Middle Market IPO Cost Act

- Issues related to capital formation - Issues related to SEC and SRO reform, SRO constitutionality concerns - H.R. 3395, Middle Market IPO Cost Act - Issues related to investor fraud and foreign state-sponsored scams targeting US citizens - S.1053/H.R. 2246, the Foreign Investment Guardrails to Help Thwart China Act - Issues related to inbound and outbound investments to/from China - S.1877, H.R.2441, Improving Disclosure for Investors Act of 2025 - H.R. 3959, legislation codifying SEC Rule 15c2-11 - Issues relating to proxy advisors - Issues related to shareholder proposals - Issues related to SEC recordkeeping rules - Issues related to registered investment advisor regulations - Issues related to Sarbanes Oxley - Issues related to arbitration - H.R. 5748 and issues relating to Executive Order 14330, expansion opportunities for retirement plans - H.R. 3383, Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025, and related Senate legislation - S.3935, Municipal Securities Rulemaking Board Reform Act of 2026 and related House legislation - Issues relating to the funding model and privacy concerns of the Consolidated Audit Trail (CAT)

Client expense: $90,000 · Firm income: Not reported

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

H.R. 1255, Investing in Our Communities Act; H.R, 1469, Senior Security Act of 2025; H.R. 1483, Protecting Investors Personally Identifiable Information Act; H.R. 2441/S. 1877, Improving Disclosure for Investors Act of 2025; H.R. 2225, the Access to Small Business Investor Capital Act; H.R. 2358, Insuring Sound Guidance Act; H.R. 3381, Encouraging Public Offerings of 2025; H.R. 3383, Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST Act) of 2025; H.R. 3394, Fair Investment Opportunities for Professional Experts Act; H.R. 3395, Middle Market IPO Cost Act; H.R. 3633, CLARITY Act of 2025 & Senate amendments to H.R. 3633 CLARITY Act of 2025; H.R. 3959, the Protecting Private Job Creators Act; S. 1481, Local Infrastructure Act; H.R. 2246/S. 1053, FIGHT China Act: SEC No-Action Relief for SEC Rule 15c2-11; SEC approval of SROs rules limiting exchange liability; SEC exemptive relief surrounding Digital Assets; U.S. Treasury Departments Final Rule, Provisions Pertaining to U.S. Investments in Certain National Security Technologies and Products in Countries of Concern; Federal Reserve Proposal to revise its stress testing process; Sovereign Debt restructuring proposals; Legislative proposal to enhance retail investor access to private markets; Legislative proposal for federal escheatment standards; 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; Legislation to create a regulatory regime for payment stablecoins (H.R. 2392, STABLE Act, and S. 394, GENIUS Act); Reintroduction of the Local Infrastructure Act; GSE reform; Public Law 119-27, the GENIUS Act.

