H. Res. 1587, Resolution recognizing the 100th anniversary of the Mutual Fund S. 1481, Financial Exploitation Prevention Act of 2023 S. 3601, Financial Stability Oversight Council Improvement Act of 2024 S. 3815, Improving Disclosure for Investors Act of 2024 S. 4917, Retirement Fairness for Charities and Educational Institutions Act of 2024 S. 5139, Empowering Main Street in America Act Comprehensive Outbound Investment National Security Act of 2024 (Title V, H.R. 10445) SEC Form N-PORT Reporting and Liquidity Risk Management Guidance

Client expense: $1,180,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 448, Putting Investors First Act of 2023 H.R. 758, Promoting Access to Capital in Underbanked Communities Act of 2023 H.R. 835, Fair Investment Opportunities for Professional Experts Act H.R. 1010/S. 453, Prohibiting IRS Financial Surveillance Act H.R. 1410, Consumer Financial Protection Commission Act H.R. 1548, Improving Access to Small Business Information Act H.R. 1553, Helping Angels Lead our Startups (HALOS) Act H.R. 1579, Accredited Investor Definition Review Act H.R. 1807/S 3815, Improving Disclosures for Investors Act H.R. 2608, To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes H.R. 2610, To amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review, and for other purposes H.R. 2612, Gig Worker Equity Compensation Act H.R. 2627, Increasing Investor Opportunities Act H.R. 2652, Investment Opportunity Expansion Act H.R. 2792, Small Entity Update Act H.R. 2793, Encouraging Public Offerings Act of 2023 H.R. 2795, Enhancing Multi-Class Share Disclosures Act H.R. 2796, Promoting Opportunities for Non-Traditional Capital Formation Act H.R. 2797, Equal Opportunity for All Investors Act H.R. 2798, CFPB Transparency and Accountability Reform Act H.R. 2799/S. 3815, Expanding Access to Capital Act of 2023 H.R. 2812, Middle Market IPO Underwriting Cost Act H.R. 3063/S. 4917, Retirement Fairness for Charities and Educational Institutions Act H.R. 3161, CDFI Fund Transparency Act H.R. 4035, Protecting Small Business Information Act of 2023 H.R. 4168/S. 2005, Mandatory Materiality Requirement Act of 2023 H.R. 4177/S. 2007, Improving Corporate Governance Through Diversity Act of 2023 H.R. 4366, Consolidated Appropriations Act, 2024, including provisions related to Senate Amendments 1092 and 1217 H.R. 4664/S. 2309, Making appropriations for financial services and general government for the fiscal year ending September 30, 2024, and for other purposes H.R. 4790, Prioritizing Economic Growth Over Woke Policies Act H.R. 4823, American Financial Institution Regulator Sovereignty and Transparency Act H.R. 5488/S. 2805, Protecting Our Courts from Foreign Manipulation Act of 2023 H.R. 7000/S. 3592, Business of Insurance Regulatory Reform Act of 2024 H.R. 7092/S. 3676, Protecting Private Job Creators Act H.R. 7470/S.3823, Secure U.S. Leadership in Space Act of 2024 H.R. 8337, Bank Resilience and Regulatory Improvement Act H.R. 8338, Clarity in Lending Act H.R. 8339, SEC Reform and Restructuring Act H.R. 8773, Financial Services and General Government Appropriations Act, 2025 H.R. 9512, Congressional Banking Regulation Priorities and Accountability Act of 2024 H.R. 9922, Litigation Transparency Act of 2024 S. 638, Disclosure of Tax Havens and Offshoring Act S. 3541, Fair Audits and Inspections for Regulators Exams Act S. 5139, Empowering Main Street in America Act of 2024 S. 5254, Child Care for American Families Act H.J.Res. 100/S.J.Res. 50, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure" H.J.Res. 120, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Stability Oversight Council related to "Guidance on Nonbank Financial Company Determinations" H.J.Res. 122/H.J.Res. 121/S.J.Res. 70, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Credit Card Penalty Fees (Regulation Z)" H.J.Res. 201, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders" SEC Proposed Rule on the Enhancement and Standardization of Climate-Related Disclosures for Investors (87 Fed. Reg. 21,334-21,473, April 11, 2022) Proposed Rule, Securities and Exchange Commission; Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting (87 Fed. Reg. 77,172-77,296, December 16, 2022) Proposed Rule, Public Company Accounting Oversight Board; Amendments to Reporting Requirements for Registered Firms (PCAOB Release No. 2024-003, April 9, 2024; PCAOB Rulemaking Docket Matter No. 055) Proposed Rule, Public Company Accounting Oversight Board; Amendments to Firm and Engagement Metrics (PCAOB Release No. 2024-002, April 9, 2024; PCAOB Rulemaking Docket Matter No. 041) Adopting Order of the Securities and Exchange Commission: Public Company Accounting Oversight Board Amendments to QC 1000, A Firms System of Quality Control and Related Amendments to PCAOB Standards, Rules, and Forms (SEC Release No. 34-100968; PCAOB File No. PCAOB-2024-002) Request for Information, U.S. Treasury, Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector (TREAS-DO-2024-0011, June 12, 2024) Request for Comment, Commodity Futures Trading Commission (CFTC), The Use of Artificial Intelligence (AI) in CFTC-regulated derivatives markets (89 Fed. Reg. 65,606, August 12, 2024) Final Rule, Securities Exchange Commission, on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure (88 Fed. Reg. 51,896-51,945, September 5, 2023) Proposed Rule, Securities Exchange Commission, on Changes to 14a-8 (87 Fed. Reg. 45,052-45,075, July 27, 2022) Proposed Rule, Securities and Exchange Commission, Enhanced Disclosures by Certain Investment Advisers and Investment Companies About Environmental, Social, and Governance Investment Practices (87 Fed. Reg. 63,016-63,017, October 18, 2022) Proposed Rule, Securities and Exchange Commission, Outsourcing by Investment Advisers (87 Fed. Reg. 68,816-68,883, November 16, 2022) Proposed Rule, Securities and Exchange Commission; Conflicts of Interest Associated with the use of Predictive Data Analytics by Broker-Dealers and Investment Advisers (88 Fed. Reg. 53,960-54,024, August 9, 2023) Proposed Rule, Securities Exchange Commission, on Safeguarding Advisory Client Assets (88 Fed. Reg 14,672-14,792, March 9, 2023) Proposed Rule, Public Company Accounting Oversight Board; Amendments to PCAOB Auditing Standards related to a Companys Noncompliance with Laws and Regulations (PCAOB Release No. 2023-003/PCAOB Rulemaking Docket Matter No. 051, June 6, 2023) Various issues relating to SEC Best Interest and Enhancing Investment Adviser Regulation relating to broker-dealers, registered investment advisers, conflicts of interest; potential federal preemption of state fiduciary standards; CFTCs de minimis exception for swap dealers; Securities and Exchange Commission amendments to the Commissioners whistleblower rules file no. S7-16-18; proxy process, proxy advisory firms, and other related aspects of corporate governance; corporate common ownership; adoption of the current expected credit loss (CECL) accounting standard; role of credit reporting agencies (CRAs) in the U.S. economy; debt collection practices (regulation F) under the Fair Debt Collection Practices Act (P.L. 95-109); qualified mortgage definition under the Truth in Lending Act (P.L. 90-321) (Regulation Z); Financial Stability Oversight Council activities, including the approach to and designation of systemic importance and risk of nonbank financial companies and firms; Federal Reserve Systems Large Institution Supervision Coordinating Committee; potential housing finance reform legislation; enforcement of Securities and Exchange Commission penalties; federal interest rate authority; Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) reform; electronic consent-based SSN Verification Service (eCBSV); environmental, social, and governance (ESG) enforcement; information collection under the Community Reinvestment Act (CRA) (P.L. 95-128); potential Financial Transaction Tax (FTT); potential Treasury Department proposal relating to tax reporting by banks; investment company cross trading; potential money market fund reform measures; transition to the secured overnight financing rate; implementation of SEC Rule 15c2-11; Department of Labor fiduciary advice exemption: PTE 2020-02; benefits of risk-based pricing; mobile disclosures; modernization of the Credit Repair Organizations Act (enacted as Title IV of the Consumer Credit Protection Act, P.L. 90-321); Internal Revenue Service Priority Guidance Plan; Financial Accounting Standards Board improvements to income tax disclosures; Climate-Related Financial Risk Management for Large Banks; Consumer Financial Protection Bureau (CFPB) regulatory sandbox for disclosures; CFPB Policy Fellowship program; CFPB amendment of its Supervision and Examination Manual; CFPB conflation of Distinct Statutory Concepts of Unfairness and Discrimination; CFPB Small Business Advisory Review Panels Rulemaking on Personal Financial Data Rights; CFPB implementation of the Small Business Lending Data Collection Rule (the 1071 Rule); SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting (File Number S7-26-22); Federal Deposit Insurance Corporation Proposal on Corporate Governance and Risk Management; Basel III Endgame Rule; FDIC Monitoring of Investment Funds Passivity Agreements; the Export-Import Bank of the United States; Consumer Financial Protection Circular 2024-05, Improper Overdraft Opt-In Practices; European Unions Corporate Sustainability Due Diligence Directive (CSDDD); EU sustainable finance action plan and incorporating ESG factors into financial services; reporting metrics of American companies under the EUs Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive; reporting metrics for private companies under Securities and Exchange Commission rules; reform to the function of the Public Company Accounting Oversight Board; potential rulemaking regarding Section 956 of the Dodd-Frank Act (P.L. 111-203); SEC Staff Report Review of the Accredited Investor Definition under the Dodd Frank Act; index fund passivity; oversight issues and potential legislation on third party litigation funding (including its national security implications)

