annual disclosure documents...

© Practising Law Institute

To order this book, call (800) 260-4PLI or fax us at (800) 321-0093. Ask our Customer Service Department for PLI Order Number 150109, Dept. BAV5.

Practising Law Institute1177 Avenue of the Americas

New York, New York 10036

Annual Disclosure Documents 2016

CORPORATE LAW AND PRACTICECourse Handbook Series

Number B-2290

Co-ChairsSandra L. Flow

Michael L. HermsenMary J. Mullany


3

Roadmap to Capital Markets Regulatory Changes: Proposed, Potential and Recently Adopted or Enacted Rulemaking and Legislation Relating to the U.S. Capital Markets, Public Company Reporting and Corporate Governance (September 8, 2016)

Submitted by: Michael L. Hermsen

Mayer Brown LLP

Covers rulemaking and legislation adopted or enacted within the prior 3 months or that has been adopted prior to that but the effective date or implementation date has not yet been reached.

Covers rulemaking by the US Securities and Exchange Commission, the New York Stock Exchange, the NASDAQ Stock Market, the Financial Industry Regulatory Association and the US Public Company Accounting Oversight Board.

Any legislation not enacted before the end of the current term, must be reintroduced in the next Congress.

© 2016 The Mayer Brown Practices. All rights reserved.

If you find this article helpful, you can learn more about the subject by going to www.pli.edu to view the on demand program or segment for which it was written.

269


270


3

PR

OP

OS

ED

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

Exh

ibit

Hyp

erli

nk

s an

d H

TM

L F

orm

at. T

he S

EC

is

pro

posi

ng to

req

uire

reg

istr

ants

that

file

reg

istr

atio

n st

atem

ents

and

per

iodi

c an

d cu

rren

t rep

orts

that

are

su

bjec

t to

the

exhi

bit r

equi

rem

ents

und

er I

tem

601

of

Reg

ulat

ion

S-K

, or

that

file

on

Form

s F

-10

or 2

0-F

, to

incl

ude

a hy

perl

ink

to e

ach

exhi

bit l

iste

d in

the

exhi

bit i

ndex

of

thes

e fi

lings

.

SE

C p

ropo

sed

rule

s on

A

ugus

t 31,

201

6 C

omm

ent p

erio

d ex

pire

s 45

da

ys a

fter

pub

licat

ion

in th

e F

eder

al R

egis

ter

33-1

0201

Dis

clos

ure

Up

dat

e an

d S

imp

lifi

cati

on. T

he S

EC

is

prop

osin

g to

am

end

cert

ain

disc

losu

re r

equi

rem

ents

, pr

imar

ily a

ccou

ntin

g an

d ac

coun

ting

rela

ted,

that

may

ha

ve b

ecom

e re

dund

ant,

dupl

icat

ive,

ove

rlap

ping

, ou

tdat

ed, o

r su

pers

eded

, in

light

of

othe

r SE

C

disc

losu

re r

equi

rem

ents

, U.S

. GA

AP,

IF

RS

, or

chan

ges

in th

e in

form

atio

n en

viro

nmen

t.

SE

C p

ropo

sed

rule

s on

Ju

ly 1

3, 2

016

Com

men

t per

iod

expi

res

on

Oct

ober

3, 2

016

33-1

0110

4.

For

SEC

mat

ters

, Ant

icip

ated

Act

ion

Dat

e is

the

date

indi

cate

d by

the

SEC

in th

e m

ost r

ecen

tly is

sued

Reg

ulat

ory

Flex

ibili

ty A

gend

a.

271


4

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

Rev

isio

ns

to S

mal

ler

Rep

orti

ng

Com

pan

y D

efin

itio

n. T

he S

EC

is p

ropo

sing

rev

isio

ns to

the

smal

ler

repo

rtin

g co

mpa

ny d

efin

itio

ns a

nd r

elat

ed

prov

isio

ns.

SE

C p

ropo

sed

rule

s on

Ju

ne 2

7, 2

016

Com

men

t per

iod

expi

res

on

Aug

ust 3

0, 2

016

33-1

0107

Mod

ern

izat

ion

of

Pro

per

ty D

iscl

osu

res

for

Min

ing

Reg

istr

ants

. The

SE

C p

ropo

ses

to m

oder

nize

the

prop

erty

dis

clos

ure

requ

irem

ents

for

min

ing

regi

stra

nts,

and

rel

ated

gui

danc

e, c

urre

ntly

set

for

th in

It

em 1

02 o

f R

egul

atio

n S-

K u

nder

the

Sec

uriti

es A

ct

of 1

933

and

the

Sec

uriti

es E

xcha

nge

Act

of

1934

and

in

Ind

ustr

y G

uide

7.

SE

C p

ropo

sed

rule

s on

Ju

ne 1

6, 2

016

Com

men

t per

iod

expi

res

on

Sep

tem

ber

26, 2

016

33-1

0098

Au

dit

or’s

Rep

ort

on a

n A

udi

t of

Fin

anci

al

Sta

tem

ents

wh

en t

he

Au

dit

or E

xpre

sses

an

U

nq

ual

ifie

d O

pin

ion

. The

PC

AO

B is

to r

etai

n th

e pa

ss/f

ail m

odel

of

the

exis

ting

audi

tor’

s re

port

but

is s

eeki

ng to

enh

ance

the

form

and

co

nten

t of

the

repo

rt to

mak

e it

mor

e re

leva

nt

and

info

rmat

ive

to in

vest

ors

and

othe

r fi

nanc

ial

stat

emen

t use

rs. I

n pa

rtic

ular

, the

aud

itor

’s

repo

rt w

ould

incl

ude

a de

scri

ptio

n of

“cr

itic

al

Rul

es in

itial

ly p

ropo

sed

Aug

ust 1

3, 2

013.

R

ules

re-

prop

osed

M

ay 1

1, 2

016.

P

CA

OB

201

6-00

3

272


5

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

audi

t mat

ters

,” w

hich

wou

ld p

rovi

de a

udit-

spec

ific

info

rmat

ion

abou

t esp

ecia

lly

chal

leng

ing,

sub

ject

ive,

or

com

plex

asp

ects

of

the

audi

t as

they

rel

ate

to th

e re

leva

nt f

inan

cial

st

atem

ent a

ccou

nts

and

disc

losu

res.

Ru

les

Reg

ard

ing

Ince

ntiv

e C

omp

ensa

tion

. The

S

EC

, tog

ethe

r w

ith th

e B

oard

of

Gov

erno

rs o

f th

e F

eder

al R

eser

ve, t

he F

eder

al D

epos

it In

sura

nce

Cor

pora

tion

, the

Off

ice

of th

e C

ompt

roll

er o

f th

e C

urre

ncy,

the

Off

ice

of T

hrif

t Sup

ervi

sion

, the

F

eder

al H

ousi

ng F

inan

ce A

genc

y, a

nd th

e N

atio

nal

Cre

dit U

nion

Adm

inis

trat

ion

(the

“A

genc

ies”

), h

as

repr

opos

ed r

egul

atio

ns a

nd g

uide

lines

with

res

pect

to

ince

ntiv

e-ba

sed

com

pens

atio

n pr

acti

ces

at c

erta

in

fina

ncia

l ins

titut

ions

that

hav

e $1

bill

ion

or m

ore

in

tota

l ass

ets,

as

requ

ired

by

the

Dod

d F

rank

Act

.

Sec

tion

956

of th

e D

odd

Fra

nk A

ct r

equi

res

that

the

Age

ncie

s pr

ohib

it in

cent

ive-

base

d pa

ymen

t ar

rang

emen

ts, o

r an

y fe

atur

e of

any

suc

h ar

rang

emen

t, at

a c

over

ed f

inan

cial

inst

itutio

n th

at th

e

Rul

es in

itial

ly p

ropo

sed

Apr

il 14

, 201

1. R

ules

re

-pro

pose

d on

May

6,

2016

.

Ado

pt f

inal

rul

es b

y A

pril

of

2017

34

-641

40

(ini

tial

prop

osal

). 3

4-77

776

(re-

prop

osal

).

273


6

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

Age

ncie

s de

term

ine

enco

urag

es in

appr

opri

ate

risk

s by

a

fina

ncia

l ins

titut

ion

by p

rovi

ding

exc

essi

ve

com

pens

atio

n or

that

cou

ld le

ad to

a m

ater

ial

fina

ncia

l los

s. U

nder

the

Dod

d Fr

ank

Act

, a c

over

ed

fina

ncia

l ins

titut

ion

also

mus

t dis

clos

e to

its

appr

opri

ate

Fed

eral

reg

ulat

or th

e st

ruct

ure

of it

s in

cent

ive-

base

d co

mpe

nsat

ion

arra

ngem

ents

su

ffic

ient

to d

eter

min

e w

heth

er th

e st

ruct

ure

prov

ides

“e

xces

sive

com

pens

atio

n, f

ees,

or

bene

fits

” or

“co

uld

lead

to m

ater

ial f

inan

cial

loss

” to

the

inst

itutio

n.