H.R. 145, Risk Disclosure and Investor Attestation Act H.R. 654, Taking Account of Bureaucrats Spending (TABS) Act of 2025 H.R. 1013/S. 424, Retirement Fairness for Charities and Educational Institutions Act of 2025 H.R. 1109, Litigation Transparency Act of 2025 H.R. 1190/S. 577, Expanding Access to Capital for Rural Job Creators Act H.R. 1827/S. 847, Child Care Availability and Affordability Act H.R. 1900, Bank Failure Prevention Act of 2025 H.R. 2225/S. 1808, Access to Small Business Investor Capital Act H.R. 2441/S. 1877, Improving Disclosure for Investors Act of 2025 H.R. 2675/S. 3180, Protecting Our Courts From Foreign Manipulation Act of 2025 H.R. 2702/S. 875, Financial Integrity and Regulation Management (FIRM) Act H.R. 3230, Financial Institution Regulatory Tailoring Enhancement Act H.R. 3301, ELEVATE Act of 2025 H.R. 3323, Helping Startups Continue to Grow Act H.R. 3339, Equal Opportunity for Investors Act of 2025 H.R. 3343, Greenlighting Growth Act of 2025 H.R. 3348, Accredited Investor Definition Review Act H.R. 3351, Improving Access to Small Business Information Act H.R. 3352, HALOS Act of 2025 H.R. 3357, Enhancing Multi-Class Share Disclosures Act H.R. 3379, HUMPS Act of 2025 H.R. 3380, TAILOR Act of 2025 H.R. 3381, Encouraging Public Offerings Act of 2025 H.R. 3382/S. 2924, Small Entity Update Act H.R. 3383, Increasing Investor Opportunities Act H.R. 3390, Bringing the Discount Window into the 21st Century Act H.R. 3394, Fair Investment Opportunities for Professional Experts Act H.R. 3395, Middle Market IPO Cost Act H.R. 3422, Promoting Opportunities for Non-Traditional Capital Formation Act H.R. 3446, The FDIC Board Accountability Act H.R. 3645, ACCESS Act of 2025 H.R. 3672, Securities Research Modernization Act H.R. 3673, Small Business Investor Capital Access Act H.R. 3682/S. 3578, Financial Stability Oversight Council Improvement Act of 2025 H.R. 3959, Protecting Private Job Creators Act H.R. 4429, Developing and Empowering Our Aspiring Leaders (DEAL) Act H.R. 4430, Expanding WKSI Eligibility Act H.R. 4431, Improving Capital Formation for Newcomers (ICAN) Act H.R. 4437, Supervisory Modifications for Appropriate Risk-based Testing (SMART) Act of 2025 H.R. 4478, Tailored Regulatory Updates for Supervisory Testing (TRUST) Act of 2025 H.R. 5291/S. 2663, Merchant Banking Modernization Act S. 985, PROTECT USA Act S. 1605, International Competition for American Jobs Act H.J.Res. 74/S.J.Res. 36, A joint resolution 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 "Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)" Potential legislation similar to H.R. 448, Putting Investors First Act Potential legislation similar to H.R. 2590, Unlocking Capital for Small Business Act of 2023 Potential legislation similar to H.R. 2607, Improving Crowdfunding Opportunities Act, 2023 Potential legislation similar to H.R. 2609, Small Entrepreneur Empowerment and Development Act of 2023 Potential legislation similar to 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 Potential legislation similar to H.R. 2651, Regulation A+ Improvement Act of 2023 Potential legislation similar to H.R. 2790, the Improving Capital Allocation for Newcomers Act of 2021 Potential legislation similar to H.R. 2799, the Investment Opportunity Expansion Act, 2023 Potential legislation similar to H.R. 4168/S. 2005, Mandatory Materiality Act Potential legislation similar to H.R. 4767, Protecting Americans Retirement Savings from Politics Act Potential legislation similar to H.R. 5488/S. 2805, Protecting Our Courts from Foreign Manipulation Act of 2023 Potential legislation similar to H.R. 6623/S. 2068, Main Street Growth Act Potential legislation to repeal the SECs Universal Proxy Rule of 2021 Potential legislation to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal certain rulemaking requirements 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, Consumer Financial Protection Bureau; Protecting Americans from Harmful Data Broker Practices (Regulation V) (89 Fed. Reg. 101,402, December 13, 2024) 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; 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 Unions (EU) Corporate Sustainability Due Diligence Directive (CSDDD); Consumer Financial Protection Circular 2024-05, Improper Overdraft Opt-In Practices; Executive Order 14036, Promoting Competition in the American Economy; recommendations for Securities and Exchange Commission regulatory agenda; reforming SEC Rule 14a-8; FSOC restoration of 2019 Guidance governing the designation of nonbank financial institutions; reauthorization of the U.S. International Development Finance Corporation; implementation of the One Big Beautiful Bill Act, (P.L. 119-21); implementation of Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions" (P.L. No: 119-10); implementation of A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications" (P.L. 119-11); proxy process and shareholder proposal system overseen by SEC; FSOC Nonbank Guidance - request to restore the 2019 Guidance (July 14, 2025, letter to Treasury); reporting metrics of American companies under the EUs Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive; index fund passivity; reform to the function of the Public Company Accounting Oversight Board; rulemaking regarding corporate exemptions for shareholder proposals under SEC Rule 14a-8; rulemaking regarding reform to the proxy voting advice industry at the SEC; request for comment from SEC on potential revisions to executive compensation disclosure; request for comment from SEC on potential revisions to definition of Foreign Private Issuer; SEC Compliance and Disclosure Interpretations: Regulation 13D-G (February 11, 2025); potential policy affirming materiality as the standard for corporate disclosure at the SEC; Executive Order 14366, Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors; Executive Order 14330, Democratizing Access to Alternative Assets for 401(K) Investors; SEC Staff Review ADI 2025-16 on Registered Closed-End Funds of Private Funds (August 15, 2025); acquired fund fees and expenses mandate under Rule 12d1-4 (impact of AFFE on BDCs and inclusion of alternative assets in 401(K)s); potential policy from SEC on electronic delivery of investor disclosure information; oversight issues and potential legislation on third party litigation funding, including its national security implications

- Issues related to capital formation - Issues related to SEC and SRO reform, SRO constitutionality concerns - H.R. 3395, Middle Market IPO Cost Act - Issues related to investor fraud and foreign state-sponsored scams targeting US citizens - S.1053/H.R. 2246, the Foreign Investment Guardrails to Help Thwart China Act - Issues related to inbound and outbound investments to/from China - S.1877, H.R.2441, Improving Disclosure for Investors Act of 2025 - H.R. 3959, legislation codifying SEC Rule 15c2-11 - Issues relating to proxy advisors - Issues related to shareholder proposals - Issues related to SEC recordkeeping rules - Issues related to registered investment advisor regulations - Issues related to Sarbanes Oxley - Issues related to arbitration - H.R. 5748 and issues relating to Executive Order 14330, expansion opportunities for retirement plans - H.R. 3383, Incentivizing New Ventures and Economic Strength Through Capital Formation Act of 2025, and related Senate legislation

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

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

H.R. 1255, Investing in Our Communities Act; H.R, 1469, Senior Security Act of 2025; H.R. 1483, Protecting Investors Personally Identifiable Information Act; H.R. 2441/S. 1877, Improving Disclosure for Investors Act of 2025; H.R. 2225, the Access to Small Business Investor Capital Act; H.R. 3381, Encouraging Public Offerings of 2025; H.R. 3383, Increasing Investor Opportunities Act; H.R. 3394, Fair Investment Opportunities for Professional Experts Act; H.R. 3395, Middle Market IPO Cost Act; H.R. 3633, CLARITY Act of 2025; H.R. 3959, the Protecting Private Job Creators Act; S. 1481, Local Infrastructure Act; S. 2281, Responsible Financial Innovation Act; Issues related to H.R.10559 - COINS Act of 2024; H.R.__, Expands Protections for Research Reports to Cover All Securities of All Issuers; SEC proposed rule regarding Open-End Fund Liquidity Risk Management Programs and Swing Pricing; SEC No-Action Relief for SEC Rule 15c2-11; SEC approval of SROs rules limiting exchange liability; U.S. Treasury Departments Final Rule, Provisions Pertaining to U.S. Investments in Certain National Security Technologies and Products in Countries of Concern; Federal Reserve Proposal to revise its stress testing process; Sovereign Debt restructuring proposals; Legislative proposal to enhance retail investor access to private markets; 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; Legislation to create a regulatory regime for payment stablecoins (H.R. 2392, STABLE Act, and S. 394, GENIUS Act); Legislation to create a market structure for digital assets; Reintroduction of the Local Infrastructure Act; GSE reform; Public Law 119-27, the GENIUS Act; Discussion Draft of Responsible Financial Innovation Act.