Client expense: $22,410,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Federal Trade Commission (FTC), 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), Treasury, Dept of, U.S. Trade Representative (USTR)

Financial stability issues related to registered investment companies and asset managers; H.R. 2627, Increasing Investor Opportunities Act; H.R. 2799, Expanding Access to Capital Act of 2023; H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act of 2023; S. 4917, Retirement Fairness for Charities and Educational Institutions Act of 2024; S. 5139, Empowering Main Street in America Act of 2024.

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1807, the Improving Disclosure for Investors Act of 2023; H.R. 1837, the Investing in Our Communities Act; H.R. 2590, Unlocking Capital for Small Business Act; H.R. 2627 - Increasing Investor Opportunities Act (closed-end fund bill); H.R. 2799, Expanding Access to Capital Act of 2023; H.R. 3063, Retirement Fairness for Charities and Education Institutions Act; H.R. 4237, Ensuring Sound Guidance Act; HR 4551, the "Protecting Investors Personally Identifiable Information Act"; H.R. 4763, the Financial Innovation and Technology for the 21st Century Act; H.R.4766, Clarity for Payment Stablecoins Act of 2023; H.R. 4767, Protecting American's Retirement Savings from Politics Act; H.R. 5009, Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025; H.R. 8339, the "SEC Reform and Restructure Act; H.R. 8773, FY 2025 Financial Services and General Government Appropriations Bill (3 provisions in the FSGG Bill Report pertaining to the SEC: PDA rule withdrawal, economic analysis enhancement, sensible implementation); H. J. Res 142, Providing for congressional disapproval of the Department of Labor fiduciary rule; S.2678 - Outbound Investment Transparency Act of 2023; S. 3815 - the Improving Disclosure for Investors Act of 2024; S. 4628, National Defense Authorization Act for Fiscal Year 2025 (China-related provisions); S. 4760, Digital Commodities Consumer Protection Act of 2022; S. 4917 - Retirement Fairness for Charities and Educational Institutions Act of 2024; S.5139 - A bill to amend the Securities Act of 1933 to address emerging growth companies, and for other purposes (the Empowering Main Street in America Act); H.R. ___, To codify the special purpose broker dealer, and for other purposes; Prudential agency (Federal Reserve, OCC and FDIC) proposal to implement the Basel Endgame reforms in the U.S. and congressional (U.S. House and Senate) oversight of the same, including revisions to the trading book capital rules, stress testing, capital surcharges and buffers; President Biden Executive Order 14105, Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; SEC Staff Accounting Bulletin 121; SEC Security-based Swaps Large Position Reporting proposed rule; SEC proposed rule regarding the safeguarding of client assets (custody proposal); SEC proposed rule on Predictive Data Analytics; SEC proposals to modify equity market structure; SEC final rule related to clearing of U.S. Treasury securities; SEC proposed rule to address Volume-Based Exchange Transaction Pricing for NMS Stocks; Senator Stabenow's Discussion Draft cryptocurrency legislation; SEC CAT Fee filings by the SROs; SEC approval of SROs rules limiting exchange liability; CFPB enforcement action relating to the National Collegiate Student Loan Trusts; FDIC Brokered Deposit Proposal; FDIC Proposal to amend change in Bank Control Action Regulations; H.R. __, Comprehensive Outbound Investment National Security Coins Act of 2024; U.S. Treasury Departments Final Rule, Provisions Pertaining to U.S. Investments in Certain National Security Technologies and Products in Countries of Concern; SEC No-Action Relief for SEC Rule 15c2-11; Federal Reserve Proposal to revise its stress testing process; Congressman Fitzgerald's discussion draft GSE Reform legislation; SEC proposal on short sale reporting/13f-2 extension; Sovereign Debt restructuring proposals.

Client expense: $2,990,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Issues related to Securities and Exchange Commission Regulation Best Interest (Regulation BI). Proposed Securities and Exchange Commission Rule 223-1: Safeguarding Advisory Client Assets (Custody Rule). Conflicts of Interest and Predictive Data Analytics Proposal. Regulation D and Accredited Investor Definition. Share Repurchase Disclosure Modernization Proposal. Issues relating to 401(k) defined contributions. H.R. 835, Fair Investment Opportunities for Professional Experts Act, all provisions. H.R. 1579, Accredited Investor Definition Review Act, all provisions. H.R. 2797, Equal Opportunity for All Investors Act of 2023, all provisions. H.R. 2593, Senior Security Act of 2023, all provisions. H.R. 2796, Promoting Opportunities for Non-Traditional Capital Formation Act, all provisions. H.R. 2799, Expanding Access to Capital Act of 2023, all provisions. H.R. 2627, Increasing Investor Opportunities Act, all provisions. Issues relating to fiduciary duties regarding asset classes under ERISA (Retirement Savings Modernization Act).

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

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

Implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act; H.R. 1807, Improving Disclosure for Investors Act; H.R. 3812, Financial Stability Oversight Council Improvement Act; SEC Rulemaking on Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting; H.R. 2627, Increasing Investor Opportunities Act; S. 4917, Retirement Fairness for Charities and Educational Institutions Act of 2024

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

Issues related to investment management regulation, including exchange-traded funds, mutual funds, money market funds and proxy voting. SEC ESG Rules. SEC Predictive Analytics Rule. CFTC Rule 1.25. Retirement and savings reform. Retirement Fairness for Charities and Educational Institutions Act (H.R. 3063 /S.4917) and Increasing Investor Opportunities Act (H.R. 2627).

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

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

Financial stability issues related to registered investment companies and asset managers; SEC mandatory swing pricing, hard close, and liquidity risk management proposal; H.R. 2627, Increasing Investor Opportunities Act; H.R. 2799, Expanding Access to Capital Act of 2023; H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act of 2023; S.4917, Retirement Fairness for Charities and Educational Institutions Act of 2024; S. 5139, Empowering Main Street in America Act of 2024.

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to crypto & digital assets including digital assets market structure (H.R.4763, the Financial Innovation and Technology for the 21st Century Act and S. 2281, the Responsible Financial Innovation Act) and Stablecoins legislation including H.R. 4766, the Clarity for Payment Stablecoins Act and S. 4155, the Lummis, Gillibrand Payment Stablecoins Act Restrictions on outbound investments to China SAB-121and its accounting and capital impacts on firms offering / holding crypto assets Money Market Fund (MMF) regulation Retail investor access to alternative investments & private markets, including H.R. 2627, the Increasing Investor Opportunities Act and draft Senate companion legislation Accredited investor reform initiatives including H.R.835, the Fair Investment Opportunities for Professional Experts Act, H.R. 2797, the Equal Opportunity for All Investors Act, H.R. 1579, the Accredited Investor Definition Review Act, and H.R. 2773 which amends the definition of an accredited investor to include individuals receiving advice from certain professionals Capital formation initiatives including H.R. 2799, the Expanding Access to Capital Act and the Senate Empowering Main Street in America Act E-delivery initiatives including H.R. 1807 the Improving Disclosure for Investors Act and Senate proposals Retirement security initiatives, including H.R. 3063, the Retirement Fairness for Charities and Educational Institutions Act and Securing a Strong Retirement Act (SECURE Act) 2.0 implementation and modifications Retirement savings tax incentives including tax deferral for individuals participating in voluntary, employer provided retirement plans and IRAs Legislation and oversight of ESG investing including proxy voting by asset managers Congressional oversight of SEC rulemakings such as mandatory swing pricing, hard close, liquidity risk management proposal, predictive data analytics, and the NYSE proposal to eliminate annual meeting requirements for CEFs. Congressional oversight of the DOL Fiduciary rule proposal and CRA initiatives to disapprove the rule such as H.J.Res. 142 and S.J.Res 79 Basel III proposal and bank capital standards impact on asset managers