Am

end

men

ts t

o F

acili

tate

In

tras

tate

an

d

Reg

iona

l Sec

urit

ies

Off

erin

gs. T

he S

EC

pr

opos

es to

mod

erni

ze R

ules

147

and

504

un

der

the

Sec

uriti

es A

ct to

fac

ilita

te in

tras

tate

an

d re

gion

al s

ecur

itie

s of

feri

ngs.

SE

C p

ropo

sed

ru

les

on

Nov

embe

r 10

, 201

5

Ado

pt f

inal

rul

es b

y A

pril

of

2017

33

-997

3

Com

pen

sati

on C

law

bac

ks

– L

isti

ng S

tand

ard

s fo

r R

ecov

ery

of E

rron

eou

sly

Aw

ard

ed C

omp

ensa

tion

. S

ectio

n 95

4 of

the

Dod

d F

rank

Act

req

uire

s th

e S

EC

to

ado

pt r

ules

to d

irec

t nat

iona

l sec

uriti

es e

xcha

nges

to

pro

hibi

t the

list

ing

of s

ecur

ities

of

issu

ers

that

hav

e

SE

C p

ropo

sed

rule

s on

Ju

ly 1

4, 2

015

Ado

pt f

inal

rul

es b

y A

pril

of

2017

33

-986

1. M

B

Leg

al U

pdat

e da

ted

Ju

ly 1

6, 2

015.

274


7

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

not d

evel

oped

and

impl

emen

ted

a po

licy

prov

idin

g fo

r di

sclo

sure

of

the

issu

er’s

pol

icy

on in

cent

ive-

base

d co

mpe

nsat

ion

and

man

datin

g th

e cl

awba

ck o

f su

ch c

ompe

nsat

ion

in c

erta

in c

ircu

mst

ance

s.

Pay

ver

sus

Per

form

ance

. Sec

tion

953(

a) o

f th

e D

odd

Fran

k A

ct a

dded

sec

tion

14(i

) to

the

Exc

hang

e A

ct to

req

uire

issu

ers

to d

iscl

ose

info

rmat

ion

that

sho

ws

the

rela

tions

hip

betw

een

exec

utiv

e co

mpe

nsat

ion

actu

ally

pai

d an

d th

e fi

nanc

ial p

erfo

rman

ce o

f th

e is

suer

.

SE

C p

ropo

sed

rule

s on

M

ay 7

, 201

5 A

dopt

fin

al r

ules

by

Apr

il of

20

17

34-7

4835

. MB

L

egal

Upd

ate

date

d M

ay 1

3,

2015

.

Dis

clos

ure

of

Hed

gin

g b

y E

mp

loye

es, O

ffic

ers

and

D

irec

tors

. Sec

tion

955

of th

e D

odd

Fran

k A

ct a

dded

se

ctio

n 14

(j)

to th

e E

xcha

nge

Act

to r

equi

re is

suer

s to

di

sclo

se in

an

annu

al m

eeti

ng p

roxy

sta

tem

ent

whe

ther

em

ploy

ees

or m

embe

rs o

f th

e bo

ard

of

dire

ctor

s ar

e pe

rmit

ted

to e

ngag

e in

tran

sact

ions

to

hedg

e or

off

set a

ny d

ecre

ase

in th

e m

arke

t val

ue o

f eq

uity

sec

uriti

es g

rant

ed to

the

empl

oyee

or

boar

d m

embe

r as

com

pens

atio

n, o

r he

ld d

irec

tly

or

indi

rect

ly b

y th

e em

ploy

ee o

r bo

ard

mem

ber.

SE

C p

ropo

sed

rule

s on

Fe

brua

ry 1

7, 2

015

Ado

pt f

inal

rul

es b

y A

pril

of

2017

33

-972

3. M

B

Leg

al U

pdat

e da

ted

F

ebru

ary

20,

2015

.

275


8

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

Am

end

men

ts t

o R

egu

lati

on D

, For

m D

an

d R

ule

15

6 u

nd

er t

he S

ecu

riti

es A

ct. T

he S

EC

pro

pose

d re

visi

ons

to e

nhan

ce it

s ab

ility

to e

valu

ate

the

deve

lopm

ent o

f m

arke

t pra

ctic

es in

off

erin

gs u

nder

R

ule

506

of R

egul

atio

n D

and

add

ress

con

cern

s th

at

may

ari

se in

con

nect

ion

with

per

mitt

ing

issu

ers

to

enga

ge in

gen

eral

sol

icita

tion

and

gene

ral a

dver

tisin

g un

der

para

grap

h (c

) of

Rul

e 50

6.

SE

C p

ropo

sed

rule

s on

Ju

ly 2

4, 2

013

Ado

pt f

inal

rul

es b

y A

pril

of

2017

33

-941

6. M

B

Leg

al U

pdat

e da

ted

July

25,

20

13.

Rep

orti

ng o

f P

roxy

Vot

es o

n E

xecu

tive

C

omp

ensa

tion

an

d O

ther

Mat

ters

. The

SE

C

prop

osed

am

endm

ents

to E

xcha

nge

Act

rul

es a

nd

For

m N

-PX

to im

plem

ent s

ecti

on 9

51 o

f th

e D

odd

Fra

nk A

ct th

at w

ould

req

uire

inst

itutio

nal i

nves

tmen

t m

anag

ers

subj

ect t

o se

ctio

n 13

(f)

of th

e E

xcha

nge

Act

to r

epor

t how

they

vot

ed o

n an

y sh

areh

olde

r vo

te

on e

xecu

tive

com

pens

atio

n or

gol

den

para

chut

es

purs

uant

to s

ectio

ns 1

4A(a

) an

d (b

) of

the

Exc

hang

e A

ct.

SE

C p

ropo

sed

rule

s on

O

ctob

er 2

8, 2

010

Ado

pt f

inal

rul

es b

y A

pril

of

2017

34

-631

23

276


9

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

PO

TE

NT

IAL

Req

ues

t fo

r C

omm

ent

on S

ub

par

t 40

0 of

R

egu

lati

on S

-K D

iscl

osur

e R

equ

irem

ents

Rel

atin

g to

Man

agem

ent,

Cer

tain

Sec

uri

ty H

old

ers

and

C

orp

orat

e G

over

nan

ce M

atte

rs. T

he S

EC

issu

ed a

no

tice

for

pub

lic c

omm

ent o

n di

sclo

sure

req

uire

men

ts

in S

ubpa

rt 4

00 –

Ite

ms

401

thro

ugh

Item

407

– o

f R

egul

atio

n S-

K.

SE

C is

sued

not

ice

on

Aug

ust 2

5, 2

016

Com

men

t per

iod

ends

on

Oct

ober

31,

201

6 33

-101

98

Imp

lem

enta

tion

of

Tit

le I

of

the

JOB

S A

ct. T

he

Div

isio

n of

Cor

pora

tion

Fin

ance

is c

onsi

deri

ng

reco

mm

endi

ng th

at th

e S

EC

pro

pose

con

form

ing

rule

am

endm

ents

to im

plem

ent T

itle

I o

f th

e Jo

bs A

ct w

ith

resp

ect t

o em

ergi

ng g

row

th c

ompa

nies

.

In

dica

ted

inte

nt to

pro

pose

ru

les

by A

pril

of

2017

Am

end

men

ts t

o In

tera

ctiv

e D

ata

(XB

RL

) P

rogr

am. T

he D

ivis

ion

of C

orpo

ratio

n F

inan

ce is

co

nsid

erin

g re

com

men

ding

that

the

SE

C

prop

ose

amen

dmen

ts to

the

XB

RL

rul

es to

pro

vide

fo

r co

mpa

nies

to u

se I

nlin

e X

BR

L to

file

a s

ingl

e co

mbi

ned

docu

men

t.

In

dica

ted

inte

nt to

pro

pose

ru

les

by A

pril

of

2017

277


10

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

Am

end

men

ts t

o F

inan

cial

Dis

clos

ure

s A

bou

t E

nti

ties

Oth

er T

han

th

e R

egis

tran

t. T

he D

ivis

ion

of C

orpo

ratio

n F

inan

ce is

con

side

ring

rec

omm

endi

ng

that

the

SEC

pro

pose

rul

es r

evis

ing

the

fina

ncia

l di

sclo

sure

req

uire

men

ts in

Reg

ulat

ion

S-X

in

conn

ectio

n w

ith f

inan

cial

sta

tem

ents

to b

e in

clud

ed in

fi

lings

with

res

pect

to c

erta

in e

ntiti

es o

ther

than

a

regi

stra

nt.

Con

cept

rel

ease

issu

ed

Oct

ober

1, 2

015

Indi

cate

d in

tent

to p

ropo

se

rule

s by

Apr

il o

f 20

17

33-9

929

Am

end

men

ts t

o R

egu

lati

on S

-K a

nd

Reg

ula

tion

S-

X. T

he D

ivis

ion

of C

orpo

ratio

n F

inan

ce is

co

nsid

erin

g re

com

men

ding

that

the

SE

C p

ropo

se

rule

s to

upd

ate

cert

ain

disc

losu

re r

equi

rem

ents

in

Reg

ulat

ions

S-X

and

S-K

.

