Stephen M. Quinlivan

Stephen M. Quinlivan

Stinson Leonard Street

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Three Dodd-Frank Whistleblower Anti-Retaliation Claims Fail

Courts recently issued three opinions on the whistleblower anti-retaliation provisions of the Dodd-Frank Act. In Murray v. UBS Securities, LLC, Mr. Murray claimed he was terminated because he refused to skew his...more

3/4/2015 - Anti-Retaliation Provisions CFPB Dodd-Frank Injunctive Relief Mortgage-Backed Securities Sarbanes-Oxley Termination UBS Whistleblowers

SEC Proposes Hedging Disclosures Regarding Directors, Officers and Employees

The SEC has proposed rules to implement Section 955 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as codified in Section 14(j) of the Exchange Act, which requires annual meeting proxy statement disclosure...more

2/10/2015 - Annual Meeting Board of Directors Disclosure Requirements Dodd-Frank Equity Securities Hedging Proposed Regulation Proxy Statements SEC Securities Exchange Act

Court Finds Agreement to Arbitrate in Home Mortgage Invalid

The United States District Court For The Southern District Of Mississippi, Southern Division, recently found an agreement to arbitrate in a home mortgage was invalid in Richards v. Gibson. The court cited 15 U.S.C. §...more

2/3/2015 - Arbitration Arbitration Agreements Dodd-Frank Mortgages

End-Users Are Dodd-Frank Collateral Damage According To CFTC Commissioner

CFTC Commissioner J. Christopher Giancarlo recently delivered remarks where he stated “Unfortunately, caught up in some of the collateral damage surrounding the Dodd-Frank reforms were the traditional commodity and energy...more

1/30/2015 - Agriculture CFTC Dodd-Frank End-Users Energy Sector Financial Regulatory Reform Market Participants Nonbank Firms Threshhold Requirements

New Legislation Exempts Swap End Users From Margin Requirements

The House and Senate have passed legislation which provides that swap end-users do not have to provide initial and variation margin for uncleared swaps as previously required by the Dodd-Frank Act. The provision is...more

1/12/2015 - Dodd-Frank Exemptions Margin Requirements New Legislation Swaps TRIA

Federal Insurance Office Releases Reinsurance Report

The U.S. Department of the Treasury’s Federal Insurance Office, or FIO, released its report on the Breadth and Scope of the Global Reinsurance Market and the Critical Role Such Market Plays in Supporting Insurance in the...more

1/5/2015 - Dodd-Frank Information Reports Reinsurance U.S. Treasury

Fed Issues Volker Rule FAQs

The Federal Reserve Board has issued FAQs on the Volker Rule set forth in Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The FAQs mirror other FAQs issued by Office of the Comptroller of the...more

1/2/2015 - CFTC Dodd-Frank FDIC Federal Reserve OCC SEC Volcker Rule

3rd Circuit Holds Dodd-Frank Retaliation Claim Subject to Arbitration

In Khazin v. TD Ameritrade the United States Court of Appeals for the Third Circuit held that securities-related retaliation claims brought under Dodd-Frank pursuant to 15 U.S.C. § 78u-6(h)(1)(B)(i) are subject to arbitration...more

12/22/2014 - Appeals Arbitration Arbitration Agreements Dodd-Frank Retaliation Securities TD Ameritrade

What Really Happened to the Swap Pushout Rule and Dodd-Frank Sleepers From Cromnibus

The swap pushout rule was originally embodied in Section 716 of the Dodd-Frank Act. Among other things, it prohibited “federal assistance” to any “swaps entity.” Insured depository institutions were subject to this...more

12/18/2014 - Appropriations Bill Banks Dodd-Frank Financial Institutions Swaps

Streamlined Regulation for Insurance Companies

The Insurance Capital Standards Clarification Act of 2014 has been presented to President Obama for signature. The bill will: Add language to Section 171 of Dodd-Frank to clarify that, in establishing minimum capital...more

12/16/2014 - Bank Holding Company Dodd-Frank Federal Reserve Insurers Pending Legislation

OFR Annual Report Highlights Some Increasing Threats to Financial Stability

The Dodd-Frank Wall Street Reform and Consumer Protection Act established the Office of Financial Research, or OFR, within the Treasury Department to improve the quality of financial data available to policymakers and to...more

12/5/2014 - Dodd-Frank Financial Markets Financial Stability Acts OFR Risk Assessment U.S. Treasury

Loan Syndicators Sue to Invalidate Risk Retention Rules

The Loan Syndications and Trading Association, or LSTA, is a not-for-profit trade association representing members participating in the syndicated corporate loan market. The LSTA has petitioned the United States Court of...more