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 448, Putting Investors First Act of 2023 H.R. 758, Promoting Access to Capital in Underbanked Communities Act of 2023 H.R. 835, Fair Investment Opportunities for Professional Experts Act H.R. 1010/S. 453, Prohibiting IRS Financial Surveillance Act H.R. 1410, Consumer Financial Protection Commission Act H.R. 1548, Improving Access to Small Business Information Act H.R. 1553, Helping Angels Lead our Startups (HALOS) Act H.R. 1579, Accredited Investor Definition Review Act H.R. 2608, To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes H.R. 2610, To amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review, and for other purposes H.R. 2612, Gig Worker Equity Compensation Act H.R. 2627, Increasing Investor Opportunities Act H.R. 2652, Investment Opportunity Expansion Act H.R. 2792, Small Entity Update Act H.R. 2793, Encouraging Public Offerings Act of 2023 H.R. 2795, Enhancing Multi-Class Share Disclosures Act H.R. 2796, Promoting Opportunities for Non-Traditional Capital Formation Act H.R. 2797, Equal Opportunity for All Investors Act H.R. 2798, CFPB Transparency and Accountability Reform Act H.R. 2799/S. 3815, Expanding Access to Capital Act of 2023 H.R. 2812, Middle Market IPO Underwriting Cost Act H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act H.R. 3161, CDFI Fund Transparency Act H.R. 4035, Protecting Small Business Information Act of 2023 H.R. 4168/S. 2005, Mandatory Materiality Requirement Act of 2023 H.R. 4177/S. 2007, Improving Corporate Governance Through Diversity Act of 2023 H.R. 4366, Consolidated Appropriations Act, 2024, including provisions related to Senate Amendment 1217 and Senate Amendments 1092 H.R. 4664/S. 2309, Making appropriations for financial services and general government for the fiscal year ending September 30, 2024, and for other purposes H.R. 4790, Prioritizing Economic Growth Over Woke Policies Act H.R. 4823, American Financial Institution Regulator Sovereignty and Transparency Act H.R. 5488/S. 2805, Protecting Our Courts from Foreign Manipulation Act of 2023 H.R. 7000/S. 3592, Business of Insurance Regulatory Reform Act of 2024 H.R. 7092/S. 3676, Protecting Private Job Creators Act H.R. 7470/S.3823, Secure U.S. Leadership in Space Act of 2024 H.R. 8337, Bank Resilience and Regulatory Improvement Act H.R. 8338, Clarity in Lending Act H.R. 8339, SEC Reform and Restructuring Act H.R. 8773, Financial Services and General Government Appropriations Act, 2025 S. 638, Disclosure of Tax Havens and Offshoring Act S. 3541, Fair Audits and Inspections for Regulators Exams Act S. 5139, Empowering Main Street in America Act of 2024 H.J.Res. 100/S.J.Res. 50, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure" H.J.Res. 120, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Stability Oversight Council related to "Guidance on Nonbank Financial Company Determinations" H.J.Res. 122/H.J.Res.121/S.J.Res.70, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Credit Card Penalty Fees (Regulation Z)" H.J.Res. 201, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders" Potential legislation similar to H.R. 5598, Access to Small Business Investor Capital Act Potential legislation similar to H.R. 2025/S. 840, Litigation Funding Transparency Act SEC Proposed Rule on the Enhancement and Standardization of Climate-Related Disclosures for Investors (87 Fed. Reg. 21,334-21,473, April 11, 2022) Proposed Rule, Securities and Exchange Commission; Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting (87 Fed. Reg. 77,172-77,296, December 16, 2022) Proposed Rule, Public Company Accounting Oversight Board; Amendments to Reporting Requirements for Registered Firms (PCAOB Release No. 2024-003, April 9, 2024; PCAOB Rulemaking Docket Matter No. 055) Proposed Rule, Public Company Accounting Oversight Board; Amendments to False or Misleading Statements Concerning PCAOB Registration and Oversight and Constructive Requests to Withdraw from Registration (PCAOB Release No. 2024-001, February 27, 2024; PCAOB Rulemaking Docket Matter No. 054) Proposed Rule, Public Company Accounting Oversight Board; Amendments to Firm and Engagement Metrics (PCAOB Release No. 2024-002, April 9, 2024; PCAOB Rulemaking Docket Matter No. 041) Adopting Order of the Securities and Exchange Commission: Public Company Accounting Oversight Board Amendments to QC 1000, A Firms System of Quality Control and Related Amendments to PCAOB Standards, Rules, and Forms (SEC Release No 34-100968; PCAOB File No. PCAOB-2024-002) Request for Information, U.S. Treasury, Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector (TREAS-DO-2024-0011, June 12, 2024) Request for Comment, Commodity Futures Trading Commission (CFTC), The Use of Artificial Intelligence (AI) in CFTC-regulated derivatives markets (Fed. Reg. 89, 65,606, August 12, 2024) Final Rule, Security Exchange Commission, on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure (88 Fed. Reg. 51,896-51,945, September 5, 2023) Proposed Rule, Security Exchange Commission, on Changes to 14a-8 (87 Fed. Reg. 45,052-45,075, July 27, 2022) Final Rule, Security Exchange Commission, on Share Repurchase Disclosure Modernization (88 Fed. Reg. 36,002-36,063, July 31, 2023) Proposed Rule, Securities and Exchange Commission, Enhanced Disclosures by Certain Investment Advisers and Investment Companies About Environmental, Social, and Governance Investment Practices (87 Fed. Reg. 63,016-63,017, October 18, 2022) Proposed Rule, Securities and Exchange Commission, Outsourcing by Investment Advisers (87 Fed. Reg. 68,816-68,883, November 16, 2022) Proposed Rule, Securities and Exchange Commission; Conflicts of Interest Associated with the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers (88 Fed. Reg. 53,960- 54,024, August 9, 2023) Proposed Rule, Security Exchange Commission, on Private Fund Advisers (87 FR 16,886, February 9, 2022) Proposed Rule, Security Exchange Commission, on Safeguarding Advisory Client Assets (88 Fed. Reg 14,672-14,792, March 9, 2023) Proposed Rule, Public Company Accounting Oversight Board; Amendments to PCAOB Auditing Standards related to a Companys Noncompliance with Laws and Regulations (PCAOB Release No. 2023-003/PCAOB Rulemaking Docket Matter No. 051, June 6, 2023) Various issues relating to SEC Best Interest and Enhancing Investment Adviser Regulation relating to broker-dealers, registered investment advisers, conflicts of interest; potential federal preemption of state fiduciary standards; CFTCs de minimis Exception for Swap Dealers; Securities and Exchange Commission amendments to the Commissioners whistleblower rules file no. S7-16-18; proxy process, proxy advisory firms, and other related aspects of corporate governance; corporate common ownership; adoption of the current expected credit loss (CECL) accounting standard; role of credit reporting agencies (CRAs) in the U.S. economy; debt collection practices (regulation F) under the Fair Debt Collection Practices Act (P.L. 95-109); qualified mortgage definition under the Truth in Lending Act (P.L. 90-321) (Regulation Z); Financial Stability Oversight Council activities, including the approach to and designation of systemic importance and risk of nonbank financial companies and firms; Federal Reserve Systems Large Institution Supervision Coordinating Committee; potential housing finance reform legislation; enforcement of Securities and Exchange Commission penalties; federal interest rate authority; Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) reform; electronic consent-based SSN Verification Service (eCBSV); environmental, social, and governance (ESG) enforcement; information collection under the Community Reinvestment Act (CRA) (P.L. 95-128); potential Financial Transaction Tax (FTT); potential Treasury Department proposal relating to tax reporting by banks; investment company cross trading; potential money market fund reform measures; transition to the secured overnight financing rate; implementation of SEC Rule 15c2-11; Department of Labor fiduciary advice exemption: PTE 2020-02; benefits of risk-based pricing; mobile disclosures; modernization of the Credit Repair Organizations Act (enacted as Title IV of the Consumer Credit Protection Act, P.L. 90-321); Internal Revenue Service Priority Guidance Plan; Financial Accounting Standards Board improvements to income tax disclosures; climate-related financial risk management for large banks; Consumer Financial Protection Bureau (CFPB) regulatory sandbox for disclosures; CFPB Policy Fellowship program; CFPB amendment of its Supervision and Examination Manual; CFPB conflation of Distinct Statutory Concepts of Unfairness and Discrimination; CFPB Small Business Advisory Review Panels Rulemaking on Personal Financial Data Rights; CFPB implementation of the Small Business Lending Data Collection Rule (the 1071 Rule); SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting (File Number S7-26-22); Federal Deposit Insurance Corporation Proposal on Corporate Governance and Risk Management; Basel III Endgame Rule; FDIC Monitoring of Investment Funds Passivity Agreements; issues related to the Export-Import Bank of the United States; European Commission debates over stricter rules on third-party delegation; European Union Capital Markets Union; retail participation in capital markets; United Kingdom pensions reform; European Unions Corporate Sustainability Due Diligence Directive (CSDDD); EU sustainable finance action plan and incorporating ESG factors into financial services; reporting metrics of American companies under the EUs Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive; reporting metrics of American companies under the California climate disclosure laws; reporting metrics of American companies on diversity, equity, and inclusion; reporting metrics of American companies on executive compensation; reporting metrics for private companies under Securities and Exchange Commission rules; reform to the function of the Public Company Accounting Oversight Board; interconnectedness of the SECs rulemaking agenda; potential rulemaking regarding Section 956 of the Dodd-Frank Act (P.L. 111-203); SEC Staff Report Review of the Accredited Investor Definition under the Dodd Frank Act; index fund passivity; oversight issues and potential legislation on third party litigation funding (including its national security implications)