In

dica

ted

inte

nt to

pro

pose

ru

les

by A

pril

of

2017

Un

iver

sal P

roxy

. The

Div

isio

n of

Cor

pora

tion

Fin

ance

is c

onsi

deri

ng r

ecom

men

ding

that

the

SE

C

prop

ose

to a

men

d th

e pr

oxy

rule

s to

exp

and

shar

ehol

ders

’ ab

ility

to v

ote

by p

roxy

to c

hoos

e am

ong

all d

uly-

nom

inat

ed c

andi

date

s in

a c

onte

sted

el

ectio

n of

dir

ecto

rs.

In

dica

ted

inte

nt to

pro

pose

ru

les

by A

pril

of

2017

278


11

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

Cor

por

ate

Boa

rd D

iver

sity

. The

Div

isio

n of

C

orpo

ratio

n F

inan

ce is

con

side

ring

rec

omm

endi

ng

that

the

SE

C p

ropo

se a

men

dmen

ts to

the

prox

y ru

les

to r

equi

re a

dditi

onal

dis

clos

ure

abou

t the

div

ersi

ty o

f bo

ard

mem

bers

and

nom

inee

s.

In

dica

ted

inte

nt to

pro

pose

ru

les

by A

pril

of

2017

Sh

orte

nin

g th

e S

ettl

emen

t C

ycle

. The

Div

isio

n of

T

radi

ng &

Mar

kets

is c

onsi

deri

ng r

ecom

men

ding

that

th

e S

EC

pro

pose

to a

men

d E

xcha

nge

Act

Rul

e 15

c6-

1 to

sho

rten

the

max

imum

set

tlem

ent p

erio

d fr

om

thre

e da

ys to

two

days

.

In

dica

ted

inte

nt to

pro

pose

by

June

201

6.

Con

cep

t R

elea

se o

n P

ossi

ble

Rev

isio

ns

to A

ud

it

Com

mit

tee

Dis

clos

ure

s. T

he S

EC

pub

lishe

d a

conc

ept r

elea

se to

obt

ain

info

rmat

ion

abou

t the

ext

ent

and

natu

re o

f th

e pu

blic

’s in

tere

st in

rev

isin

g th

e au

dit

com

mitt

ee d

iscl

osur

e re

quir

emen

ts, w

hich

exi

st in

th

eir

curr

ent f

orm

pri

ncip

ally

in I

tem

407

of

Reg

ulat

ion

S-K

und

er th

e S

ecur

ities

Act

and

the

Sec

uriti

es E

xcha

nge

Act

.

Con

cept

rel

ease

issu

ed

July

8, 2

015

Indi

cate

d in

tent

to p

ropo

se

rule

s by

Apr

il o

f 20

17

33-9

862

Bu

sin

ess

and

Fin

anci

al D

iscl

osu

res.

The

SE

C

publ

ishe

d fo

r co

mm

ent a

con

cept

rel

ease

on

Con

cept

rel

ease

issu

ed

33

-100

64. M

B

Leg

al U

pdat

e

279


12

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

mod

erni

zing

cer

tain

dis

clos

ure

requ

irem

ents

in

Reg

ulat

ion

S-K

. A

pril

22, 2

016

date

d A

pril

26,

2016

Gu

ide

3 B

ank

Hol

din

g C

omp

any

Dis

clos

ure.

The

D

ivis

ion

of C

orpo

ratio

n is

con

side

ring

rec

omm

endi

ng

that

the

SE

C s

eek

publ

ic c

omm

ent o

n re

visi

ng a

nd

upda

ting

the

gene

ral i

nstr

uctio

ns a

nd s

tatis

tica

l di

sclo

sure

s in

Ind

ustr

y G

uide

3.

In

dica

ted

inte

nt to

issu

e co

ncep

t rel

ease

by

Apr

il of

20

17

Nat

ion

al S

ecu

riti

es E

xcha

nge

Reg

ula

tory

P

arit

y A

ct o

f 20

16 w

ould

pre

empt

sta

te b

lue

sky

law

s fo

r se

curi

ties

that

are

list

ed o

n an

y S

EC

-app

rove

d ex

chan

ge, r

athe

r th

an ju

st

NY

SE

and

Nas

daq

liste

d se

curi

ties.

App

rove

d by

Hou

se.

Ref

erre

d to

the

Sen

ate

Com

mit

tee

on B

anki

ng,

Hou

sing

and

Urb

an

Aff

airs

on

July

13,

201

6.

H.R

. 542

1

Fix

Cro

wdf

und

ing

Act

wou

ld, a

mon

g ot

her

thin

gs in

crea

se f

rom

$1

mill

ion

to $

5 m

illio

n th

e ag

greg

ate

amou

nt o

f se

curi

ties

sol

d to

all

inve

stor

s by

an

issu

er th

at q

ualif

y fo

r th

e cr

owdf

undi

ng

exem

ptio

n fr

om r

egis

trat

ion

in th

e S

ecur

ities

Act

, am

end

the

Exc

hang

e A

ct to

exe

mpt

cro

wdf

undi

ng

secu

ritie

s tr

ansa

ctio

ns f

rom

its

regi

stra

tion

requ

irem

ents

, am

end

the

Inve

stm

ent C

ompa

ny A

ct

App

rove

d by

Hou

se.

Rec

eive

d in

Sen

ate

on

July

6, 2

016.

H

.R. 4

855

280


13

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

to e

xem

pt f

rom

the

defi

nitio

n of

inve

stm

ent

com

pany

any

issu

er th

at, f

or th

e pu

rpos

e of

m

akin

g a

crow

dfun

ding

off

erin

g, h

olds

the

secu

ritie

s of

not

mor

e th

an o

ne is

suer

elig

ible

to

offe

r se

curi

ties

(a s

ingl

e-pu

rpos

e fu

nd).

Su

ppo

rtin

g A

mer

ica’

s In

nova

tors

Act

of

2016

w

ould

am

end

the

Inve

stm

ent C

ompa

ny A

ct to

exe

mpt

fr

om it

s co

vera

ge a

ny is

suer

who

se o

utst

andi

ng

secu

riti

es w

ith

resp

ect t

o a

qual

ifyi

ng v

entu

re c

apit

al

fund

(ot

her

than

sho

rt-t

erm

pap

er)

are

bene

fici

ally

ow

ned

by n

ot m

ore

than

500

per

sons

and

def

ine

qual

ifyi

ng v

entu

re c

apita

l fun

d as

one

that

doe

s no

t pu

rcha

se m

ore

than

$10

mil

lion

(ann

ually

adj

uste

d fo

r in

flat

ion)

in s

ecur

ities

of

any

one

issu

er.

App

rove

d by

the

Hou

se.

Rec

eive

d in

the

Sen

ate

on J

uly

6, 2

016.

H

.R. 5

854

SE

C R

egu

lato

ry A

ccou

nta

bil

ity

Act

wou

ld, a

mon

g ot

her

thin

gs, r

evis

e nu

mer

ous

prov

isio

ns o

f th

e D

odd

Fra

nk A

ct r

elat

ing

to b

anki

ng o

rgan

izat

ions

and

the

CF

PB

, im

pose

enh

ance

d pe

nalti

es f

or f

inan

cial

fra

ud,

self

-dea

ling,

insi

der

trad

ing

and

othe

r co

rrup

t pr

acti

ces,

rep

eal s

ecti

ons

of th

e D

odd

Fra

nk A

ct th

at

Intr

oduc

ed to

the

Hou

se

Com

mit

tee

on F

inan

cial

S

ervi

ces

on J

une

9,

2016

.

H

.R. 5

429

281


14

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

lim

it ca

pita

l for

mat

ion,

rep

eal t

he D

odd

Fra

nk A

ct

prov

isio

ns w

ith r

espe

ct to

res

ourc

e ex

trac

tion

and

co

nflic

t min

eral

s an

d in

corp

orat

e m

ore

than

two

doze

n C

omm

itte

e on

Fin

anci

al S

ervi

ces

or H

ouse

pa

ssed

cap

ital f

orm

atio

n bi

lls, i

nclu

ding

bill

s re

latin

g to

pro

hibi

ting

the

SEC

fro

m e

stab

lishi

ng th

e in

vest

men

t adv

isor

sta

ndar

d of

con

duct

as

the

stan

dard

of

cond

uct f

or b

roke

rs a

nd d

eale

rs, c

reat

ing

a sm

all b

usin

ess

foru

m, a

men

ding

Reg

ulat

ion

D to

ex

clud

e ce

rtai

n ev

ents

suc

h as

pre

sent

atio

ns to

ang

el

inve

stor

gro

ups

and

crea

ting

a sa

fe h

arbo

r fo

r di

stri

butio

n of

res

earc

h re

port

s by

bro

kers

and

dea

lers

di

stri

butin

g se

curi

ties.

5

5.

