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© 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
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Annual Disclosure Documents 2016
CORPORATE LAW AND PRACTICECourse Handbook Series
Number B-2290
Co-ChairsSandra L. Flow
Michael L. HermsenMary J. Mullany
© Practising Law Institute
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
© Practising Law Institute
270
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
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
© Practising Law Institute
33
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NOTES
302