Client expense: $14,750,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Federal Trade Commission (FTC), 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), Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 1379/ S. 4890, Access to Small Business Investor Capital Act, regarding all provisions. H.R. 2627, Increasing Investor Opportunities Act, regarding all provisions. H.R. 835, Fair Investment Opportunities for Professionals Act, regarding all provisions. H.R. 2797, Equal Opportunity for All Investors Act, regarding all provisions. H.R. 1579, Accredited Investor Definition Review Act, regarding all provisions. H.R. 2799, Expanding Access to Capital Act, provisions related to accredited investors and provisions related to closed-end funds. Issues related to co-investment for business development companies.

Client expense: $140,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 500, Financial Exploitation Prevention Act of 2023 H.R. 1807, Improving Disclosure for Investors Act of 2023 H.R. 2627, Increasing Investor Opportunities Act H.R. 2799, Expanding Access to Capital Act of 2023 H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act of 2023 H.R. 3812, Financial Stability Oversight Council Improvement Act of 2023 H.R. 4645, Empowering Shareholders Act of 2023 H.R. 4790, Prioritizing Economic Growth Over Woke Policies Act H.R. 6783, Capital Markets Financing and Economic Growth Investments Act of 2023 H.R. 7030, Review the Expansion of Government Act of 2024 H.R. 8339, SEC Reform and Restructuring Act H.R. 8478, Empowering States to Protect Seniors Against Bad Actors Act H.J. Res. 120, Congressional Disapproval of FSOC rule on "Guidance on Nonbank Financial Company Determinations" S. 1481, Financial Exploitation Prevention Act of 2023 S. 3601, Financial Stability Oversight Council Improvement Act of 2024 S. 3735, Protecting Innovation in Investment Act S. 3815, Improving Disclosure for Investors Act of 2024 S. 4371, Empowering States to Protect Seniors Against Bad Actors Act S. 4917, Retirement Fairness for Charities and Educational Institutions Act of 2024 S. 5139, Empowering Main Street in America Act Outbound investment screening General concerns regarding the volume, interconnectedness, and length of comment periods of SEC proposals SEC mandatory swing pricing, hard close, and liquidity risk management proposal SEC predictive data analytics proposal Streamline and modernize the SEC staff no-action letter/guidance and exemptive order process Resolution recognizing the 100th anniversary of the Mutual Fund

Client expense: $2,150,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 5598 - TREAT Youth Act; H.R.1379/S.4890 - Access to Small Business Investor Capital Act; H.R.2627 - Increasing Investor Opportunities Act; Matters relating to activities of Senate Banking Committee and House Financial Services Committee.

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Asset management; H.R. 2627, Increasing Investor Opportunities Act.

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1059 - SECURE Remote Online Notarization Act; entire bill H.R. 1165 - Data Privacy Act; entire bill H.R. 1807 - Improving Disclosure for Investors Act of 2023; entire bill H.R. 2622 - to amend the Investment Advisers Act of 1940 to codify certain Securities and Exchange Commission no-action letters that exclude brokers and dealers compensated for certain research services from the definition of investment adviser, and for other purposes; entire bill H.R. 2627 - Increasing Investor Opportunities Act; entire bill H.R. 2799 - the Expanding Access to Capital Act of 2023; entire bill H.R. 3063 - Retirement Fairness for Charities and Educational Institutions Act of 2023; entire bill H.R. 8818 - American Privacy Rights Act of 2024; entire bill S. 1212 - Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act; entire bill S. 3735 - Protecting Innovation in Investment Act; entire bill S. 3815 - Improving Disclosure for Investors Act; entire bill Financial Services General Government Appropriations - SEC rulemaking funding related to liquidity risk management, equity market structure, custody, and predictive data analytics. Congressional Review Act (CRA) resolution regarding the DOLs retirement security rule; entire resolution

Client expense: $270,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R.760 - Chinese Military and Surveillance Company Sanctions Act of 2023; H.R. 1807, the Improving Disclosure for Investors Act of 2023; H.R. 1837, the Investing in Our Communities Act; H.R. 2590, Unlocking Capital for Small Business Act; H.R. 2627 - Increasing Investor Opportunities Act (closed-end fund bill); H.R. 2799, Expanding Access of Capital Act of 2023; H.R. 3063, Retirement Fairness for Charities and Education Institutions Act; H.R. 3136 - The National Critical Capabilities Defense Act; H.R. 4237, a bill to amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; HR 4551, the "Protecting Investors Personally Identifiable Information Act" (attached to Capital Markets Subcommittee hearing on 3/20/24); H.R. 4763 - the Financial Innovation and Technology for the 21st Century Act; H.R.4766 - Clarity for Payment Stablecoins Act of 2023; H.R. 4767 - Protecting American's Retirement Savings from Politics Act; H.R. 8339, the "SEC Reform and Restructure Act; H.R. 8773, FY 2025 Financial Services and General Government Appropriations Bill (3 provisions in the FSGG Bill Report pertaining to the SEC: PDA rule withdrawal, economic analysis enhancement, sensible implementation); H.R. 8818, American Privacy Rights Act; H.J. Res. 109. Providing for congressional disapproval of the rule submitted by the SEC related to "Staff Accounting Bulletin No. 121."; H.J. Res. 116, providing for congressional disapproval of DOL's independent contractor rule; H. J. Res 142, Providing for congressional disapproval of the Department of Labor fiduciary rule; S.2678 - Outbound Investment Transparency Act of 2023; S. 3815 - the Improving Disclosure for Investors Act of 2024; S. 4628, National Defense Authorization Act for Fiscal Year 2025 (China-related provisions); S. 4760, Digital Commodities Consumer Protection Act of 2022; S. 4917 - Retirement Fairness for Charities and Educational Institutions Act of 2024; S.5139 - A bill to amend the Securities Act of 1933 to address emerging growth companies, and for other purposes (the Empowering Main Street in America Act); S.J. Res.__, a Joint Resolution providing for congressional disapproval of the rule submitted by the SEC related to "Staff Accounting Bulletin No. 121."; H.R. ___, To codify the special purpose broker dealer, and for other purposes; H.R. ____, to exempt 144a fixed income securities from Rule 15c2-11; HR ____, to require an assessment and report to Congress on the adequacy of the SECs cost-benefit analysis with respect to major rulemakings (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to mandate minimum comment periods of at least 60 days for all SEC-initiated rulemakings, with certain exceptions, calculated from the date published in the Federal Register (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to require the Commission to review certain reviewable actions by SEC staff (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to require the semi-annual testimony of the Chairman of the SEC before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, with testimony on at least one instance to include the testimony of the entire Commission (attached to Capital Markets Subcommittee hearing on 3/20/24); Prudential agency (Federal Reserve, OCC and FDIC) proposal to implement the Basel Endgame reforms in the U.S. and congressional (U.S. House and Senate) oversight of the same, including revisions to the trading book capital rules, stress testing, capital surcharges and buffers; Biden Administration executive order related to China; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; SEC Amendments to NMS Plan for the Consolidated Audit Trail-Data Security; SEC Staff Accounting Bulletin 121; SEC Security-based Swaps Large Position Reporting proposed rule; SEC proposed rule regarding the safeguarding of client assets (custody proposal); SEC proposed rule on Predictive Data Analytics; SEC proposal regarding reporting of Securities Loans; SEC proposals to modify equity market structure; SEC final rule related to clearing of U.S. Treasury securities; SEC proposed rule to address Volume-Based Exchange Transaction Pricing for NMS Stocks; Senator Stabenow's Discussion Draft cryptocurrency legislation; SEC CAT Fee filings by the SROs; SEC approval of SROs rules limiting exchange liability; SEC enforcement cases related to off-channel communications; CFPB enforcement action relating to the National Collegiate Student Loan Trusts; FDIC Brokered Deposit Proposal; FDIC Proposal to amend change in Bank Control Action Regulations.