To

be u

pdat

ed o

nce

an o

ffic

ial

sum

mar

y or

the

tex

t of

the

bil

l ha

s be

en m

ade

avai

labl

e by

the

Hou

se o

f R

epre

sent

ativ

es.

Add

itio

nal

pend

ing

legi

slat

ion

wil

l be

adde

d at

that

tim

e.

282


15

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

Mai

n S

tree

t G

row

th A

ct w

ould

am

end

the

Exc

hang

e A

ct to

per

mit

a na

tion

al s

ecur

ities

ex

chan

ge, f

or it

self

or

for

one

of it

s li

stin

g tie

rs, t

o el

ect t

reat

men

t as

a ve

ntur

e ex

chan

ge b

y no

tifyi

ng th

e S

EC

of

such

an

elec

tion

eith

er a

t the

tim

e it

appl

ies

for

regi

stra

tion

or

afte

r re

gist

erin

g as

a n

atio

nal

secu

riti

es e

xcha

nge.

Unl

ess

the

SE

C d

enie

s th

e re

gist

ratio

n ap

plic

atio

n w

ithin

six

mon

ths

afte

r its

re

ceip

t, th

e ap

plic

atio

n an

d el

ecti

on w

ould

be

deem

ed

to h

ave

rece

ived

SE

C a

ppro

val.

Sim

ilar

ly, a

fter

a

natio

nal s

ecur

ities

exc

hang

e re

gist

ers,

its

elec

tion

to

be tr

eate

d as

a v

entu

re e

xcha

nge

wou

ld b

e de

emed

ap

prov

ed u

nles

s th

e S

EC

den

ies

appr

oval

with

in s

ix

mon

ths

afte

r re

ceiv

ing

notic

e of

the

elec

tion.

The

bill

su

bjec

ts a

ven

ture

exc

hang

e to

cer

tain

res

tric

tions

, in

clud

ing

that

it m

ay: (

1) o

nly

cons

titu

te, m

aint

ain,

or

prov

ide

a m

arke

t pla

ce o

r fa

cili

ties

for

bri

ngin

g to

geth

er p

urch

aser

s an

d se

llers

of

vent

ure

secu

ritie

s,

and

(2)

not e

xten

d un

liste

d tr

adin

g pr

ivile

ges

to a

ny

vent

ure

secu

rity

. With

res

pect

to tr

adin

g on

a v

entu

re

exch

ange

, the

bill

als

o ex

empt

s fr

om r

egis

trat

ion

Intr

oduc

ed to

the

Hou

se

Com

mit

tee

on F

inan

cial

S

ervi

ces

on F

ebru

ary

26, 2

016.

Pla

ced

on th

e U

nion

Cal

enda

r on

Ju

ne 8

, 201

6.

H

.R. 4

638

283


16

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

unde

r th

e E

xcha

nge

Act

cer

tain

sec

uriti

es e

xem

pted

fr

om r

egis

trat

ion

unde

r th

e S

ecur

ities

Act

if th

e is

suer

is

in c

ompl

ianc

e w

ith a

ll di

sclo

sure

obl

igat

ions

and

re

gula

tion

s un

der

the

latt

er A

ct. A

lso,

the

Sec

urit

ies

Act

wou

ld b

e am

ende

d to

exe

mpt

ven

ture

sec

uriti

es

from

sta

te a

nd lo

cal g

over

nmen

t reg

ulat

ion.

Pro

xy A

dvi

sory

Fir

m R

efor

m A

ct w

ould

, am

ong

othe

r th

ings

, req

uire

pro

xy a

dvis

ory

firm

s to

mak

e di

sclo

sure

s ab

out t

heir

pro

cedu

res

for

advi

sing

clie

nts

and

any

pote

ntia

l or

actu

al c

onfl

icts

of

inte

rest

, pr

ovid

e ev

ery

com

pany

wit

h ac

cess

to th

eir

draf

t vo

ting

reco

mm

enda

tions

and

allo

w c

ompa

nies

to

prov

ide

com

men

ts to

the

pers

on w

ho d

evel

ops

the

reco

mm

enda

tion

and

revi

ew c

ompl

aint

s ab

out

accu

racy

and

res

olve

them

in a

tim

ely

fash

ion.

Intr

oduc

ed to

the

Hou

se

Com

mit

tee

on F

inan

cial

S

ervi

ces

on M

ay 2

4,

2016

H

.R. 5

311

Fos

teri

ng I

nnov

atio

n A

ct o

f 20

15 w

ould

am

ends

the

Sar

bane

s-O

xley

Act

with

res

pect

to th

e re

quir

emen

t th

at e

ach

regi

ster

ed p

ubli

c ac

coun

ting

fir

m th

at

prep

ares

or

issu

es a

n au

dit r

epor

t for

an

issu

er o

f se

curi

ties

(oth

er th

an a

n em

ergi

ng g

row

th c

ompa

ny)

App

rove

d by

the

Hou

se.

Ref

erre

d to

the

Sen

ate

Com

mit

tee

on B

anki

ng,

Hou

sing

and

Urb

an

Aff

airs

on

May

24,

201

6.

H

.R. 4

139

284


17

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

shal

l att

est t

o, a

nd r

epor

t on,

the

inte

rnal

con

trol

as

sess

men

t mad

e by

the

issu

er’s

man

agem

ent s

o th

at

this

req

uire

men

t wou

ld n

ot a

pply

with

res

pect

to a

ny

audi

t rep

ort p

repa

red

for

an is

suer

that

: cea

sed

to b

e an

em

ergi

ng g

row

th c

ompa

ny o

n th

e la

st d

ay o

f its

fi

scal

yea

r fo

llow

ing

the

fift

h an

nive

rsar

y of

its

firs

t sa

le o

f co

mm

on e

quity

sec

uriti

es, h

ad a

vera

ge a

nnua

l gr

oss

reve

nues

of

less

than

$50

mil

lion

as o

f its

mos

t re

cent

ly c

ompl

eted

fis

cal y

ear,

and

is n

ot a

larg

e ac

cele

rate

d fi

ler.

In a

ddit

ion,

this

tem

pora

ry e

xem

ptio

n fo

r lo

w-

reve

nue

issu

ers

wou

ld e

xpir

e up

on th

e ea

rlie

st o

f: th

e la

st d

ay o

f th

e is

suer

’s f

isca

l yea

r fo

llow

ing

the

tent

h an

nive

rsar

y of

its

firs

t sal

e of

com

mon

equ

ity

secu

ritie

s pu

rsua

nt to

an

effe

ctiv

e re

gist

ratio

n st

atem

ent u

nder

the

Sec

uriti

es A

ct o

f 19

33, t

he la

st

day

of th

e is

suer

’s f

isca

l yea

r du

ring

whi

ch th

e is

suer

’s a

vera

ge a

nnua

l gro

ss r

even

ues

exce

ed

$50

mill

ion,

or

the

date

upo

n w

hich

the

issu

er

beco

mes

a la

rge

acce

lera

ted

file

r.

285


18

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

Hel

pin

g A

ngel

s L

ead

Ou

r St

artu

ps

(HA

LO

S)

Act

w

ould

dir

ect t

he S

EC

to a

men

d R

egul

atio

n D

to m

ake

the

proh

ibiti

on a

gain

st g

ener

al s

olic

itatio

n or

gen

eral

ad

vert

isin

g in

appl

icab

le to

eve

nts

with

spe

cifi

ed

kind

s of

spo

nsor

s (i

nclu

ding

ang

el in

vest

or g

roup

s no

t con

nect

ed to

bro

ker-

deal

ers

or in

vest

men

t ad

vise

rs)

whe

re: p

rese

ntat

ions

or

com

mun

icat

ions

are

m

ade

by o

r on

beh

alf

of a

n is

suer

, the

adv

ertis

ing

does

not

ref

er to

any

spe

cifi

c of

feri

ng o

f se

curi

ties

by

the

issu

er, t

he s

pons

or d

oes

not e

ngag

e in

cer

tain

ac

tivi

ties

(su

ch a

s of

feri

ng in

vest

men

t re

com

men

dati

ons

or a

dvic

e to

att

ende

es),

the

spon

sor

does

not

rec

eive

com

pens

atio

n fo

r th

e ev

ent w

hich

w

ould

req

uire

reg

istr

atio

n as

a b

roke

r or

dea

ler

or a

s an

inve

stm

ent a

dvis

or, a

nd n

o sp

ecif

ic in

form

atio

n re

gard

ing

a se

curi

ties

offe

ring

is c

omm

unic

ated

(o

ther

than

that

the

issu

er is

in th

e pr

oces

s of

off

erin

g or

pla

nnin

g to

off

er s

ecur

ities

, inc

ludi

ng th

e ty

pe a

nd

amou

nt o

f se

curi

ties

bei

ng o

ffer

ed).

App

rove

d by

the

Hou

se.

Ref

erre

d to

the

Sen

ate

Com

mit

tee

on B

anki

ng,

Hou

sing

and

Urb

an

Aff

airs

on

Apr

il 28

, 20

16.