Tax and Budget, Tax Relief and Reform: Continuing Appropriations and Extensions Act 2026, H.R. 5371: Supported House and Senate passage. Continued to push for Senate passage of the House-passed measure to keep the federal government open. One Big Beautiful Bill Act: Supported advancement of the legislation through House and Senate committees and House and Senate-passed versions, along with final passage of H.R. 1 and signing of the legislation by the President. The Family Business Legacy Act, H.R. 2918: Support Continue to express opposition to raising taxes on small businesses, C-corps and individual taxpayers, carried interest, capital gains and tax increases that would undermine investment and capital availability. American Innovation and Jobs Act of 2025: Support legislation in the House and Senate to restore immediate R&D expensing, and inclusion of this tax relief in the One Big Beautiful Bill Act. Death Tax Repeal Act of 2025: Support House and Senate legislation to fully repeal the death tax. Access to Capital: Accredited Investor Definition: Continue to express support for efforts in the Congress to modernize the standard. Supported U.S. House passage of the following legislation, and support U.S. Senate action: The Expanding Access to Capital for Rural Job Creators Act (H.R. 1190) The Access to Small Business Investor Capital Act (H.R. 2225) A bill 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 (H.R. 3301) The Helping Startups Continue to Grow Act (H.R. 3323) The Greenlighting Growth Act (H.R. 3343) Fair Investment Opportunities for Professional Experts Act (H.R. 3394) The Improving Access to Small Business Information Act (H.R. 3351) The Helping Angels Lead Our Startups (HALOS) Act of 2025 (H.R. 3352) The Encouraging Public Offerings Act of 2025 (H.R. 3381) The Small Entity Update Act (H.R. 3382) Improving Disclosures for Investors Act of 2025 (H.R. 2441) The Middle Market IPO Underwriting Cost Act (H.R. 3395) Regulation and Regulatory Reform: Small Business Regulatory Reduction Act (H.R. 2965): Support the legislation. Small Business Regulatory Flexibility Improvements Act (H.R. 421): Support the legislation. PROVE It Act: Support House and Senate legislation on the PROVE It Act to strengthen regulatory accountability and transparency for small businesses. Fair and Accountable IRS Reviews Act, H.R. 5346: Support the legislation. Tax Court Improvement Act, H.R. 5349: Support the legislation. Warehouse Worker Protection Act (S.2613/H.R.4896): Oppose the legislation. Privacy Framework: Continue to support a federal framework governing privacy rules for the United States. Anti-CBDC Surveillance State Act (H.R. 1919): Supported passage of the legislation in the House. DOL Independent Contractor Rule: Continue to support rescission of the independent contractor rule finalized by the Biden Administration, Employee or Independent Contractor Classification Under the Fair Labor Standards Act. IRS Basis-Shifting Rule and Fair Tax Enforcement: Continue to urge U.S. Treasury to take additional steps to protect small business partnerships from the implementation of policies and procedures that carry out the rules intent even though it as been rescinded. FTCs 2023 Merger Guidelines and New Pre-Merger Filing Requirements: Continue to urge reform and clawing back the actions. Modern Worker Empowerment Act, H.R. 1319: Support this legislation in the House. Modern Worker Security Act, H.R. 1320: Support this legislation in the House. Faster Labor Contracts Act, S. 844: Oppose this Senate legislation. The Worker Enfranchisement Act, H.R. 2572: Support the legislation. Start Applying Labor Transparency (SALT) Act: Support the legislation. Affordable Health Coverage: Health Savings Accounts (HSAs): Support efforts in the House and Senate to expand and improve the accounts. Telehealth and HSAs: Urged both the House and Senate to make permanent the telehealth provision that provides employers the flexibility to offer their employees with a High Deductible Health Plan (HDHP) paired with a Health Savings Account (HSA) access to telehealth services pre-deductible. Centers for Medicare and Medicaid Services (CMS) Rural Health Transformation Program: Supported implementation of the plan to support and strengthen the healthcare ecosystem in rural America that was advanced in the One Big Beautiful Bill Act. Price Controls: Continue to express concerns about drug price controls via most favored nation (MFN) and impact of importing price controls on innovation, investment, patient health. IP Rights and Protections: The RESTORE Patent Rights Act, S.708/H.R. 1574: Support House and Senate legislation. Trump Administration Nominations: Dr. Casey Mulligans Chief Counsel for Advocacy at the U.S. Small Business Administration (SBA): Supported Senate confirmation of Dr. Mulligan. Crystal Carey as General Counsel of the National Labor Relations Board (NLRB): Support nomination and confirmation. Presidential Executive Orders and Memorandums SBE Council issued supportive statements on "Restoring Law and Order in the District of Columbia," "Guaranteeing Fair Banking for All Americans," "Democratizing Access to Alternative Assets for 401K Investors," and "The Executive Order on TikTok and U.S. Ownership." Education and Technical Training The New Start Act of 2025: Support Trade and Global Markets: Support House and Senate Review of European-based digital laws and regulation such as the EUs Digital Services Act, the UKs Digital Markets, Competition and Consumers Act (DMCC), the EUs Digital Markets Act (DMA), and digital taxes and how these impose discriminatory barriers for American companies.

