Stephen M. Quinlivan

Stephen M. Quinlivan

Stinson Leonard Street

Contact  |  View Bio  |  RSS

Latest Publications

Share:

Conflict Minerals: Court Orders NAM to File Response to En Banc Rehearing Petition

The SEC, the perceived loser in the conflicts minerals case at the time, filed a petition for an en banc rehearing on May 29, 2014. NAM, the perceived winner at the time, stayed silent. After these many months, with public...more

8/29/2014 - Conflict Mineral Rules NAM SEC

FINRA and Exchanges Submit Tick Size Pilot Plan

FINRA and the exchanges have complied with an SEC order to establish a national market system plan to implement a targeted 12-month pilot program that will widen minimum quoting and trading increments (tick sizes) for certain...more

8/27/2014 - FINRA SEC Stocks

Fed Proposes to Repeal Rule Regarding Unfair or Deceptive Acts or Practices

The Federal Reserve Board has requested comment on a proposal to repeal its Regulation AA regarding unfair or deceptive acts or practices. The Dodd-Frank Wall Street Reform and Consumer Protection Act repealed the...more

8/26/2014 - Dodd-Frank Federal Reserve Regulation AA Repeal Unfair or Deceptive Trade Practices

Lender Agrees to Pay CFPB $2.75 Million Fine for Distorting Credit Records

The CFPB obtained a consent order from an auto finance company that allegedly distorted consumer credit records for years. The auto finance company, which according to the CFPB lends primarily to subprime borrowers, allegedly...more

8/22/2014 - Automotive Industry Automotive Loans CFPB Consent Order Credit Reports Lenders

CFPB Revises Mortgage Servicing Transfer Guidance

The CFPB believes there are potential risks to consumers that may arise in connection with transfers of residential mortgage servicing rights. The CFPB has stated its concern in this area remains heightened due to the...more

8/21/2014 - CFPB Mortgage Servicers Mortgages Real Estate Transfers

Amnesty International Continues to Push for En Banc Rehearing in Conflict Minerals Case

Amnesty International has filed a supplemental brief which continues to advocate for a rehearing en banc in the conflict minerals case. The argument is this: American Meat Institute v. U.S. Department of Agriculture...more

8/20/2014 - American Meat Institute Amnesty International Conflict Mineral Rules Department of Agriculture Disclosure Requirements En Banc Review

SEC Reports on Use of Form PF Data

The SEC has issued its annual report on use of Form PF data. In its examination and enforcement programs regarding registered investment advisers that manage private funds, the staff generally reviews information contained...more

8/19/2014 - Compliance Enforcement Enforcement Actions Form PF Private Funds SEC

MSRB Seeks to Extend Pay-to-Play Rule to Municipal Advisors

The Municipal Securities Rulemaking Board, or MSRB, is requesting comment on draft amendments to Rule G-37, the MSRB’s pay-to-play rule for municipal securities dealers, that would extend the rule to municipal advisors....more

8/19/2014 - MSRB Municipal Advisers Pay-To-Play

FinCEN Seeks to Turn Beneficial Ownership Disclosure of Private Entities on its Head

My colleagues over at our banking blog have highlighted proposed regulations by the Financial Crimes Enforcement Network, or FinCEN, under the Bank Secrecy Act which are meant to combat illicit financial activity, including...more

8/18/2014 - Anti-Money Laundering Bank Secrecy Act Compliance Disclosure Requirements Financial Crimes FinCEN

FNMA Survey Indicates QM Rules Lead to Increased Lender Costs

FannieMae has released a survey that indicates the CFPB’s Ability-to-Repay (“ATR”) and Qualified Mortgage (“QM”) rules will lead to increased lender costs. Specifically, most firms (74%) reported that they expect their...more

8/15/2014 - Ability-to-Repay CFPB Fannie Mae Mortgages Qualified Mortgage Rule

ISDA Says End User Transactions Dominate Interest Rate Derivative Markets

ISDA believes there is a misperception that only a small fraction of derivatives activity relates to hedging that benefits the “real economy.” ISDA has published an analysis that challenges this assumption. ...more

8/14/2014 - Derivatives End-Users ISDA

Suspense and Intrigue Surround Closed SEC Meeting

The SEC Office of Inspector General has released a redacted version of an investigation regarding a leak of Commissioner Piwowar’s vote during an executive session of a closed Commission meeting regarding an enforcement...more