A c

ompa

rabl

e bi

ll w

as

intr

oduc

ed to

the

Sen

ate

Com

mit

tee

on B

anki

ng,

Hou

sing

and

Urb

an

Aff

airs

on

Apr

il 16

, 20

15.

H

.R. 4

498

S. 9

78

Acc

eler

atin

g A

cces

s to

Cap

ital

Act

wou

ld d

irec

t the

S

EC

to r

evis

e F

orm

S-3

so

as to

per

mit

secu

ritie

s to

A

ppro

ved

by th

e H

ouse

.

H.R

. 235

7

286


19

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

be r

egis

tere

d pu

rsua

nt to

Gen

eral

Ins

truc

tion

I.B

.1. o

f th

e fo

rm if

eith

er: (

1) th

e ag

greg

ate

mar

ket v

alue

of

votin

g an

d no

n-vo

ting

com

mon

equ

ity h

eld

by n

on-

affi

liate

s of

the

regi

stra

nt is

$75

mil

lion

or m

ore,

or

(2)

the

regi

stra

nt h

as a

t lea

st o

ne c

lass

of

com

mon

eq

uity

sec

uriti

es li

sted

and

reg

iste

red

on a

nat

iona

l se

curi

ties

exch

ange

and

wou

ld r

equi

re th

e S

EC

to

rem

ove

the

exis

ting

listin

g an

d re

gist

ratio

n re

quir

emen

t fro

m G

ener

al I

nstr

ucti

on I

.B.6

. of

F

orm

S-3

.

Mic

ro O

ffer

ing

Saf

e H

arb

or A

ct w

ould

am

end

the

Sec

urit

ies

Act

to e

xem

pt f

rom

spe

cifi

ed p

rohi

biti

ons

agai

nst t

he s

ale

or d

eliv

ery

afte

r sa

le o

f un

regi

ster

ed

secu

ritie

s, a

mon

g ot

her

thin

gs, t

rans

actio

ns in

volv

ing

the

sale

of

secu

ritie

s by

an

issu

er o

f m

icro

-off

erin

gs

that

mee

t one

or

mor

e of

the

foll

owin

g cr

iter

ia:

(i)

each

pur

chas

er h

as a

sub

stan

tive

pre-

exis

ting

rela

tion

ship

with

eit

her

an o

ffic

er o

r di

rect

or o

f th

e is

suer

, or

with

a s

hare

hold

er h

oldi

ng 1

0% o

r m

ore

of

the

issu

er’s

sha

res;

(ii)

dur

ing

the

12-m

onth

per

iod

prec

edin

g th

e tr

ansa

ctio

n th

ere

are

no m

ore

than

35

App

rove

d by

the

Hou

se.

H

.R. 4

850

287


20

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

purc

hase

rs o

f su

ch m

icro

-off

erin

gs s

old

in r

elia

nce

on

this

exe

mpt

ion;

and

(ii

i) th

e ag

greg

ate

amou

nt o

f al

l se

curi

ties

sol

d by

the

issu

er (

incl

udin

g an

y am

ount

so

ld in

rel

ianc

e up

on th

e ex

empt

ion)

dur

ing

the

12

-mon

th p

erio

d pr

eced

ing

the

tran

sact

ion

does

not

ex

ceed

$50

0,00

0 an

d w

ould

exe

mpt

suc

h m

icro

-of

feri

ngs

from

sta

te r

egul

atio

n of

sec

urit

ies

offe

ring

s.

Pri

vate

Pla

cem

ents

Im

pro

vem

ents

Act

of

2016

w

ould

dir

ect t

he S

EC

to r

evis

e th

e fi

ling

requ

irem

ents

of

Reg

ulat

ion

D to

req

uire

an

issu

er th

at o

ffer

s or

se

lls s

ecur

ities

in r

elia

nce

upon

Rul

e 50

6 to

file

, no

earl

ier

than

the

date

of

firs

t sal

e of

suc

h se

curi

ties,

a

sing

le n

otic

e of

sal

es c

onta

inin

g th

e in

form

atio

n re

quir

ed b

y Fo

rm D

for

eac

h ne

w o

ffer

ing

of

secu

ritie

s. I

t wou

ld a

lso

dire

ct th

e S

EC

to n

ot:

(1)

requ

ire

an is

suer

to f

ile

any

noti

ce o

f sa

les

cont

aini

ng th

e in

form

atio

n re

quir

ed b

y F

orm

D

exce

pt f

or th

is s

ingl

e no

tice

; (2)

con

diti

on th

e av

aila

bilit

y of

the

Rul

e 50

6 ex

empt

ion

upon

the

filin

g of

a F

orm

D o

r si

mil

ar r

epor

t; or

(3)

req

uire

issu

ers

to

subm

it w

ritte

n ge

nera

l sol

icita

tion

mat

eria

ls in

App

rove

d by

the

Hou

se.

H

.R. 4

852

288


21

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

conn

ectio

n w

ith a

lim

ited

offe

ring

sub

ject

to

Rul

e 50

6, e

xcep

t whe

n it

req

uest

s su

ch m

ater

ials

pu

rsua

nt to

spe

cifi

ed a

utho

rity

. It w

ould

dir

ect t

he

SE

C to

rev

ise

Rul

e 50

1(a)

, reg

ardi

ng a

Rul

e 50

6 of

feri

ng o

f a

priv

ate

fund

, to

char

acte

rize

as

an

accr

edit

ed in

vest

or a

“kn

owle

dgea

ble

empl

oyee

” of

th

at p

riva

te f

und

or th

e fu

nd’s

inve

stm

ent a

dvis

er a

nd

wou

ld p

rohi

bit t

he S

EC

fro

m e

xten

ding

to p

riva

te

fund

s th

e re

quir

emen

ts g

over

ning

inve

stm

ent

com

pany

sal

es li

tera

ture

.

Bro

kaw

Act

wou

ld d

irec

t the

SE

C to

am

end

Reg

ulat

ion

13D

-G to

ref

lect

a r

evis

ion

the

bill

mak

es

to th

e E

xcha

nge

Act

red

ucin

g fr

om 1

0 to

2 b

usin

ess

days

the

dead

line

for

disc

losi

ng to

the

SE

C a

ny

acqu

isiti

on o

f a

dire

ct o

r in

dire

ct s

hort

inte

rest

in a

n eq

uity

sec

urit

y of

a c

erta

in k

ind

of v

otin

g cl

ass

that

re

sult

s in

a d

irec

t or

indi

rect

sho

rt in

tere

st

repr

esen

ting

mor

e th

an 5

% o

f th

at c

lass

. The

bill

w

ould

dee

m a

per

son

as h

avin

g a

“sho

rt in

tere

st in

a

secu

rity

” if

the

pers

on h

as th

e op

port

unity

, eith

er

dire

ctly

or

indi

rect

ly, t

o pr

ofit

from

, or

shar

e in

any

Intr

oduc

ed to

the

Sen

ate

Com

mit

tee

on B

anki

ng,

Hou

sing

and

Urb

an

Aff

airs

on

Mar

ch 1

7,

2016

S

. 272

0

289


22

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

prof

it de

rive

d fr

om a

ny d

ecre

ase

in th

e va

lue

of th

e se

curi

ty (

incl

udin

g a

deri

vativ

e in

stru

men

t, or

a

perf

orm

ance

-rel

ated

fee

). T

he b

ill w

ould

dee

m a

pe

rson

to h

ave

a sh

ort i

nter

est i

n a

secu

rity

if th

e pe

rson

cre

ates

or

uses

cer

tain

inst

rum

ents

, inc

ludi

ng a

tr

ust,

prox

y, p

ower

of

atto

rney

, poo

ling

arra

ngem

ent,

or a

ny o

ther

con

trac

t, ar

rang

emen

t, or

dev

ice,

to

dive

st th

e pe

rson

of

a sh

ort i

nter

est i

n a

secu

rity

or

to

prev

ent t

he v

estin

g of

a s

hort

inte

rest

as

part

of

a pl

an

to e

vade

the

repo

rtin

g re

quir

emen

ts o

f th

e A

ct.

Cap

ital

Mar

ket

s Im

pro

vem

ent

Act

of

2016

wou

ld

dire

ct th

e S

EC

to r

evis

e re

gula

tions

to r

equi

re a

n is

suer

to f

urni

sh in

vest

ors

with

add

ition

al s

peci

fied

di

sclo

sure

s re

gard

ing

com

pens

ator

y be

nefi

t pla

ns if

th

e ag

greg

ate

sale

s pr

ice

or a

mou

nt o

f se

curi

ties

sol

d du

ring

any

con

secu

tive

12-m

onth

per

iod

exce

eds

$1

0 m

illio

n (c

urre

ntly

$5

mil

lion)

, ind

exed

for

in

flat

ion

ever

y fi

ve y

ears

, cre

ate

a sa

fe h

arbo

r fo

r ce

rtai

n pu

blic

atio

ns o

r di

stri

butio

ns o

f re

sear

ch

repo

rts

by b

roke

rs o

r de

aler

s di

stri

butin

g se

curi

ties,

ex

empt

em

ergi

ng g

row

th c

ompa

nies

and

issu

ers

wit

h

App

rove

d by

the

Hou

se.