H.R. 145, Risk Disclosure and Investor Attestation Act H.R. 654, Taking Account of Bureaucrats Spending (TABS) Act of 2025 H.R. 1013/S. 424, Retirement Fairness for Charities and Educational Institutions Act of 2025 H.R. 1109, Litigation Transparency Act of 2025 H.R. 1190/S. 577, Expanding Access to Capital for Rural Job Creators Act H.R. 1827/S. 847, Child Care Availability and Affordability Act H.R. 1900, Bank Failure Prevention Act of 2025 H.R. 2225/S. 1808, Access to Small Business Investor Capital Act H.R. 2441/S. 1877, the Improving Disclosure for Investors Act of 2025 H.R. 2675, Protecting Our Courts From Foreign Manipulation Act of 2025 H.R. 2702/S. 875, Financial Integrity and Regulation Management (FIRM) Act H.R. 3230, Financial Institution Regulatory Tailoring Enhancement Act H.R. 3301, ELEVATE Act of 2025 H.R. 3323, Helping Startups Continue to Grow Act H.R. 3339, Equal Opportunity for Investors Act of 2025 H.R. 3343, Greenlighting Growth Act of 2025 H.R. 3348, Accredited Investor Definition Review Act H.R. 3351, Improving Access to Small Business Information Act H.R. 3352, HALOS Act of 2025 H.R. 3357, Enhancing Multi-Class Share Disclosures Act H.R. 3379, HUMPS Act of 2025 H.R. 3380, TAILOR Act of 2025 H.R. 3381, Encouraging Public Offerings Act of 2025 H.R. 3382, Small Entity Update Act H.R. 3383, Increasing Investor Opportunities Act H.R. 3390, Bringing the Discount Window into the 21st Century Act H.R. 3394, Fair Investment Opportunities for Professional Experts Act H.R. 3395, Middle Market IPO Cost Act H.R. 3422, Promoting Opportunities for Non-Traditional Capital Formation Act H.R. 3446, The FDIC Board Accountability Act H.R. 3645, ACCESS Act of 2025 H.R. 3672, Securities Research Modernization Act H.R. 3673, Small Business Investor Capital Access Act H.R. 3682, Financial Stability Oversight Council Improvement Act of 2025 H.R. 3959, Protecting Private Job Creators Act H.R. 4429, Developing and Empowering Our Aspiring Leaders (DEAL) Act H.R. 4430, Expanding WKSI Eligibility Act H.R. 4431, Improving Capital Formation for Newcomers (ICAN) Act H.R. 4429, Developing and Empowering Our Aspiring Leaders (DEAL) Act H.R. 4437, Supervisory Modifications for Appropriate Risk-based Testing (SMART) Act of 2025 H.R. 4478, Tailored Regulatory Updates for Supervisory Testing (TRUST) Act of 2025 H.R. 5291/S. 2663, Merchant Banking Modernization Act S. 985, PROTECT USA Act S. 1605, International Competition for American Jobs Act H.J. Res. 74/S.J. Res. 36, A joint resolution 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 "Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information (Regulation V)" Potential legislation similar to H.R. 448, Putting Investors First Act Potential legislation similar to H.R. 2590, Unlocking Capital for Small Business Act of 2023 Potential legislation similar to H.R. 2607, Improving Crowdfunding Opportunities Act, 2023 Potential legislation similar to H.R. 2609, Small Entrepreneur Empowerment and Development Act of 2023 Potential legislation similar to 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 Potential legislation similar to H.R. 2651, Regulation A+ Improvement Act of 2023 Potential legislation similar to H.R. 2790, the Improving Capital Allocation for Newcomers Act of 2021 Potential legislation similar to H.R. 2799, the Investment Opportunity Expansion Act, 2023 Potential legislation similar to H.R. 4168/S. 2005, Mandatory Materiality Act Potential legislation similar to H.R. 5488/S. 2805, Protecting Our Courts from Foreign Manipulation Act of 2023 Potential legislation similar to H.R. 6623/S. 2068, Main Street Growth Act Potential legislation to repeal the SECs Universal Proxy Rule of 2021 Potential legislation to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal certain rulemaking requirements 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, Consumer Financial Protection Bureau; Protecting Americans from Harmful Data Broker Practices (Regulation V) (89 Fed. Reg. 101,402, December 13, 2024) 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; 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 Unions (EU) Corporate Sustainability Due Diligence Directive (CSDDD); Consumer Financial Protection Circular 2024-05, Improper Overdraft Opt-In Practices; Executive Order 14036, Promoting Competition in the American Economy; recommendations for Securities and Exchange Commission regulatory agenda; Reforming SEC Rule 14a-8; FSOC restoration of 2019 Guidance governing the designation of nonbank financial institutions; reauthorization of the U.S. International Development Finance Corporation; implementation of the One Big Beautiful Bill Act, (P.L. 119-21); implementation of Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions" (P.L. No: 119-10); implementation of a joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications" (P.L. No: 119-11); proxy process and shareholder proposal system overseen by SEC; FSOC Nonbank Guidance - request to restore the 2019 Guidance (July 14, 2025, letter to Treasury); reporting metrics of American companies under the EUs Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive; index fund passivity; reform to the function of the Public Company Accounting Oversight Board; rulemaking regarding corporate exemptions for shareholder proposals under SEC Rule 14a-8; rulemaking regarding reform to the proxy voting advice industry at the SEC; request for comment from SEC on potential revisions to executive compensation disclosure; request for comment from SEC on potential revisions to definition of Foreign Private Issuer; SEC Compliance and Disclosure Interpretations: Regulation 13D-G (February 11, 2025); potential policy affirming materiality as the standard for corporate disclosure at the SEC; Executive Order 14330, Democratizing Access to Alternative Assets for 401(K) Investors; SEC Staff Review ADI 2025-16 on Registered Closed-End Funds of Private Funds (August 15, 2025); acquired fund fees and expenses mandate under Rule 12d1-4 (impact of AFFE on BDCs and inclusion of alternative assets in 401(K)s); oversight issues and potential legislation on third party litigation funding, including its national security implications