8/13/2014 - Mary Jo White OIG SEC

CFPB Cautions on Bitcoin and Begins Collecting Complaints on Virtual Currencies

The CFPB has issued a useful consumer advisory on virtual currencies. The advisory notes Bitcoin transactions may not be anonymous and “Information about each and every Bitcoin transaction is publicly shared and stored...more

8/12/2014 - Bitcoins CFPB Consumer Complaint System Popular Privacy Concerns Virtual Currency

SEC Commissioner Objects to Retroactive Application of Dodd-Frank Bars

Commissioner Gallagher recently filed this opinion dissenting in part with respect to In the Matter of John W. Lawton. The matter arose out of the alleged misconduct of respondent John W. Lawton, who purportedly committed...more

8/6/2014 - Dodd-Frank Fraud Investment Advisers Act of 1940 NRSRO SEC

GAO Can’t Conclude Large Banks Have Lower Funding Costs Than Smaller Banks

The Government Accountability Office, or GAO, was asked to review the benefits that the largest bank holding companies (those with more than $500 billion in assets) have received from perceived government support. In...more

8/4/2014 - Bank Holding Company Banking Sector Banks Funding GAO

SEC Waives Rule and Reverses Course to Grant Whistleblower Windfall

In August 2013 the SEC whistleblower claims review staff issued a preliminary determination and recommended a whistleblower claim be denied. Although the record demonstrated that the claimant provided original information to...more

8/1/2014 - Compliance Dodd-Frank Enforcement Enforcement Actions SEC Self-Regulatory Organizations Whistleblower Protection Policies Whistleblowers

SEC Grants Exceptions to Family Office Rules

The SEC has previously adopted a rule to define “family offices” that are excluded from the Investment Advisers Act of 1940. “Family offices” are entities established by wealthy families to manage their wealth and provide...more

7/31/2014 - Estate Planning Family Offices Investment Advisers Act of 1940 SEC Tax Planning

New Decision Bodes Well for SEC in Conflict Minerals Case

In April 2014, the United States Court of Appeals for the District of Columbia held the SEC’s conflict minerals rule and statute embodied in Dodd-Frank violate the First Amendment to the extent the statute and rule require...more

7/30/2014 - Conflict Mineral Rules Dodd-Frank Enforcement Enforcement Actions First Amendment SEC

Hedge Fund COO Makes Admissions in SEC Settlement

The SEC announced that the former Chief Operating Officer at Harbinger Capital Partners LLC has agreed to settle allegations that he assisted a scheme by the firm and its owner to misappropriate millions of dollars from a...more

7/29/2014 - C-Suite Executives Hedge Funds Income Taxes Misappropriation SEC Settlement

CFPB Proposes Amendments to Home Mortgage Disclosure Act

The CFPB has proposed a rule to improve information reported about the residential mortgage market. According to the CFPB, the rule would shed more light on consumers’ access to mortgage credit by updating the reporting...more

7/25/2014 - CFPB Disclosure HMDA Mortgages

8th Circuit to Determine Scope of Dodd-Frank Whistleblower Claim

The United States District Court for the District of Nebraska has certified a question for interlocutory appeal to the Eighth Circuit in the case of Bussing v. COR Clearing, LLC (8:12-cv-238). The question involves whether...more

7/23/2014

Examples of Social Media in M&A Transactions

In April 2014, the SEC provided guidance on the use of social media in M&A and other contexts. Companies have begun to cautiously make use of the guidance but the flood gates haven’t exactly opened....more

7/21/2014 - Enforcement FCC Popular SEC Social Media

When is a Consultant an Executive Officer? – SEC Brings Another Case

The SEC has instituted administrative proceedings against a registrant and others alleging that two individuals with prior law violations secretly controlled the operational and management decisions of the registrant while...more

7/17/2014 - Consultants Corporate Officers Issuers SEC

FSOC = Firing Squad On Capitalism Says SEC Commissioner

Speaking at a conference, SEC Commissioner Michael S. Piwowar’s opening remarks included “In preparing for this speech, I thought a lot about what moniker I could use to best describe the [Financial Oversight Stability...more

7/16/2014 - FSOC SEC

Examples of Fee Shifting By-Laws

Some smaller companies and those in the process of going public have begun adopting fee shifting by-laws. As my colleagues at Stinson Leonard Street have advised, we urge caution for those headed in this direction until,...more

7/14/2014 - Bylaws Delaware General Corporation Law Fee-Shifting Public Offerings

225 Results
|
View per page
Page: of 9