Client expense: $1,550,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Issues related to crypto & digital assets including digital assets market structure (H.R.4763, the Financial Innovation and Technology for the 21st Century Act and S. 2281, the Responsible Financial Innovation Act) and Stablecoins legislation including H.R. 4766, the Clarity for Payment Stablecoins Act and S. 4155, the Lummis, Gillibrand Payment Stablecoins Act SAB-121 and its accounting and capital impacts on firms offering / holding crypto assets Money Market Fund (MMF) regulation Retail investor access to alternative investments & private markets, including H.R. 2627, the Increasing Investor Opportunities Act and draft Senate legislation Accredited investor reform initiatives including H.R.835, the Fair Investment Opportunities for Professional Experts Act, H.R. 2797, the Equal Opportunity for All Investors Act, H.R. 1579, the Accredited Investor Definition Review Act, and H.R. 2773 which amends the definition of an accredited investor to include individuals receiving advice from certain professionals Capital formation initiatives including H.R. 2799, the Expanding Access to Capital Act and draft Senate proposals E-delivery initiatives including H.R. 1807 the Improving Disclosure for Investors Act Retirement security initiatives, including H.R. 3063, the Retirement Fairness for Charities and Educational Institutions Act and Securing a Strong Retirement Act (SECURE Act) 2.0 implementation and modifications Retirement savings tax incentives including tax deferral for individuals participating in voluntary, employer provided retirement plans and IRAs Legislation and oversight of ESG investing including proxy voting by asset managers Congressional oversight of SEC rulemakings such as mandatory swing pricing, hard close, liquidity risk management proposal, and predictive data analytics Congressional oversight of the DOL Fiduciary rule proposal and CRA initiatives to disapprove the rule such as H.J.Res. 142 and S.J.Res 79 Basel III proposal and bank capital standards impact on asset managers

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 448, Putting Investors First Act of 2023 H.R. 758, Promoting Access to Capital in Underbanked Communities Act of 2023 H.R. 835, Fair Investment Opportunities for Professional Experts Act H.R. 1010/S. 453, Prohibiting IRS Financial Surveillance Act H.R. 1410, Consumer Financial Protection Commission Act H.R. 1548, Improving Access to Small Business Information Act H.R. 1553, Helping Angels Lead our Startups (HALOS) Act H.R. 1579, Accredited Investor Definition Review Act H.R. 2608, To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes H.R. 2610, To amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review, and for other purposes H.R. 2612, Gig Worker Equity Compensation Act H.R. 2627, Increasing Investor Opportunities Act H.R. 2652, Investment Opportunity Expansion Act H.R. 2792, Small Entity Update Act H.R. 2793, Encouraging Public Offerings Act of 2023 H.R. 2795, Enhancing Multi-Class Share Disclosures Act H.R. 2796, Promoting Opportunities for Non-Traditional Capital Formation Act H.R. 2797, Equal Opportunity for All Investors Act H.R. 2798, CFPB Transparency and Accountability Reform Act H.R. 2799/S. 3815, Expanding Access to Capital Act of 2023 H.R. 2812, Middle Market IPO Underwriting Cost Act H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act H.R. 3161, CDFI Fund Transparency Act H.R. 4035, Protecting Small Business Information Act of 2023 H.R. 4168/S. 2005, Mandatory Materiality Requirement Act of 2023 H.R. 4177/S. 2007, Improving Corporate Governance Through Diversity Act of 2023 H.R. 4366, Consolidated Appropriations Act, 2024, including provisions related to Senate Amendment 1217 and Senate Amendment 1092 H.R. 4664/S. 2309, Making appropriations for financial services and general government for the fiscal year ending September 30, 2024, and for other purposes H.R. 4823, American Financial Institution Regulator Sovereignty and Transparency Act H.R. 5488/S. 2805, Protecting Our Courts from Foreign Manipulation Act of 2023 H.R. 7000/S. 3592, Business of Insurance Regulatory Reform Act of 2024 H.R. 7092/S. 3676, Protecting Private Job Creators Act H.R. 7470/S.3823, Secure U.S. Leadership in Space Act of 2024 H.R. 8070, Service Member Quality of Life Improvement and National Defense Authorization for Fiscal Year 2025 H.R. 8337, Bank Resilience and Regulatory Improvement Act H.R. 8338, Clarity in Lending Act H.R. 8339, SEC Reform and Restructuring Act H.R. 8773, Financial Services and General Government Appropriations Act, 2025 S. 638, Disclosure of Tax Havens and Offshoring Act S. 3541, Fair Audits and Inspections for Regulators Exams Act H.J.Res. 100 / S.J.Res. 50, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure" H.J.Res. 120, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Stability Oversight Council related to "Guidance on Nonbank Financial Company Determinations" H.J.Res. 122/H.J.Res.121/S.J.Res.70, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to "Credit Card Penalty Fees (Regulation Z)" Draft legislation titled Accredited Investor Self-Certification Act Potential legislation on environmental, social, and governance issues Potential legislation to reform the Securities and Exchange Commission Potential legislation similar to H.R. 5598, Access to Small Business Investor Capital Act Potential legislation similar to H.R. 2025/S. 840, Litigation Funding Transparency Act SEC Proposed Rule on the Enhancement and Standardization of Climate-Related Disclosures for Investors (87 Fed. Reg. 21,334-21,473, April 11, 2022) Proposed Rule, Securities and Exchange Commission; Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting (87 Fed. Reg. 77,172-77,296, December 16, 2022) Notice of Proposed Rulemaking, Internal Revenue Service (IRS), Treasury; Excise Tax on Repurchase of Corporate Stock-Procedure and Administration (89 Fed. Reg. 25,829-25,834, April 12, 2024) Notice of Proposed Rulemaking, Section 45V Credit for Production of Clean Hydrogen; Section 48(a)(15) Election To Treat Clean Hydrogen Production Facilities as Energy Property (89 Fed. Reg. 25,551-25,553, April 11, 2024) Proposed Rule, Public Company Accounting Oversight Board; Amendments to Reporting Requirements for Registered Firms (PCAOB Release No. 2024-003, April 9, 2024; PCAOB Rulemaking Docket Matter No. 055) Proposed Rule, Public Company Accounting Oversight Board; Amendments to False or Misleading Statements Concerning PCAOB Registration and Oversight and Constructive Requests to Withdraw from Registration (PCAOB Release No. 2024-001, February 27, 2024; PCAOB Rulemaking Docket Matter No. 054) Proposed Rule, Public Company Accounting Oversight Board; Amendments to Firm and Engagement Metrics (PCAOB Release No. 2024-002, April 9, 2024; PCAOB Rulemaking Docket Matter No. 041) Final Rule, Security Exchange Commission on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure (88 Fed. Reg. 51,896-51,945, September 5, 2023) Proposed Rule, Security Exchange Commission on Changes to 14a-8 (87 Fed. Reg. 45,052-45,075, July 27, 2022) Proposed Rule, Consumer Financial Protection Bureau; Overdraft Lending: Very Large Financial Institutions (89 Fed. Reg. 13,852-13,908, February 23, 2024) Final Rule, Security Exchange Commission on Share Repurchase Disclosure Modernization (88 Fed. Reg. 36,002-36,063, July 31, 2023) Proposed Rule, FSOC Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies, Proposed Interpretive Guidance (88 Fed. Reg. 26,234-26,244, April 28, 2023) Proposed Rule, FSOC Analytic Framework for Financial Stability Risk Identification, Assessment, and Response, Proposed Analytic Framework (88 Fed. Reg. 26,305-26,311, April 28, 2023) Proposed Rule, Securities and Exchange Commission; Conflicts of Interest Associated with the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers (88 Fed. Reg. 53,960- 54,024, August 9, 2023) Proposed Rule, Security Exchange Commission on Private Fund Advisers (87 FR 16,886, February 9, 2022) Proposed Rule, Security Exchange Commission on Safeguarding Advisory Client Assets (88 Fed. Reg 14,672-14,792, March 9, 2023) Proposed Rule, Federal Deposit Insurance Corporation; Request for Comment on Proposed Statement of Policy on Bank Merger Transactions (89 Fed. Reg. 29,222-29,244, April 19, 2024) Proposed Rule, Public Company Accounting Oversight Board; Amendments to PCAOB Auditing Standards related to a Companys Noncompliance with Laws and Regulations (PCAOB Release No. 2023-003/PCAOB Rulemaking Docket Matter No. 051, June 6, 2023) Notice and Request for Comment, Consumer Financial Protection Bureau; Agency Information Collection Activities (89 Fed. Reg 4,281-4,282, January 23, 2024) Proposed Rule, Consumer Financial Protection Bureau; Defining Larger Participants of a Market for General Use Digital Consumer Payment Applications (88 Fed. Reg. 80,197-80,216, November 17, 2023) Various issues relating to SEC Best Interest and Enhancing Investment Adviser Regulation relating to broker-dealers, registered investment advisers, conflicts of interest; potential federal preemption of state fiduciary standards; CFTCs de minimis Exception for Swap Dealers; Securities and Exchange Commission amendments to the Commissioners whistleblower rules file no. S7-16-18; proxy process, proxy advisory firms, and other related aspects of corporate governance corporate common ownership; adoption of the current expected credit loss (CECL) accounting standard; role of credit reporting agencies (CRAs) in the U.S. economy; debt collection practices (regulation F) under the Fair Debt Collection Practices Act (P.L. 95-109); qualified mortgage definition under the Truth in Lending Act (P.L. 90-321) (Regulation Z); Financial Stability Oversight Council activities, including the approach to and designation of systemic importance and risk of nonbank financial companies and firms; Federal Reserve Systems Large Institution Supervision Coordinating Committee; potential housing finance reform legislation; enforcement of Securities and Exchange Commission penalties; federal interest rate authority; Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) reform; electronic consent-based SSN Verification Service (eCBSV); environmental, social, and governance (ESG) enforcement; information collection under the Community Reinvestment Act (CRA) (P.L. 95-128); potential Financial Transaction Tax (FTT); potential Treasury Department proposal relating to tax reporting by banks; investment company cross trading; potential money market fund reform measures; transition to the secured overnight financing rate; implementation of SEC Rule 15c2-11; Department of Labor fiduciary advice exemption: PTE 2020-02; benefits of risk-based pricing; mobile disclosures; modernization of the Credit Repair Organizations Act (enacted as Title IV of the Consumer Credit Protection Act, P.L. 90-321); Internal Revenue Service Priority Guidance Plan; Federal Trade Commission issues: Freedom of Information Act Requests, Penalty Offense Authority, Zombie Voting, and overall direction of the Commission under Chair Lina Khan; Financial Accounting Standards Board improvements to income tax disclosures; Climate-Related Financial Risk Management for Large Banks; CFPB regulatory sandbox for disclosures; CFPB Policy Fellowship program; CFPB amendment of its Supervision and Examination Manual; CFPB conflation of Distinct Statutory Concepts of Unfairness and Discrimination; CFPB Small Business Advisory Review Panels Rulemaking on Personal Financial Data Rights; CFPB implementation of the Small Business Lending Data Collection Rule (the 1071 Rule); SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting (File Number S7-26-22); Federal Deposit Insurance Corporation Proposal on Corporate Governance and Risk Management; Basel III Endgame Rule; FDIC Monitoring of Investment Funds Passivity Agreements; issues related to the Export-Import Bank of the United States; EU sustainable finance action plan and incorporating ESG factors into financial services; reporting metrics of American companies under the EUs Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive; reporting metrics of American companies under the California climate disclosure laws; interconnectedness of the SECs rulemaking agenda; potential rulemaking regarding Section 956 of the Dodd-Frank Act (P.L. 111-203); SEC Staff Report Review of the Accredited Investor Definition under the Dodd Frank Act index fund passivity; oversight issues and potential legislation on third party litigation funding (including its national security implications)