- Issues related to capital formation - Issues related to SEC and SRO reform, SRO constitutionality concerns - H.R. 3395, Middle Market IPO Cost Act - Issues related to investor fraud and foreign state-sponsored scams targeting US citizens - S.1053/H.R. 2246, the Foreign Investment Guardrails to Help Thwart China Act - Issues related to inbound and outbound investments to/from China - S.1877, H.R.2441, Improving Disclosure for Investors Act of 2025 - H.R. 3959, legislation codifying SEC Rule 15c2-11 - Issues relating to proxy advisors - Issues related to shareholder proposals - Issues related to SEC recordkeeping rules - Issues related to registered investment advisor regulations - Issues related to Sarbanes Oxley - Issues related to arbitration - HR 5748 and Issues relating to Executive Order 14330, expansion opportunities for retirement plans

Client expense: $90,000 · Firm income: Not reported

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

H.R. 1255, Investing in Our Communities Act; H.R, 1469, Senior Security Act of 2025; H.R. 1483, Protecting Investors Personally Identifiable Information Act; H.R. 2441/S. 1877, Improving Disclosure for Investors Act of 2025; H.R. 2225, the Access to Small Business Investor Capital Act; H.R. 3381, Encouraging Public Offerings of 2025; H.R. 3383, Increasing Investor Opportunities Act; H.R. 3394, Fair Investment Opportunities for Professional Experts Act; H.R. 3395, Middle Market IPO Cost Act; H.R. 3633, CLARITY Act of 2025; H.R. 3959, the Protecting Private Job Creators Act; S. 1481, Local Infrastructure Act; S. 2281, Responsible Financial Innovation Act; Issues related to H.R.10559 - COINS Act of 2024; H.R.__, Expands Protections for Research Reports to Cover All Securities of All Issuers; SEC proposed rule regarding Open-End Fund Liquidity Risk Management Programs and Swing Pricing; SEC No-Action Relief for SEC Rule 15c2-11; SEC approval of SROs rules limiting exchange liability; U.S. Treasury Departments Final Rule, Provisions Pertaining to U.S. Investments in Certain National Security Technologies and Products in Countries of Concern; Federal Reserve Proposal to revise its stress testing process; Sovereign Debt restructuring proposals; Legislation to enhance retail investor access to private markets; 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; Legislation to create a regulatory regime for payment stablecoins (H.R. 2392, STABLE Act, and S. 394, GENIUS Act); Legislation to create a market structure for digital assets; Reintroduction of the Local Infrastructure Act; GSE reform; Public Law 119-27, the GENIUS Act; Discussion Draft of Responsible Financial Innovation Act.

H.R. 1 One Big Beautiful Bill Act Credit Card Competition Act H.R.2702 FIRM Act H.R. 940, the Fair Audits and Inspections for Regulators (FAIR) Exams Act H.R. 1900, the Bank Failure Prevention Act of 2025 H.R. 3230, the Financial Institution Regulatory Tailoring Enhancement Act "H.R. 3379, the Halting Uncertain Methods and Practices in Supervision (HUMPS) Act of 2025" "H.R. 3380, the Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2025" Bank capital rules PCAOB Office of Financial Research H.R. 2225 Access to Small Business Investor Act H.R. 3352 Helping Angels Lead Our Startups (HALOS) Act of 2025 H.R. 3301, a bill 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 H.R. 3394, the Fair Investment Opportunities for Professional Experts Act H.R. 3381, the Encouraging Public Offerings Act of 2025 H.R. 3716 the Systemic Risk Authority Transparency Act H.R. 3672, the Securities Research Modification Act H.R. 3645, the Amendment for Crowdfunding Capital Enhancement and Small-business Support (ACCESS) Act H.R. 2835, the Small Bank Holding Company Relief Act H.R. 3323, Helping Startups Continue to Grow Act H.R. 3343, the Greenlighting Growth Act H.R. 3339, the Equal Opportunity for All Investors Act of 2025 H.R. 3348, the Accredited Investor Definition Review Act H.R. 2441, the Improving Disclosure for Investors Act of 2025 "H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act of 2025" H.R. 3383, the Increasing Investor Opportunities Act H.R. 1469, the Senior Security Act of 2025 H.R. 3357, the Enhancing Multi-Class Share Disclosures Act H.R. 3395, the Middle Market IPO Underwriting Cost Act "H.R. 3422, the Promoting Opportunities for Non-Traditional Capital Formation Act" private equity regulation private equity in health care Crypto Regulatory Legislation Big Tech Crypto/Blockchain investments digital assets regulation Central Bank Digital Currency Crypto Broker Tax Reporting Guidance Digital assets regulation (stablecoins; banking standards for crypto) H.R. 2392 STABLE Act (stablecoins) S. 1582 GENIUS Act (stablecoins) S. 710 Crypto ATM Fraud Prevention Act H. R. 1919 Anti-CBDC Surveillance State Act H.R. 3633, the CLARITY Act (crypto market regulation) H.R. 3573, Stop TRUMP in Crypto Act of 2025 H.R. 1712 Modern Emoluments and Malfeasance "Meme" Act "H.R.2982, the Fair Taxation of Digital Assets in Puerto Rico Act" Crypto and Government Ethics, Dislcosure, Constitutional issues PE and childcare H.R. 2988, Protecting Prudent Investment of Retirement Savings Act (lobbied against) "H.R. 3140, Stop Subsidizing Multimillion Dollar Corporate Bonuses Act" Insurance crisis consumer protections, supervision, and bailout policy NFIP policy discussion