Ref

erre

d to

the

Sen

ate

Com

mit

tee

on B

anki

ng,

Hou

sing

and

Urb

an

Aff

airs

on

Feb

ruar

y 4,

20

16.

H

.R. 1

675

290


23

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

tota

l ann

ual g

ross

rev

enue

s of

less

than

$25

0 m

illio

n fr

om th

e re

quir

emen

t to

use

XB

RL

for

fin

anci

al

stat

emen

ts a

nd o

ther

man

dato

ry p

erio

dic

repo

rts

file

d w

ith th

e SE

C a

nd w

ithin

5 y

ears

aft

er e

nact

men

t of

this

Act

, and

ther

eaft

er a

t lea

st o

nce

wit

hin

each

10

-yea

r pe

riod

, req

uire

the

SE

C to

: rev

iew

eac

h si

gnif

ican

t reg

ulat

ion

it ha

s is

sued

; det

erm

ine

by v

ote

whe

ther

it is

inef

fect

ive,

exc

essi

vely

bur

dens

ome,

un

nece

ssar

y, o

r in

cons

iste

nt w

ith it

s m

anda

te; s

olic

it pu

blic

com

men

t as

to w

heth

er th

e re

gula

tion

shou

ld

be a

men

ded

or r

epea

led;

and

sub

sequ

ently

am

end

or

repe

al a

ccor

ding

ly.

SE

C S

mal

l Bus

ines

s A

dvo

cate

Act

wou

ld a

men

d th

e E

xcha

nge

Act

to e

stab

lish

with

in th

e S

EC

an

Off

ice

of th

e A

dvoc

ate

for

Sm

all B

usin

ess

Cap

ital

For

mat

ion

and

esta

blis

h th

e S

mal

l Bus

ines

s C

apita

l F

orm

atio

n A

dvis

ory

Com

mitt

ee to

pro

vide

the

SE

C

with

adv

ice

on S

EC

rul

es, r

egul

atio

ns, a

nd p

olic

ies

rega

rdin

g its

mis

sion

of

prot

ectin

g in

vest

ors,

m

aint

aini

ng f

air,

ord

erly

, and

eff

icie

nt m

arke

ts, a

nd

faci

lita

ting

cap

ital

for

mat

ion,

as

they

rel

ate

to: c

apit

al A

ppro

ved

by th

e H

ouse

. R

efer

red

to th

e S

enat

e C

omm

itte

e on

Ban

king

, H

ousi

ng a

nd U

rban

A

ffai

rs o

n F

ebru

ary

2,

2016

.

H

.R. 3

784

291


24

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

rais

ing

by e

mer

ging

, pri

vate

ly h

eld

smal

l bus

ines

ses

and

publ

icly

trad

ed c

ompa

nies

with

less

than

$2

50 m

illio

n in

pub

lic m

arke

t cap

italiz

atio

n th

roug

h se

curi

ties

offe

ring

s; tr

adin

g in

the

secu

ritie

s of

suc

h bu

sine

sses

and

com

pani

es; a

nd p

ublic

rep

ortin

g an

d co

rpor

ate

gove

rnan

ce r

equi

rem

ents

of

such

bu

sine

sses

and

com

pani

es.

Fai

r In

vest

men

t O

pp

ortu

nit

ies

for

Pro

fess

ion

al

Exp

erts

Act

wou

ld a

men

d th

e S

ecur

ities

Act

to a

dd

to th

e de

fini

tion

of

accr

edit

ed in

vest

or a

ny n

atur

al

pers

on w

hose

indi

vidu

al n

et w

orth

, or

join

t net

wor

th

wit

h hi

s or

her

spo

use,

exc

eeds

$1

mil

lion

(ad

just

ed

ever

y fi

ve y

ears

for

infl

atio

n), w

hose

indi

vidu

al

inco

me

exce

eded

$20

0,00

0 in

eac

h of

the

two

mos

t re

cent

yea

rs, o

r w

hose

join

t inc

ome

wit

h sp

ouse

ex

ceed

ed $

300,

000

in e

ach

of th

ose

year

s, a

nd h

as a

re

ason

able

exp

ecta

tion

of

reac

hing

the

sam

e in

com

e le

vel i

n th

e cu

rren

t yea

r; w

ho is

cur

rent

ly li

cens

ed o

r re

gist

ered

as

a br

oker

or

inve

stm

ent a

dvis

er b

y th

e S

EC

, FIN

RA

(or

an

equi

vale

nt s

elf-

regu

lato

ry

orga

niza

tion)

, or

a st

ate

divi

sion

res

pons

ible

for

App

rove

d by

the

Hou

se.

Ref

erre

d to

the

Sen

ate

Com

mit

tee

on B

anki

ng,

Hou

sing

and

Urb

an

Aff

airs

on

Feb

ruar

y 2,

20

16.

H

.R. 2

187

292


25

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

licen

sing

or

regi

stra

tion

of in

divi

dual

s in

con

nect

ion

with

sec

uriti

es a

ctiv

ities

; or

who

se d

emon

stra

ble

educ

atio

n or

job

expe

rien

ce q

ualif

ies

as p

rofe

ssio

nal

know

ledg

e of

a s

ubje

ct r

elat

ed to

a p

artic

ular

in

vest

men

t, an

d w

hose

edu

catio

n or

job

expe

rien

ce is

ve

rifi

ed b

y th

e F

INR

A o

r an

equ

ival

ent s

elf-

regu

lato

ry o

rgan

izat

ion.

GR

OW

Act

wou

ld a

men

d th

e S

arba

nes-

Oxl

ey A

ct to

ex

empt

fro

m th

e au

dito

r at

test

atio

n of

inte

rnal

con

trol

as

sess

men

ts a

n is

suer

of

secu

riti

es w

hose

tota

l mar

ket

capi

taliz

atio

n is

less

than

$2

billi

on.

Intr

oduc

ed to

the

Hou

se

Com

mit

tee

on F

inan

cial

Se

rvic

es o

n N

ovem

ber

3,

2015

.

H

.R. 3

891

Str

eam

linin

g E

xces

sive

an

d C

ostl

y (S

EC

) R

egu

lati

ons

Rev

iew

Act

wou

ld r

equi

re th

e S

EC

, w

ithin

5 y

ears

aft

er e

nact

men

t of

this

Act

, and

th

erea

fter

at l

east

onc

e w

ithi

n ea

ch 1

0-ye

ar p

erio

d, to

: re

view

eac

h si

gnif

ican

t reg

ulat

ion

it ha

s is

sued

; de

term

ine

by v

ote

whe

ther

it is

inef

fect

ive,

ex

cess

ivel

y bu

rden

som

e, u

nnec

essa

ry, o

r in

cons

iste

nt

with

its

man

date

; sol

icit

publ

ic c

omm

ent a

s to

w

heth

er th

e re

gula

tion

shou

ld b

e am

ende

d or

Intr

oduc

ed to

the

Hou

se

Com

mit

tee

on F

inan

cial

S

ervi

ces

on M

ay 1

5,

2015

. Pla

ced

on th

e U

nion

Cal

enda

r on

Ja

nuar

y 28

, 201

6.

H

.R. 2

354

293


26

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

repe

aled

; and

sub

sequ

ently

am

end

or r

epea

l ac

cord

ingl

y.

Sm

all C

omp

any

Dis

clos

ure

Sim

plif

icat

ion

Act

w

ould

exe

mpt

em

ergi

ng g

row

th c

ompa

nies

and

is

suer

s w

ith to

tal a

nnua

l gro

ss r

even

ues

of le

ss th

an

$250

mil

lion

from

the

requ

irem

ent t

o us

e X

BR

L f

or

fina

ncia

l sta

tem

ents

and

oth

er m

anda

tory

per

iodi

c re

port

s fi

led

with

the

SE

C.

Intr

oduc

ed to

the

Hou

se

Com

mit

tee

on F

inan

cial

S

ervi

ces

on A

pril

22,

2015

. Pla

ced

on th

e U

nion

Cal

enda

r on

Ja

nuar

y 28

, 201

6.

H

.R. 1

965

Insi

der

Tra

din

g P

roh

ibit

ion

Act

wou

ld

amen

d th

e E

xcha

nge

Act

to p

rohi

bit a

ny p

erso

n fr

om tr

adin

g se

curi

ties

or e

ffec

tuat

ing

such

tr

ades

whi

le in

pos

sess

ion

of r

elat

ed m

ater

ial,

nonp

ublic

info

rmat

ion,

or

whi

le e

ither

kno

win

g or

rec

kles

sly

disr

egar

ding

that

the

info

rmat

ion

has

been

obt

aine

d w

rong

fully

, or

that

the

tran

sact

ions

wou

ld c

onst

itute

a w

rong

ful u

se o

f su

ch in

form

atio

n an

d m

ake

it u

nlaw

ful f

or a

ny

pers

on w

hose

ow

n se

curi

ties

tran

sact

ions

vi

olat

e th

is A

ct to

com

mun

icat

e w

rong

fully

to

anot

her

pers

on m

ater

ial,

nonp

ublic

info

rmat

ion

Intr

oduc

ed to

the

Hou

se

Com

mit

tee

on F

inan

cial

S

ervi

ces

on M

arch

25,

20

15.