Client expense: $13,930,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Justice, Dept of (DOJ), Labor, Dept of (DOL), Office of Management & Budget (OMB), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 1379, Access to Small Business Investor Capital Act, regarding all provisions. H.R. 2627, Increasing Investor Opportunities Act, regarding all provisions. H.R. 835, Fair Investment Opportunities for Professionals Act, regarding all provisions. H.R. 2797, Equal Opportunity for All Investors Act, regarding all provisions. H.R. 1579, Accredited Investor Definition Review Act, regarding all provisions. H.R. 2799, Expanding Access to Capital Act, provisions related to accredited investors and provisions related to closed-end funds. Issues related to co-investment for business development companies. Issues related to financial literacy.

Client expense: $160,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act; H.R. 1807, Improving Disclosure for Investors Act; H.R. 3812, Financial Stability Oversight Council Improvement Act; SEC Rulemaking on Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting; H.R. 2627, Increasing Investor Opportunities Act Retirement Fairness for Charities and Educational Institutions Act of 2023 (Senate version of H.R. 3063)

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

Asset management; H.R. 2627, Increasing Investor Opportunities Act.

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1059 - SECURE Remote Online Notarization Act; entire bill H.R. 1165 - Data Privacy Act; entire bill H.R. 1807 - Improving Disclosure for Investors Act of 2023; entire bill H.R. 2622 - to amend the Investment Advisers Act of 1940 to codify certain Securities and Exchange Commission no-action letters that exclude brokers and dealers compensated for certain research services from the definition of investment adviser, and for other purposes; entire bill H.R. 2627 - Increasing Investor Opportunities Act; entire bill H.R. 2799 - the Expanding Access to Capital Act of 2023; entire bill H.R. 3063 - Retirement Fairness for Charities and Educational Institutions Act of 2023; entire bill H.R. 8818 - American Privacy Rights Act of 2024; entire bill S. 1212 - Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act; entire bill S. 3735 - Protecting Innovation in Investment Act; entire bill S. 3815 - Improving Disclosure for Investors Act; entire bill Financial Services General Government Appropriations - SEC rulemaking funding related to liquidity risk management, equity market structure, custody, and predictive data analytics. Congressional Review Act (CRA) resolution regarding the DOLs retirement security rule; entire resolution

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 500, Financial Exploitation Prevention Act of 2023 H.R. 1807, Improving Disclosure for Investors Act of 2023 H.R. 2627, Increasing Investor Opportunities Act H.R. 2799, Expanding Access to Capital Act of 2023 H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act of 2023 H.R. 3812, Financial Stability Oversight Council Improvement Act of 2023 H.R. 4168, Mandatory Materiality Requirement Act of 2023 H.R. 4237, Ensuring Sound Guidance Act H.R. 4600, Protecting Retail Investors Savings Act H.R. 4645, Empowering Shareholders Act of 2023 H.R. 4767, Protecting Americans Retirement Savings from Politics Act H.R. 4790, GUARDRAIL Act of 2023 H.R. 6783, Capital Markets Financing and Economic Growth Investments Act of 2023 H.R. 7030, Review the Expansion of Government Act of 2024 H.R. 8239, SEC Regulatory Accountability Act H.R. 8339, SEC Reform and Restructuring Act H.J. Res. 120, Congressional Disapproval of FSOC rule on "Guidance on Nonbank Financial Company Determinations" S. 1481, Financial Exploitation Prevention Act of 2023 S. 2005, Mandatory Materiality Requirement Act of 2023 S. 2700, INDEX Act S. 3601, Financial Stability Oversight Council Improvement Act of 2024 S. 3735, Protecting Innovation in Investment Act S. 3815, Improving Disclosure for Investors Act of 2024 S. 4586, Stop Funding the CCP Through A-Shares Act S. 4589, Safeguarding US Financial Leadership Against Communist China Act S. 4590, TRADE SAFE Act General concerns regarding the volume, interconnectedness, and length of comment periods of SEC proposals SEC mandatory swing pricing, hard close, and liquidity risk management proposal SEC predictive data analytics proposal Streamline and modernize the SEC staff no-action letter/guidance and exemptive order process Outbound investment screening Resolution recognizing the 100th anniversary of the Mutual Fund

Client expense: $1,250,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to Securities and Exchange Commission Regulation Best Interest (Regulation BI). Proposed Securities and Exchange Commission Rule 223-1: Safeguarding Advisory Client Assets (Custody Rule). Conflicts of Interest and Predictive Data Analytics Proposal. Regulation D and Accredited Investor Definition. Share Repurchase Disclosure Modernization Proposal. Issues relating to 401(k) defined contributions. H.R. 835, Fair Investment Opportunities for Professional Experts Act, all provisions. H.R. 1579, Accredited Investor Definition Review Act, all provisions. H.R. 2797, Equal Opportunity for All Investors Act of 2023, all provisions. H.R. 2593, Senior Security Act of 2023, all provisions. H.R. 2796, Promoting Opportunities for Non-Traditional Capital Formation Act, all provisions. H.R. 2799, Expanding Access to Capital Act of 2023, all provisions. H.R. 2627, Increasing Investor Opportunities Act, all provisions. Issues relating to fiduciary duties regarding asset classes under ERISA (Retirement Savings Modernization Act).

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

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

H.R.1379 - Access to Small Business Investor Capital Act; H.R.2627 - Increasing Investor Opportunities Act; matters relating to activities of Senate Banking Committee and House Financial Services Committee.

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R.2627 - Increasing Investor Opportunities Act; Issues related to acquired fund fees and expenses.