12/1/2014 - Dodd-Frank Federal Reserve Risk Retention SEC Trade Associations

SEC Finds Crowdfunding Website a General Solicitation and Violated Broker-Dealer Rules

In a settled enforcement action, the SEC alleged the defendant failed to implement procedures reasonably designed to prevent U.S. persons from accessing and investing in securities through its crowdfunding website. The...more

11/11/2014 - Broker-Dealer Compliance Crowdfunding Dodd-Frank General Solicitation Popular SEC

SEC Snares 10 for 8-K Violations

The SEC settled actions with ten companies for alleged Form 8-K violations. The investigation centered on failure to file Form 8-K when shares of common stock are sold in transactions that are not registered with the SEC...more

11/7/2014 - Dodd-Frank Enforcement Enforcement Actions Form 8-K SEC

New Surprises in Final 2015 ISS Policy Updates

ISS has issued its 2015 policy updates. Unilateral Bylaw/Charter Amendments - This policy is new stand-alone policy. Previously these matters were evaluated under the ISS governance failure policy. ISS...more

11/7/2014 - Bylaws Compliance Corporate Charters Corporate Governance Dodd-Frank ISS

OIG Outlines Major CFPB Management Challenges

The Office of Inspector General, or OIG, of the Board of Governors of the Federal Reserve System has issued its first listing of major management challenges facing the CFPB. These challenges represent what OIG believes to be...more

10/31/2014 - CFPB Compliance Dodd-Frank Federal Reserve OIG Strategic Enforcement Plan

Providing Audited Financial Statements Late Leads to Charges of Custody Rule Violations

The SEC announced charges against an investment advisory firm and three of its top officials for violating the “custody rule” that requires firms to follow certain procedures when they control or have access to client money...more

10/30/2014 - Audits Custody Rule Dodd-Frank Enforcement Enforcement Actions Financial Statements Investment Adviser SEC

Regulators Approve Securitization Risk Retention Rule

Six federal agencies approved a final rule requiring sponsors of securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the Dodd-Frank Wall Street...more

10/23/2014 - CFPB Compliance Dodd-Frank FDIC Federal Reserve Risk Retention SEC

ISS Proposes New Methodology For Evaluating Equity Plan Proposals

A key component to evaluating whether to place an equity plan proposal in a proxy is whether or not ISS will support the plan. Accoding to ISS, while it has historically recommended against approximately 30 percent of equity...more

10/21/2014 - Compliance Dodd-Frank Equity Plans ISS

ISS Considering Changing Course on Independent Chair Shareholder Proposals

ISS is requesting feedback on a change to its voting policy on independent chair shareholder proposals. ISS’ current policy is to generally recommend for independent chair shareholder proposals unless the company satisfies...more

10/17/2014 - Corporate Governance Dodd-Frank ISS Shareholders

FINRA Reminds Anti-Whistleblower Provisions Are Not Permitted in Settlement Agreements

FINRA has published a regulatory notice where it reminds firms that it is a violation of FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) to include confidentiality provisions in settlement agreements...more

10/16/2014 - Arbitration Dodd-Frank FINRA Non-Judicial Settlement Agreements Settlement Whistleblower Protection Policies Whistleblowers

CFPB Considering Issuing No-Action Letters

The CFPB has issued a proposed policy where it would issue no-action letters in limited circumstances. The proposed policy is designed for new financial products or services where there may be uncertainty about how they fit...more

10/14/2014 - CFPB Dodd-Frank No-Action Letters

It’s Going to be Harder to Sell Unregistered Securities

The SEC has issued a Risk Alert and FAQs to remind broker-dealers of their obligations when they sell unregistered securities on behalf of clients. This occurs when founders and employees sell their initial stakes in...more

10/10/2014 - Broker-Dealer Compliance Dodd-Frank Private Placements SEC

Tulane Releases Study on First-Year Conflict Minerals Filings

The Payson Center for International Development of Tulane University Law School released a study analyzing the results of a June 2014 survey of issuers who filed the required Form SD. The study investigates the market impact...more

10/8/2014 - Conflict Mineral Rules Dodd-Frank Form SD Issuers Public Disclosure Surveys

MD&A Rules Do Not Create Rule 10b-5 Disclosure Obligation

The Ninth Circuit recently examined whether Item 303 of Regulation of S-K, which sets forth the MD&A rules, creates an affirmative duty of disclosure on which to pin a Rule 10b-5 case. The case centered around a significant...more

10/7/2014 - Breach of Duty Compliance Disclosure Disclosure Requirements Dodd-Frank Regulation S-K Rule 10b-5 Stocks

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