H

.R. 1

625

294


27

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

rela

ting

to e

ither

thos

e tr

ansa

ctio

ns o

r th

e m

arke

t for

them

if th

e ot

her

pers

on: p

urch

ases

, se

lls, o

r ca

uses

the

purc

hase

or

sale

of,

any

se

curi

ty o

r se

curi

ty-b

ased

sw

ap o

r en

ters

into

or

cau

ses

the

entr

y in

to a

ny s

ecur

ity-b

ased

sw

ap a

gree

men

t, to

whi

ch s

uch

com

mun

icat

ion

rela

tes;

or

com

mun

icat

es th

e in

form

atio

n to

an

othe

r pe

rson

who

mak

es o

r ca

uses

suc

h a

tran

sact

ion

whi

le in

pos

sess

ion

of s

uch

info

rmat

ion.

En

cou

ragi

ng

Em

plo

yee

Ow

ner

ship

Act

wou

ld

dire

ct th

e S

EC

to r

evis

e re

gula

tions

to r

equi

re a

n is

suer

to f

urni

sh in

vest

ors

with

add

ition

al s

peci

fied

di

sclo

sure

s re

gard

ing

com

pens

ator

y be

nefi

t pla

ns if

th

e ag

greg

ate

sale

s pr

ice

or a

mou

nt o

f se

curi

ties

sol

d du

ring

any

con

secu

tive

12-m

onth

per

iod

exce

eds

$1

0 m

illio

n (c

urre

ntly

$5

mil

lion)

, ind

exed

for

in

flat

ion

ever

y fi

ve y

ears

.

Intr

oduc

ed to

the

Sen

ate

Com

mit

tee

on B

anki

ng,

Hou

sing

and

Urb

an

Aff

airs

on

Feb

ruar

y 26

, 20

15.

S

. 576

295


28

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

Pro

mot

ing

Job

Cre

atio

n an

d R

edu

cing

Sm

all

Bu

sin

ess

Bu

rden

s A

ct w

ould

, am

ong

othe

r th

ings

, ex

empt

em

ergi

ng g

row

th c

ompa

nies

and

issu

ers

wit

h to

tal a

nnua

l gro

ss r

even

ues

of le

ss th

an $

250

mil

lion

from

the

requ

irem

ents

to u

se X

BR

L f

or m

anda

tory

pe

riod

ic r

epor

ts f

iled

with

the

SE

C a

nd w

ould

dir

ect

the

SE

C to

rev

ise

Rul

e 70

1 to

req

uire

an

issu

er to

fu

rnis

h in

vest

ors

wit

h ad

diti

onal

spe

cifi

ed d

iscl

osur

es

rega

rdin

g co

mpe

nsat

ory

bene

fit p

lans

if th

e ag

greg

ate

sale

s pr

ice

or a

mou

nt o

f se

curi

ties

sol

d du

ring

any

co

nsec

utiv

e 12

-mon

th p

erio

d ex

ceed

s $1

0 m

illi

on

(cur

rent

ly $

5 m

illio

n), i

ndex

ed f

or in

flat

ion

ever

y

five

yea

rs. O

ther

pro

visi

ons

of th

e A

ct h

ave

been

ad

opte

d as

par

t of

the

FAST

Act

.

App

rove

d by

the

Hou

se.

Ref

erre

d to

the

Sen

ate

Com

mit

tee

on B

anki

ng,

Hou

sing

and

Urb

an

Aff

airs

on

Janu

ary

16,

2015

.

H

.R. 3

7

RE

CE

NT

LY

AD

OP

TE

D O

R E

NA

CT

ED

Gol

den

Lea

sh P

aym

ents

– D

iscl

osu

re o

f C

omp

ensa

tion

or

Oth

er P

aym

ents

by

Th

ird

P

arti

es t

o B

oard

of

Dir

ecto

r’s

Mem

ber

s or

N

omin

ees.

Nas

daq

adop

ted

Rul

e 52

50(b

)(3)

SE

C a

ppro

ved

rule

s on

Ju

ly 1

, 201

6 N

ew r

ule

effe

ctiv

e Ju

ly 3

1,

2016

33

-782

23. M

B

Leg

al U

pdat

e da

ted

July

18,

20

16.

296


29

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

to r

equi

re e

ach

Nas

daq-

liste

d co

mpa

ny to

pu

blic

ly d

iscl

ose

the

mat

eria

l ter

ms

of a

ll

agre

emen

ts o

r ar

rang

emen

ts b

etw

een

any

dire

ctor

or

nom

inee

for

dir

ecto

r on

the

com

pany

’s b

oard

and

any

thir

d pa

rty

othe

r th

an th

e co

mpa

ny r

elat

ing

to c

ompe

nsat

ion

or

othe

r pa

ymen

t in

conn

ectio

n w

ith th

at

pers

on’s

can

dida

cy o

r se

rvic

e as

a d

irec

tor.

T

he d

iscl

osur

e w

ould

req

uire

a N

asda

q-lis

ted

com

pany

to d

iscl

ose

this

info

rmat

ion

eith

er o

n or

thro

ugh

the

com

pany

’ w

ebsi

te o

r in

the

defi

nitiv

e pr

oxy

or in

form

atio

n st

atem

ent f

or

the

next

sha

reho

lder

s’ m

eeti

ng a

t whi

ch

dire

ctor

s ar

e el

ecte

d (o

r, if

the

com

pany

doe

s no

t fil

e pr

oxy

or in

form

atio

n st

atem

ents

, in

its

For

m 1

0-K

or

For

m 2

0-F)

.

Dis

clos

ure

of

Pay

men

ts b

y R

esou

rce

Ext

ract

ion

Is

suer

s. S

ectio

n 15

04 o

f th

e D

odd

Fran

k A

ct a

dded

se

ctio

n 13

(q)

to th

e E

xcha

nge

Act

req

uiri

ng r

esou

rce

extr

acti

on is

suer

s to

dis

clos

e in

an

annu

al r

epor

t pa

ymen

ts m

ade

to f

orei

gn g

over

nmen

ts o

r th

e F

eder

al S

EC

ado

pted

rul

es o

n Ju

ne 2

7, 2

016

A r

esou

rce

extr

actio

n is

suer

m

ust c

ompl

y w

ith th

e fi

nal r

ule

and

form

for

fis

cal y

ears

end

ing

on o

r af

ter

Sept

embe

r 30

, 201

8

34-7

8167

. MB

L

egal

Upd

ate

date

d Ju

ly 1

3,

2016

297


30

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

Gov

ernm

ent f

or th

e pu

rpos

e of

com

mer

cial

de

velo

pmen

t of

oil,

natu

ral g

as o

r m

iner

als.

Imp

rovi

ng t

he

Tra

nsp

aren

cy o

f A

udit

s: R

ule

s to

R

equ

ire

Dis

clos

ure

of

Cer

tain

Aud

it P

arti

cip

ants

on

a N

ew P

CA

OB

For

m a

nd R

elat

ed A

men

dm

ents

to

Aud

itin

g St

anda

rds.

The

PC

AO

B a

dopt

ed n

ew

rule

s an

d re

late

d am

endm

ents

to it

s au

ditin

g st

anda

rds

that

will

impr

ove

tran

spar

ency

reg

ardi

ng th

e en

gage

men

t par

tner

and

oth

er a

ccou

ntin

g fi

rms

that

to

ok p

art i

n th

e au

dit.

The

rul

es w

ill r

equi

re

disc

losu

re o

f th

e na

me

of th

e en

gage

men

t par

tner

and

in

form

atio

n ab

out o

ther

acc

ount

ing

firm

s on

new

P

CA

OB

For

m A

P, A

udito

r R

epor

ting

of C

erta

in

Aud

it P

artic

ipan

ts to

be

file

d w

ith

the

PC

AO

B b

y th

e in

depe

nden

t aud

itor.

SE

C a

ppro

ved

rule

s on

M

ay 9

, 201

6 E

ffec

tive

for

audi

t rep

orts

is

sued

on

or a

fter

Jan

uary

31,

20

17 w

ith r

espe

ct to

dis

clos

ure

of th

e en

gage

men

t par

tner

and

fo

r au

dit r

e por

ts is

sued

Jun

e 30

, 20

17 w

ith r

espe

ct to

dis

clos

ure

of o

ther

acc

ount

ing

firm

s

34-7

7787

Pay

Rat

io D

iscl

osu

re. T

he S

EC

ado

pted

rul

es to

re

quir

e di

sclo

sure

of

the

med

ian

of th

e an

nual

tota

l co

mpe

nsat

ion

of a

ll em

ploy

ees

of a

reg

istr

ant

(exc

ludi

ng th

e ch

ief

exec

utiv

e of

fice

r), t

he a

nnua

l to

tal c

ompe

nsat

ion

of th

at r

egis

tran

t’s

chie

f ex

ecut

ive

SE

C a

dopt

ed r

ules

on

Aug

ust 5

, 201

5 R

egis

tran

ts m

ust c

ompl

y w

ith

the

fina

l rul

e fo

r th

e fi

rst f

ull

fisc

al y

ear

begi

nnin

g on

or

afte

r Ja

nuar

y 1,

201

7

33-9

887.