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

Government targets: HOUSE OF REPRESENTATIVES

Financial stability issues related to registered investment companies and asset managers; SEC mandatory swing pricing, hard close, and liquidity risk management proposal; H.R. 2627, Increasing Investor Opportunities Act; H.R. 2799, Expanding Access to Capital Act of 2023; H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act of 2023.

Client expense: Not reported · Firm income: $25,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1059 - SECURE Remote Online Notarization Act; entire bill H.R. 1165 - Data Privacy Act; entire bill H.R. 1807 - Improving Disclosure for Investors Act of 2023; entire bill H.R. 2622 - to amend the Investment Advisers Act of 1940 to codify certain Securities and Exchange Commission no-action letters that exclude brokers and dealers compensated for certain research services from the definition of investment adviser, and for other purposes; entire bill H.R. 2627 - Increasing Investor Opportunities Act; entire bill H.R. 2799 - the Expanding Access to Capital Act of 2023; entire bill H.R. 3063 - Retirement Fairness for Charities and Educational Institutions Act of 2023; entire bill S. 1212 - Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act; entire bill S. 3735 - Protecting Innovation in Investment Act; entire bill S. 3815 - Improving Disclosure for Investors Act; entire bill Financial Services General Government Appropriations - SEC rulemaking funding related to liquidity risk management, equity market structure, custody, and predictive data analytics.

Client expense: $150,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 448, Putting Investors First Act of 2023 H.R. 500, Financial Exploitation Prevention Act of 2023 H.R. 760, Chinese Military and Surveillance Company Sanctions Act of 2023 H.R. 1807, Improving Disclosure for Investors Act of 2023 H.R. 2627, Increasing Investor Opportunities Act H.R. 2799, Expanding Access to Capital Act of 2023 H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act of 2023 H.R. 3812, Financial Stability Oversight Council Improvement Act of 2023 H.R. 4168, Mandatory Materiality Requirement Act of 2023 H.R. 4237, Ensuring Sound Guidance Act H.R. 4600, Protecting Retail Investors Savings Act H.R. 4645, Empowering Shareholders Act of 2023 H.R. 4767, Protecting Americans Retirement Savings from Politics Act H.R. 4790, GUARDRAIL Act of 2023 H.R. 6783, Capital Markets Financing and Economic Growth Investments Act of 2023 H.R. 7030, Review the Expansion of Government Act of 2024 SEC Regulatory Accountability Act S. 1481, Financial Exploitation Prevention Act of 2023 S. 1799, Putting Investors First Act of 2023 S. 2005, Mandatory Materiality Requirement Act of 2023 S. 2700, INDEX Act S. 3601, Financial Stability Oversight Council Improvement Act of 2024 S. 3735, Protecting Innovation in Investment Act S. 3815, Improving Disclosure for Investors Act of 2024 General concerns regarding the volume, interconnectedness, and length of comment periods of SEC proposals SEC mandatory swing pricing, hard close, and liquidity risk management proposal SEC predictive data analytics proposal Streamline and modernize the SEC staff no-action letter/guidance and exemptive order process

Client expense: $1,320,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 448, Putting Investors First Act of 2023 H.R. 835, Fair Investment Opportunities for Professional Experts Act H.R. 1010/S. 453, Prohibiting IRS Financial Surveillance Act H.R. 1410, Consumer Financial Protection Commission Act H.R. 1548, Improving Access to Small Business Information Act H.R. 1553, Helping Angels Lead our Startups (HALOS) Act H.R. 1579, Accredited Investor Definition Review Act H.R. 2608, To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes H.R. 2610, To amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review, and for other purposes H.R. 2612, Gig Worker Equity Compensation Act H.R. 2627, Increasing Investor Opportunities Act H.R. 2652, Investment Opportunity Expansion Act H.R. 2792, Small Entity Update Act H.R. 2793, Encouraging Public Offerings Act of 2023 H.R. 2795, Enhancing Multi-Class Share Disclosures Act H.R. 2796, Promoting Opportunities for Non-Traditional Capital Formation Act H.R. 2797, Equal Opportunity for All Investors Act H.R. 2798, CFPB Transparency and Accountability Reform Act H.R. 2799, Expanding Access to Capital Act of 2023, H.R. 2812, Middle Market IPO Underwriting Cost Act H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act H.R. 3466, To enhance Financial Stability Oversight Council transparency H.R. 3812/S. 3601, Financial Stability Oversight Council Improvement Act of 2023 H.R. 4035, Protecting Small Business Information Act of 2023 H.R. 4168/S. 2005, Mandatory Materiality Requirement Act of 2023 H.R. 4177/S. 2007, Improving Corporate Governance Through Diversity Act of 2023 H.R. 4366, Consolidated Appropriations Act, 2024, including provisions related to Senate Amendment 1217 and Senate Amendment 1092 H.R. 4664/S. 2309, Making appropriations for financial services and general government for the fiscal year ending September 30, 2024, and for other purposes H.R. 4823, American Financial Institution Regulator Sovereignty and Transparency Act H.R. 5488/S. 2805, Protecting Our Courts from Foreign Manipulation Act of 2023 H.R. 7000/S. 3592, Business of Insurance Regulatory Reform Act of 2024 H.R. 7092/S. 3676, Protecting Private Job Creators Act S. 638, Disclosure of Tax Havens and Offshoring Act S. 3735, Protecting Innovation in Investment Act H.J.Res.100 / S.J.Res.50, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure" Draft legislation titled Accredited Investor Self-Certification Act Potential legislation on environmental, social, and governance Potential legislation to reform the Securities and Exchange Commission Potential legislation related to the Foreign Agents Registration Act Potential legislation similar to H.R. 5598, Access to Small Business Investor Capital Act Potential legislation similar to H.R. 2025/S. 840, Litigation Funding Transparency Act SEC Proposed Rule on the Enhancement and Standardization of Climate-Related Disclosures for Investors (87 Fed. Reg. 21,334-21,473, April 11, 2022) Proposed Rule, Securities and Exchange Commission; Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting (87 Fed. Reg. 77,172-77,296, December 16, 2022) SEC Final Rule on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure (88 Fed. Reg. 51,896-51,945, September 5, 2023) SEC Proposed Rule on Changes to 14a-8 (87 Fed. Reg. 45,052-45,075, July 27, 2022) SEC Final Rule on Share Repurchase Disclosure Modernization (88 Fed. Reg. 36,002-36,063, July 31, 2023) Proposed Rule, FSOC Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies, Proposed Interpretive Guidance (88 Fed. Reg. 26,234-26,244, April 28, 2023) Proposed Rule, FSOC Analytic Framework for Financial Stability Risk Identification, Assessment, and Response, Proposed Analytic Framework (88 Fed. Reg. 26,305-26,311, April 28, 2023) Proposed Rule, Securities and Exchange Commission; Conflicts of Interest Associated with the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers (88 Fed. Reg. 53,960- 54,024, August 9, 2023) Proposed Rule, Public Company Accounting Oversight Board; Amendments to PCAOB Auditing Standards related to a Companys Noncompliance with Laws and Regulations (PCAOB Release No. 2023-003/PCAOB Rulemaking Docket Matter No. 051, June 6, 2023) Notice and Request for Comment, Consumer Financial Protection Bureau; Agency Information Collection Activities (89 Fed. Reg 4,281-4,282, January 23, 2024) Proposed Rule, Consumer Financial Protection Bureau; Defining Larger Participants of a Market for General Use Digital Consumer Payment Applications (88 Fed. Reg. 80,197-80,216, November 17, 2023) Various issues relating to SEC Best Interest and Enhancing Investment Adviser Regulation relating to broker-dealers, registered investment advisers, conflicts of interest; potential federal preemption of state fiduciary standards; CFTCs de minimis Exception for Swap Dealers; Securities and Exchange Commission amendments to the Commissioners whistleblower rules file no. S7-16-18; proxy process, proxy advisory firms, and other related aspects of corporate governance; corporate common ownership; adoption of the current expected credit loss (CECL) accounting standard; role of credit reporting agencies (CRAs) in the U.S. economy; debt collection practices (regulation F) under the Fair Debt Collection Practices Act (P.L. 95-109); qualified mortgage definition under the Truth in Lending Act (P.L. 90-321) (Regulation Z); Financial Stability Oversight Council activities, including the approach to and designation of systemic importance and risk of nonbank financial companies and firms; Federal Reserve Systems Large Institution Supervision Coordinating Committee; potential housing finance reform legislation; enforcement of Securities and Exchange Commission penalties; federal interest rate authority; Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) reform; electronic consent-based SSN Verification Service (eCBSV); environmental, social, and governance (ESG) enforcement; information collection under the Community Reinvestment Act (CRA) (P.L. 95-128); potential Financial Transaction Tax (FTT); potential Treasury Department proposal relating to tax reporting by banks; investment company cross trading; potential money market fund reform measures; transition to the secured overnight financing rate; implementation of SEC Rule 15c2-11; Department of Labor fiduciary advice exemption: PTE 2020-02; benefits of risk-based pricing; mobile disclosures; modernization of the Credit Repair Organizations Act (enacted as Title IV of the Consumer Credit Protection Act, P.L. 90-321); Internal Revenue Service Priority Guidance Plan; Federal Trade Commission issues: Freedom of Information Act Requests, Penalty Offense Authority, Zombie Voting, and overall direction of the Commission under Chair Lina Khan; Financial Accounting Standards Board improvements to income tax disclosures; Climate-Related Financial Risk Management for Large Banks; Consumer Financial Protection Bureau (CFPB) regulatory sandbox for disclosures; CFPB Policy Fellowship program; CFPB amendment of its Supervision and Examination Manual; CFPB conflation of Distinct Statutory Concepts of Unfairness and Discrimination; CFPB Small Business Advisory Review Panels Rulemaking on Personal Financial Data Rights; CFPB implementation of the Small Business Lending Data Collection Rule (the 1071 Rule); SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting (File Number S7-26-22); Proposed Rule, Securities and Exchange Commission; Conflicts of Interest Associated with the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers (SEC Rel. Nos. 34-97990; IA-6353; File No. S7-12-23, July 26, 2023); Proposing Release: Amendments to PCAOB Auditing Standards related to a Companys Noncompliance with Laws and Regulations; Federal Deposit Insurance Corporation Proposal on Corporate Governance and Risk Management; Basel III Endgame Rule; EU sustainable finance action plan and incorporating ESG factors into financial services; potential regulations to require public companies to disclose information related to human capital management; reporting metrics of American companies under the EUs Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive; reporting metrics of American companies under the California climate disclosure laws; interconnectedness of the SECs rulemaking agenda; potential rulemaking regarding Section 956 of the Dodd-Frank Act (P.L. 111-203); SEC Staff Report Review of the Accredited Investor Definition under the Dodd Frank Act; oversight issues and potential legislation on third party litigation funding (including its national security implications)