Tax and Budget, Tax Relief and Reform Senate Amendment to H.Con.Res. 14: Supported. Establishing the congressional budget for the United States Government for fiscal year 2025 and setting forth the appropriate budgetary levels for fiscal years 2026 through 2034. The Family Business Legacy Act, H.R. 2918: Support Tax Cuts and Jobs Act (TCJA) of 2017: Continued to express support for extending/making permanent expiring provisions of the TCJA, including: individual tax rates, 20% small business deduction, restoring immediate R&D expensing, and 100% bonus depreciation. Continue to express opposition to raising taxes on small businesses, C-corps and individual taxpayers, carried interest, capital gains and tax increases that would undermine investment and capital availability. Main Street Tax Certainty Act of 2025: Support House and Senate legislation to make permanent the 20% deduction for small- and family-owned businesses (Section 199A). American Innovation and Jobs Act of 2025: Support legislation in the House and Senate to restore immediate R&D expensing. Death Tax Repeal Act of 2025: Support House and Senate legislation to fully repeal the death tax. One Big Beautiful Bill Act: Supported advancement of legislation through House and Senate committees and House and Senate-passed versions, along with final passage of H.R. 1 Access to Capital Accredited Investor Definition: Continue to express support for efforts in the Congress to modernize the standard. Supported Financial Services Committee passage of the following legislation, and urging the full U.S. House to take action: The Expanding Access to Capital for Rural Job Creators Act (H.R. 1190) The Access to Small Business Investor Capital Act (H.R. 2225) A bill 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 (H.R. 3301) The Helping Startups Continue to Grow Act (H.R. 3323) The Greenlighting Growth Act (H.R. 3343) Fair Investment Opportunities for Professional Experts Act (H.R. 3394) The Improving Access to Small Business Information Act (H.R. 3351) The Helping Angels Lead Our Startups (HALOS) Act of 2025 (H.R. 3352) The Encouraging Public Offerings Act of 2025 (H.R. 3381) The Small Entity Update Act (H.R. 3382) Improving Disclosures for Investors Act of 2025 (H.R. 2441) The Middle Market IPO Underwriting Cost Act (H.R. 3395) Regulation and Regulatory Reform Small Business Regulatory Reduction Act (H.R. 2965): Support the legislation. Small Business Regulatory Flexibility Improvements Act (H.R. 421): Support the legislation. PROVE It Act: Support House and Senate legislation on the PROVE It Act to strengthen regulatory accountability and transparency for small businesses. Privacy Framework: Continue to support a federal framework governing privacy rules for the United States. Anti-CBDC Surveillance State Act (H.R. 1919): Support the legislation. Federal Trade Commissions Click-to-Cancel Rule: Filed a recommendation with the Department of Government Efficiency (DOGE) to rescind the rule. DOL Independent Contractor Rule: Urged the Department of Labor to rescind the independent contractor rule finalized by the Biden Administration, Employee or Independent Contractor Classification Under the Fair Labor Standards Act. IRS Basis-Shifting Rule: Urged the U.S. Treasury to take additional steps to protect small businesses from the implementation of policies and procedures that carry out the rules intent even though it as been rescinded. FTCs Business Opportunity Rule and Earnings Claims Rule: Support the recession of these rules. FTCs 2023 Merger Guidelines and New Pre-Merger Filing Requirements: Continue to urge reform and clawing back the actions. Modern Worker Empowerment Act: Support this legislation in the House. Modern Worker Security Act: Support this legislation in the House. Faster Labor Contracts Act, S. 844: Oppose this Senate legislation. The Worker Enfranchisement Act, H.R. 2572: Support the legislation. Start Applying Labor Transparency (SALT) Act: Support the legislation. Congressional Review Act (CRA) Resolutions: Federal Trade Commission (FTC) Pre-Merger Notification Rule: Called for a CRA to overturn the FTC rulemaking. CRAs H.J. 87, H.J. 88 and H.J. 89: Supported these series of resolutions related to California waivers on environmental rules. Trade Policy and Global Markets Section 232 of the Trade Expansion Act and National Security Investigation of Pharmaceutical Import: Filed comments with the Department of Commerce urging exemption from trade actions against Europe and Japan with respect to pharmaceutical imports. Affordable Health Coverage Health Savings Accounts (HSAs): Support efforts in the House and Senate to expand and improve the accounts. Telehealth and HSAs: Urged both the House and Senate to make permanent the telehealth provision that provides employers the flexibility to offer their employees with a High Deductible Health Plan (HDHP) paired with a Health Savings Account (HSA) access to telehealth services pre-deductible. IP Rights and Protections Expressed concerns about a slate of bills being considered by the Senate Judiciary Committee including: S. 1040, a bill to amend the Federal Trade Commission Act to prohibit product hopping; S. 1041, a bill to amend Title 35 of the U.S. Code to address infringement of patents that claim biological products; S. 1097, the Interagency Patent Coordination and Improvement Act of 2025; and S. 1096, the Preserve Access to Affordable Generics and Biosimilars Act. The RESTORE Patent Rights Act: Support House and Senate legislation. Trump Administration Nominations Dr. Casey Mulligans Chief Counsel for Advocacy at the U.S. Small Business Administration (SBA): Continue to support the confirmation of Dr. Mulligan. Crystal Carey as General Counsel of the National Labor Relations Board (NLRB): Support nomination and confirmation. Presidential Executive Orders and Memorandums Related Executive Orders (Eos) released on April 9: SBE Council issued a supportive statement on the release of the following Eos and Memorandum: Reducing Anti-Competitive Regulatory Barriers, Zero-Based Budgeting to Unleash American Energy, Maintaining Acceptable Water Pressure in Showerheads, and the Memorandum, Repeal of Regulations that are Unlawful Under 10 Recent Supreme Court Decisions. Education and Technical Training The New Start Act of 2025: Support