MB

L

egal

Upd

ate

date

d A

ugus

t 20

, 201

5.

298


31

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

offi

cer,

and

the

ratio

of

the

med

ian

of th

e an

nual

tota

l co

mpe

nsat

ion

of a

ll em

ploy

ees

to th

e an

nual

tota

l co

mpe

nsat

ion

of th

e ch

ief

exec

utiv

e of

fice

r.

10-K

Su

mm

ary

Pag

e. T

he S

EC

ado

pted

inte

rim

fin

al

rule

s im

plem

entin

g se

ctio

n 72

001

of th

e F

AS

T A

ct

by p

erm

ittin

g is

suer

s to

sub

mit

a su

mm

ary

page

on

For

m l0

-K.

SE

C a

dopt

ed in

teri

m f

ina

rule

s an

d pr

opos

ed

com

men

t on

thos

e ru

les

on J

une

1, 2

016

New

rul

e ef

fect

ive

June

9,

2016

. Com

men

t per

iod

ends

Ju

ly 1

1, 2

016.

34-7

7969

Cha

nges

to

Exc

hang

e A

ct R

egis

trat

ion

R

equ

irem

ents

to

Imp

lem

ent

Tit

le V

an

d T

itle

VI

of t

he

JOB

S A

ct. T

he S

EC

ado

pted

am

endm

ents

to

rule

s to

impl

emen

t Tit

les

V (

Pri

vate

Com

pany

F

lexi

bilit

y an

d G

row

th)

and

VI

(Cap

ital E

xpan

sion

) of

the

JOB

S A

ct to

ref

lect

the

new

, hig

her

thre

shol

ds

for

regi

stra

tion

, ter

min

atio

n of

reg

istr

atio

n an

d su

spen

sion

of

repo

rtin

g th

at w

ere

set f

orth

in th

e JO

BS

Act

, app

ly th

e th

resh

olds

spe

cifi

ed f

or b

anks

an

d ba

nk h

oldi

ng c

ompa

nies

to s

avin

gs a

nd lo

an

hold

ing

com

pani

es, a

nd to

rev

ise

the

defi

nitio

n of

“h

eld

of r

ecor

d” in

Rul

e 12

g5-1

, in

acco

rdan

ce w

ith

the

JOB

S A

ct, t

o ex

clud

e ce

rtai

n se

curi

ties

hel

d by

SE

C a

dopt

ed f

inal

rul

es

on M

ay 3

, 201

6 Ju

ne 9

, 201

6 33

-100

75. M

B

Leg

al U

pdat

e da

ted

May

12,

20

16.

299


32

AC

TIV

ITY

DE

SCR

IPT

ION

C

UR

RE

NT

ST

AT

US

AN

TIC

IPA

TE

D

AC

TIO

N D

AT

E4

CIT

E

pers

ons

who

rec

eive

d th

em p

ursu

ant t

o em

ploy

ee

com

pens

atio

n pl

ans

and

esta

blis

h a

non-

excl

usiv

e sa

fe h

arbo

r fo

r de

term

inin

g w

heth

er s

ecur

itie

s ar

e “h

eld

of r

ecor

d” f

or p

urpo

ses

of r

egis

trat

ion

unde

r Se

ctio

n 12

(g).

Sim

pli

fica

tion

of

Dis

clos

ure

Req

uir

emen

ts f

or

Em

ergi

ng

Gro

wth

Com

pan

ies

and

For

war

d

Inco

rpor

atio

n b

y R

efer

ence

on

For

m S

-1 f

or

Sm

alle

r R

epor

tin

g C

omp

anie

s. T

he S

EC

ado

pted

in

teri

m f

inal

rul

es to

impl

emen

t sec

tions

710

03 a

nd

8400

1 of

the

FAS

T A

ct, w

hich

rev

ise

For

ms

S-1

and

F

-1 to

per

mit

em

ergi

ng g

row

th c

ompa

nies

to o

mit

fina

ncia

l inf

orm

atio

n fo

r ce

rtai

n hi

stor

ical

per

iods

an

d re

vise

For

m S

-1 to

per

mit

for

war

d in

corp

orat

ion

by r

efer

ence

for

sm

alle

r re

port

ing

com

pani

es. T

he

Com

mis

sion

als

o re

ques

ted

com

men

t on

the

inte

rim

fi

nal r

ules

.

SE

C a

dopt

ed in

teri

m

fina

l rul

es a

nd p

ropo

sed

com

men

t on

thos

e ru

les

on J

anua

ry 1

3, 2

016

New

rul

es e

ffec

tive

Janu

ary

19,

2016

. Com

men

t per

iod

ends

Fe

brua

ry 1

8, 2

016.

33-1

0003

300


33

May

er B

row

n is

a g

loba

l le

gal

serv

ices

org

aniz

atio

n ad

visi

ng m

any

of t

he w

orld

’s l

arge

st c

ompa

nies

, in

clud

ing

a si

gnif

ican

t po

rtio

n of

the

For

tune

100

, FT

SE

100

, DA

X a

nd H

ang

Sen

g In

dex

com

pani

es a

nd m

ore

than

hal

f of

the

wor

ld’s

larg

est b

anks

. Our

le

gal s

ervi

ces

incl

ude

bank

ing

and

fina

nce;

cor

pora

te a

nd s

ecur

ities

; liti

gatio

n an

d di

sput

e re

solu

tion;

ant

itrus

t and

com

peti

tion;

US

Sup

rem

e C

ourt

and

app

ella

te m

atte

rs;

empl

oym

ent

and

bene

fits

; en

viro

nmen

tal;

fin

anci

al s

ervi

ces

regu

lato

ry &

enf

orce

men

t; go

vern

men

t an

d gl

obal

tr

ade;

in

telle

ctua

l pr

oper

ty;

real

es

tate

; ta

x;

rest

ruct

urin

g,

bank

rupt

cy

and

inso

lven

cy;

and

wea

lth

man

agem

ent.

Ple

ase

visi

t our

web

site

for

com

preh

ensi

ve c

onta

ct in

form

atio

n fo

r al

l May

er B

row

n of

fice

s. w

ww

.may

erbr

own.

com

May

er B

row

n is

a g

loba

l le

gal

serv

ices

pro

vide

r co

mpr

isin

g le

gal

prac

tices

tha

t ar

e se

para

te e

ntiti

es (

the

“May

er B

row

n P

ract

ices

”).

The

May

er B

row

n P

ract

ices

are

: M

ayer

Bro

wn

LL

P a

nd M

ayer

Bro

wn

Eur

ope-

Bru

ssel

s L

LP

, bo

th l

imite

d lia

bilit

y pa

rtne

rshi

ps e

stab

lish

ed i

n Il

lino

is U

SA

; M

ayer

Bro

wn

Inte

rnat

iona

l L

LP

, a

limit

ed l

iabi

lity

part

ners

hip

inco

rpor

ated

in

Eng

land

an

d W

ales

(au

thor

ized

and

reg

ulat

ed b

y th

e S

olic

itors

Reg

ulat

ion

Aut

hori

ty a

nd r

egis

tere

d in

Eng

land

and

Wal

es n

umbe

r O

C

3033

59);

May

er B

row

n, a

SE

LA

S e

stab

lishe

d in

Fra

nce;

May

er B

row

n JS

M,

a H

ong

Kon

g pa

rtne

rshi

p an

d its

ass

ocia

ted

lega

l pr

actic

es i

n A

sia;

and

Tau

il &

Che

quer

Adv

ogad

os,

a B

razi

lian

law

par

tner

ship

wit

h w

hich

May

er B

row

n is

ass

ocia

ted.

May

er

Bro

wn

Con

sulti

ng (

Sin

gapo

re)

Pte

. L

td a

nd i

ts s

ubsi

diar

y, w

hich

are

aff

ilia

ted

wit

h M

ayer

Bro

wn,

pro

vide

cus

tom

s an

d tr

ade

advi

sory

and

con

sulta

ncy

serv

ices

, not

lega

l ser

vice

s.

“May

er B

row

n” a

nd th

e M

ayer

Bro

wn

logo

are

the

trad

emar

ks o

f th

e M

ayer

Bro

wn

Pra

ctic

es in

thei

r re

spec

tive

juri

sdic

tion

s.

© 2

016

The

May

er B

row

n P

ract

ices

. All

righ

ts r

eser

ved.

Atto

rney

adv

ertis

ing

301


NOTES

302