Client expense: $23,370,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Federal Trade Commission (FTC), 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), Treasury, Dept of

Asset management; H.R. 2627, Increasing Investor Opportunities Act.

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to crypto & digital assets including digital assets market structure (H.R.4763, the Financial Innovation and Technology for the 21st Century Act and S. 2281, the Responsible Financial Innovation Act) and Stablecoins legislation including H.R. 4766, the Clarity for Payment Stablecoins Act Money Market Fund (MMF) regulation Retail investor access to alternative investments & private markets, including H.R. 2627, the Increasing Investor Opportunities Act and draft Senate legislation Accredited investor reform initiatives including H.R.835, the Fair Investment Opportunities for Professional Experts Act, H.R. 2797, the Equal Opportunity for All Investors Act, and H.R. 1579, the Accredited Investor Definition Review Act Capital formation initiatives including H.R. 2799, the Expanding Access to Capital Act and draft Senate proposals E-delivery initiatives including H.R. 1807 the Improving Disclosure for Investors Act Retirement security initiatives, including H.R. 3063, the Retirement Fairness for Charities and Educational Institutions Act and Securing a Strong Retirement Act (SECURE Act) 2.0 implementation and modifications Legislation and oversight of ESG investing including proxy voting by asset managers Congressional oversight of SEC rulemakings such as mandatory swing pricing, hard close, liquidity risk management proposal, and predictive data analytics Congressional oversight of the DOL Fiduciary rule proposal Basel III proposal and bank capital standards impact on asset managers

Client expense: $240,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1379, Access to Small Business Investor Capital Act, regarding all provisions. H.R. 2627, Increasing Investor Opportunities Act, regarding all provisions. H.R. 835, Fair Investment Opportunities for Professionals Act, regarding all provisions. H.R. 2797, Equal Opportunity for All Investors Act, regarding all provisions. H.R. 1579, Accredited Investor Definition Review Act, regarding all provisions. Issues related to co-investment for business development companies.

Client expense: $150,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Financial stability issues related to registered investment companies and asset managers; SEC mandatory swing pricing, hard close, and liquidity risk management proposal; H.R. 2627, Increasing Investor Opportunities Act; H.R. 2799, Expanding Access to Capital Act of 2023.

Client expense: Not reported · Firm income: $25,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act; H.R. 1807, Improving Disclosure for Investors Act; Financial Stability Oversight Council Improvement Act (H.R. 3812); SEC Rulemaking on Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting; Increasing Investor Opportunities Act (H.R. 2627 RH)

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

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

Prudential agency (Federal Reserve, OCC and FDIC) proposal to implement the Basel Endgame reforms in the U.S. and congressional (U.S. House and Senate) oversight of the same, including revisions to the trading book capital rules, stress testing, capital surcharges and buffers; SEC Prohibition Against Conflicts of Interest in Certain Securitizations proposed rule; H.R. 4168, a bill to amend the Securities Act of 1933 to require that information required to be disclosed to the Securities and Exchange Commission by issuers be material to voting or investment decisions regarding those issuers, and for other purposes; H.R. 4237, a bill to amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; H.R. 1807, the Improving Disclosure for Investors Act of 2023; SEC proposed rule regarding the safeguarding of client assets (custody proposal); S. 2190, the RECOUP Act, a bill to amend the Federal Deposit Insurance Act to increase bank executive accountability and to improve financial stability; H.R. ____, to exempt 144a fixed income securities from Rule 15c2-11; S. 1695, the American Infrastructure Bonds Act of 2023; H.R. 1837, the Investing in Our Communities Act; H.R. 4664 and S. 2309, the Fiscal Year 2024 Financial Services and General Government Appropriations bill related to Consolidated Audit Trail and SEC regulatory agenda; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; SEC Amendments to NMS Plan for the Consolidated Audit Trail-Data Security; SEC Staff Accounting Bulletin 121; SEC Security-based Swaps Large Position Reporting proposed rule; H.R.760 - Chinese Military and Surveillance Company Sanctions Act of 2023; H.R. 1177/S. 427, Financial Freedom Act of 2023; H.R. 4763 - the Financial Innovation and Technology for the 21st Century Act; H.R. 4767 - Protecting American's Retirement Savings from Politics Act; H.R. 3136 - The National Critical Capabilities Defense Act; S.2678 - Outbound Investment Transparency Act of 2023; S. 2251 - Cybersecurity Act of 2023 ; SEC proposed rule on Predictive Data Analytics; SEC proposal regarding reporting of Securities Loans; SEC proposals to modify equity market structure; Biden Administration executive order related to China; SEC final rule related to clearing of U.S. Treasury securities; SEC final rule to improve clearing agency governance; SEC proposed rule to address Volume-Based Exchange Transaction Pricing for NMS Stocks; SEC final rule on short sale data; SEC final rules on beneficial ownership; HR ____, the SEC Regulatory Accountability Act (H.R. 9603 in 117th Congress) (attached to Capital Markets Subcommittee hearing on 3/20/24); HR 7030, the Review the Expansion of Government Act of 2024 or the REG Act of 2024 (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to require an assessment and report to Congress on the adequacy of the SECs cost-benefit analysis with respect to major rulemakings (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to mandate minimum comment periods of at least 60 days for all SEC-initiated rulemakings, with certain exceptions, calculated from the date published in the Federal Register (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to require the Commission to review certain reviewable actions by SEC staff (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to require the semi-annual testimony of the Chairman of the SEC before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, with testimony on at least one instance to include the testimony of the entire Commission (attached to Capital Markets Subcommittee hearing on 3/20/24); HR 4551, the "Protecting Investors Personally Identifiable Information Act" (attached to Capital Markets Subcommittee hearing on 3/20/24); HR 7902, the "Protecting Private Job Creators Act" (exempts fixed income securities from 15c2-11 disclosure) (attached to Capital Markets Subcommittee hearing on 3/20/24); S. 3676 (Protecting Private Job Creators Act); H.R. 2799, Expanding Access of Capital Act of 2023; H.R. 2627, Increasing Investor Opportunities Act; H.R. 3063, Retirement Fairness for Charities and Education Institutions Act, Expanding the Protection for Research Reports to Cover all Securities of All Issuers; H.R. 2590, Unlocking Capital for Small Business Act; H.J. Res. 109. Providing for congressional disapproval of the rule submitted by the SEC related to "Staff Accounting Bulletin No. 121."; S.J.Res.__, a Joint Resolution providing for congressional disapproval of the rule submitted by the SEC related to "Staff Accounting Bulletin No. 121.".

Client expense: $1,630,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of