H.R. 1, One Big Beautiful Bill Act H.R. 145, Risk Disclosure and Investor Attestation Act H.R. 654, Taking Account of Bureaucrats Spending (TABS) Act of 2025 H.R. 1013, Retirement Fairness for Charities and Educational Institutions Act of 2025 H.R. 1109, Litigation Transparency Act of 2025 H.R. 1190, Expanding Access to Capital for Rural Job Creators Act H.R. 1827/S. 847, Child Care Availability and Affordability Act H.R. 1900, Bank Failure Prevention Act of 2025 H.R. 2225, Access to Small Business Investor Capital Act H.R. 2441/S. 1877, the Improving Disclosures for Investors Act of 2025 H.R. 2675 Protecting Our Courts From Foreign Manipulation Act of 2025 H.R. 2702/S. 875, Financial Integrity and Regulation Management (FIRM) Act H.R. 3230, Financial Institution Regulatory Tailoring Enhancement Act H.R. 3301, ELEVATE Act of 2025 H.R. 3323, Helping Startups Continue to Grow Act H.R. 3339, Equal Opportunity for Investors Act of 2025 H.R. 3343, Greenlighting Growth Act of 2025 H.R. 3348, Accredited Investor Definition Review Act H.R. 3351, Improving Access to Small Business Information Act H.R. 3352, HALOS Act of 2025 H.R. 3357, Enhancing Multi-Class Share Disclosures Act H.R. 3379, HUMPS Act of 2025 H.R. 3380, TAILOR Act of 2025 H.R. 3381, Encouraging Public Offerings Act of 2025 H.R. 3382, Small Entity Update Act H.R. 3383, Increasing Investor Opportunities Act H.R. 3394, Fair Investment Opportunities for Professional Experts Act H.R. 3395, Middle Market IPO Underwriting Cost Act H.R. 3422, Promoting Opportunities for Non-Traditional Capital Formation Act H.R. 3645, ACCESS Act of 2025 H.R. 3672, Securities Research Modernization Act H.R. 3673, Small Business Investor Capital Access Act H.R. 3682, Financial Stability Oversight Council Improvement Act of 2025 H.R. 3959, Protecting Private Job Creators Act S. 985, PROTECT USA Act S. 1605, International Competition for American Jobs Act H.J.Res. 59/S.J.Res. 18, Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions" S.J.Res. 28, A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications" Potential legislation to use the Congressional Review Act to overturn a Consumer Financial Protection Bureau (CFPB) rule that removes medical debt from credit reports Potential legislation similar to H.R. 448, Putting Investors First Act Potential legislation similar to H.R. 2025/S. 840, Litigation Funding Transparency Act Potential legislation similar to H.R. 2579, the Developing and Empowering our Aspiring Leaders Act of 2023 Potential legislation similar to H.R. 2590, Unlocking Capital for Small Business Act of 2023 Potential legislation similar to H.R. 2607, Improving Crowdfunding Opportunities Act, 2023 Potential legislation similar to H.R. 2609, Small Entrepreneur Empowerment and Development Act of 2023 Potential legislation similar to H.R. 2651, Regulation A+ Improvement Act of 2023 Potential legislation similar to 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 Potential legislation similar to H.R. 2799, the Investment Opportunity Expansion Act, 2023 Potential legislation similar to H.R. 2790, the Improving Capital Allocation for Newcomers Act of 2021 Potential legislation similar to H.R. 4168/S. 2005, Mandatory Materiality Act Potential legislation similar to H.R. 5488/S. 2805, Protecting Our Courts from Foreign Manipulation Act of 2023 Potential legislation similar to H.R. 6623/S. 2068, Main Street Growth Act Potential legislation similar to H.R. 9924, Litigation Transparency Act of 2024 Potential legislation to repeal the SECs Universal Proxy Rule of 2021 Potential legislation to expand Well Known Seasoned Issuer eligibility Potential legislation to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal certain rulemaking requirements Nomination of Jonathan Gould to be the Comptroller of the Currency (OCC) Nomination of Michelle Bowman as Vice Chair of Supervision for the Federal Reserve Board of Governors Nomination of Paul Atkins to be Chairman of the Securities and Exchange Commission (SEC) SEC Proposed Rule on the Enhancement and Standardization of Climate-Related Disclosures for Investors (87 Fed. Reg. 21,334-21,473, April 11, 2022) 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, Consumer Financial Protection Bureau; Protecting Americans from Harmful Data Broker Practices (Regulation V) (89 Fed. Reg. 101,402, December 13, 2024) 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 Unions (EU) Corporate Sustainability Due Diligence Directive (CSDDD); Consumer Financial Protection Circular 2024-05, Improper Overdraft Opt-In Practices; Executive Order 14036, Promoting Competition in the American Economy; recommendations for Securities and Exchange Commission regulatory agenda; 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; reform to the function of the Public Company Accounting Oversight Board; rulemaking regarding corporate exemptions for shareholder proposals under SEC Rule 14a-8; index fund passivity; rulemaking regarding reform to the proxy voting advice industry at the SEC; request for comment from SEC on potential revisions to executive compensation disclosure; request for comment from SEC on potential revisions to definition of Foreign Private Issuer; SEC Compliance and Disclosure Interpretations: Regulation 13D-G (February 11, 2025); potential policy affirming materiality as the standard for corporate disclosure at the SEC; draft report language proposed for Appropriations FSGG to direct the SEC to update regulations to promote e-delivery of information to investors; draft report language proposed for Appropriations FSGG to restore the 2019 Guidance regarding the designation of nonbank financial firms as systemically important institutions; oversight issues and potential legislation on third party litigation funding, including its national security implications

H.R. 1013/S. 424, Retirement Fairness for Charities and Educational Institutions Act of 2025; H.R. 1255, Investing in Our Communities Act; H.R, 1469, Senior Security Act of 2025; H.R. 1483, Protecting Investors Personally Identifiable Information Act; H.R. 2441, Improving Disclosure for Investors Act of 2025; H.R. 2225, the Access to Small Business Investor Capital Act; H.R. 2246, Foreign Investments Guardrails to Help Thwart (FIGHT) China Act; H.R. 3381, Encouraging Public Offerings of 2025; H.R. 3383, Increasing Investor Opportunities Act; H.R. 3394, Fair Investment Opportunities for Professional Experts Act; H.R. 3395, Middle Market IPO Cost Act; H.R. 3633, CLARITY Act of 2025; H.R. 3959, the Protecting Private Job Creators Act; Issues related to H.R.10559 - COINS Act of 2024; H.R.__, Expands Protections for Research Reports to Cover All Securities of All Issuers; H.R.__, Unlocking Capital for Small Business Act of 2025; S. 1582, GENIUS Act; S. 1877, the Improving Disclosure for Investors Act; SEC proposed rule regarding Open-End Fund Liquidity Risk Management Programs and Swing Pricing; SEC Staff Accounting Bulletin 121; SEC No-Action Relief for SEC Rule 15c2-11; SEC proposal on short sale reporting/13f-2 extension; SEC proposed rule regarding Security-based Swaps Large Position Reporting; SEC proposed rule regarding the safeguarding of client assets (custody proposal); SEC proposed rule on Predictive Data Analytics; SEC proposed rules to modify equity market structure; SEC final rule related to clearing of U.S. Treasury securities; SEC CAT Fee filings by the SROs; SEC approval of SROs rules limiting exchange liability; SEC Rule 192 - Securitization Conflicts of Interest; CFPB enforcement action relating to the National Collegiate Student Loan Trusts; FDIC Brokered Deposit Proposal; FDIC Proposal to amend change in Bank Control Act Regulations; U.S. Treasury Departments Final Rule, Provisions Pertaining to U.S. Investments in Certain National Security Technologies and Products in Countries of Concern; Federal Reserve Proposal to revise its stress testing process; Congressman Fitzgerald's discussion draft GSE Reform legislation; Sovereign Debt restructuring proposals; Legislation to enhance retail investor access to private markets; 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; Legislation to create a regulatory regime for payment stablecoins (H.R. 2392, STABLE Act, and S. 394, GENIUS Act); Legislation to create a market structure for digital assets; Reintroduction of the Local Infrastructure Act; Municipal Bond Tax Exemption Preservation; Data Privacy legislative proposals.

- Issues related to capital formation - Issues related to SEC and SRO reform, SRO constitutionality concerns - H.R. 3395, Middle Market IPO Cost Act - Issues related to investor fraud and foreign state-sponsored scams targeting US citizens - S.1053/H.R. 2246, the Foreign Investment Guardrails to Help Thwart China Act - Issues related to inbound and outbound investments to/from China - S.1877, H.R.2441, Improving Disclosure for Investors Act of 2025 - H.R. 3959, legislation codifying SEC Rule 15c2-11 - Issues relating to proxy advisors - Issues related to shareholder proposals - Issues related to SEC recordkeeping rules - Issues related to registered investment advisor regulations - Issues related to Sarbanes Oxley - Issues related to arbitration

Client expense: $100,000 · Firm income: Not reported

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