Stephen M. Quinlivan

Stephen M. Quinlivan

Stinson Leonard Street

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SEC Sued to Implement Resource Extraction Rules

On July 2, 2013, the United States District Court for the District of Columbia vacated the SEC’s resource extraction rules which were mandated by the Dodd-Frank Act. Since that time, industry players have asked the SEC to...more

9/19/2014 - Cross-Border Dodd-Frank EU Resource Extraction SEC

Bank Regulators Propose Relaxed Margin Requirements for Corporate End Users of Uncleared Swaps

Five federal agencies have taken a second stab at a proposed rule to establish margin requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as...more

9/10/2014 - Bank Holding Company Act Banking Sector Banks Dodd-Frank Major Swap Participants Margin Requirements Proposed Regulation Security-Based Swaps Swap Dealers Swaps

Good News and Bad News: Commerce Department Publishes List of Conflict Minerals Processing Facilities

The good news is the Commerce Department published a list of ”all known conflict mineral processing facilities worldwide” as required by section 1502(d)(3)(C) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. ...more

9/8/2014 - Conflict Mineral Rules Dodd-Frank SEC

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 The Dodd-Frank Wall Street Reform and Consumer Protection Act repealed the...more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

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

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

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

SEC Commissioner Wants Dodd-Frank Wrapped Up

SEC Commissioner Kara M. Stein recently gave remarks on the status of required Dodd-Frank rulemakings. The pay ratio, claw back, conflict minerals and resources extraction rules didn’t really seem all that important to her...more

6/16/2014 - Conflict Mineral Rules Disclosure Requirements Dodd-Frank Rulemaking Process SEC SEC Commissioner

Report Indicates Armed Groups Cede Control of Conflict Minerals Mines in Congo

A report issued by the organization Enough Project indicates market changes spurred by the Dodd-Frank Act’s provisions on conflict minerals have helped to significantly reduce the involvement of armed groups in eastern...more

6/13/2014 - Conflict Mineral Rules Dodd-Frank Mining SEC

CFTC To Make First Whistleblower Award For $240,000 — But Why?

The CFTC has a whistleblower award program that is separate from, but somewhat similar to, the SEC’s whistleblower award program. Both are mandated by the Dodd-Frank Act. The CFTC has announced that the agency will...more

5/21/2014 - CFTC Dodd-Frank SEC Whistleblower Awards Whistleblowers

SEC Issues Additional FAQs On Engineering Exclusion From Municipal Advisor Rules

We have reviewed prior SEC guidance on the municipal advisor rules, from a view point of structuring a business to avoid a municipal advisory role. The SEC has now issued additional FAQs, including on the engineering...more

5/20/2014 - Construction Contracts Contractors Dodd-Frank Funding Municipal Advisers Municipal Securities Issuers Municipalities SEC Securities

Whistleblower Doesn’t Have To Report To SEC For Dodd-Frank Protection

In Yang v. Navigators Group, Inc. (S.D.N.Y. 2014), the court held the Dodd-Frank anti-retaliation statute does not clearly and unambiguously limit whistleblower protection to individuals who report violations to the SEC where...more

5/13/2014 - Anti-Retaliation Provisions Dodd-Frank Sarbanes-Oxley Whistleblower Protection Policies Whistleblowers

NAM Throws A Hail Mary In Conflicts Minerals Case

When Commissioners Daniel M. Gallagher and Michael S. Piwowar released this Joint Statement on the Conflict Minerals Decision on April 28, 2014, I wondered where it would go. ...more

5/2/2014 - Conflict Mineral Rules Dodd-Frank First Amendment Manufacturers NAM SEC

Bad People Can’t Buy Failed Banks

The Federal Deposit Insurance Corporation, or FDIC, has adopted a final rule to implement section 210(r) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under that section, individuals or entities that have,...more

4/21/2014 - Bad Actors Banks Dodd-Frank FDIC

Court Invalidates Conflict Minerals Rule Because It Crosses First Amendment Line

In the end, it’s pretty simple. The court held the conflicts minerals rule and statute embodied in Dodd-Frank violate the First Amendment to the extent the statute and rule require regulated entities to report to the...more

4/16/2014 - Conflict Mineral Rules Dodd-Frank First Amendment SEC Supply Chain

Agencies Issue Proposed Rule On Minimum Requirements For Appraisal Management Companies

Six agencies have issued a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies, or AMCs. An AMC is an entity that serves as an intermediary between...more

3/24/2014 - Appraisal Appraisal Management Companies Dodd-Frank FDIC OTS

SEC Issues Interpretive Guidance On Municipal Advisor Registration Rules

The SEC Office of Municipal Securities has issued interpretive guidance to address questions from market participants regarding the implementation of new final SEC rules requiring municipal advisors to register with the...more

1/13/2014 - Dodd-Frank Financial Regulatory Reform Municipal Securities Market Municipalities SEC

SEC Removes References To NRSRO Ratings In Certain Rules And Forms

The SEC has adopted amendments to eliminate references in certain of its rules and forms to credit ratings by nationally recognized statistical rating organizations, or NRSROs. The changes were required by the...more

1/7/2014 - Credit Ratings Dodd-Frank NRSRO SEC Securities Exchange Act

Summary Of Proposed Amendments To Regulation A

On December 18, 2013, the SEC published its proposal to modify Regulation A. The SEC is proposing to expand Regulation A into two tiers: Tier 1, for offerings of up to $5 million; and Tier 2, for offerings of up to $50...more

12/31/2013 - Debt Securities Dodd-Frank Eligibility Equity Securities Exemptions Offerings Private Equity Private Offerings Regulation A Reporting Requirements SEC Startups

Government Watch Dogs Disagree On Analysis Associated With Dodd-Frank Rulemaking

The Dodd-Frank Act requires or authorizes various federal agencies to issue hundreds of rules to implement reforms intended to strengthen the financial services industry. As amended by Public Law No. 112-10, the act also...more

12/16/2013 - Dodd-Frank GAO OMB

Volker Rule Has Vague Guidance About Prohibited Compensation

The so-called Volker Rule, as required to be implemented by the Dodd-Frank Act, generally prohibits any banking entity from engaging in proprietary trading. The final rule has been adopted by the Office of the Comptroller of...more

12/11/2013 - Compensation & Benefits Dodd-Frank Exemptions FDIC Federal Reserve OCC SEC Volcker Rule

Whistleblowers Can Now File Complaints Online With OSHA

Whistleblowers covered by one of 22 statutes (including Sarbanes-Oxley and Dodd-Frank) administered by the U.S. Department of Labor’s Occupational Safety and Health Administration will now be able to file complaints online. ...more

12/6/2013 - Dodd-Frank DOL OSHA Sarbanes-Oxley Whistleblowers

SEC Issues Credit Rating Agency Independence Study – No Changes Necessary

The staff of the Office of Credit Ratings of the SEC has submitted a study under Section 939C of the Dodd-Frank Wall Street Reform and Consumer Protection Act to the Committee on Banking, Housing, and Urban Affairs of the...more

11/22/2013 - Conflicts of Interest Credit Ratings Dodd-Frank Rating Agencies SEC

Representatives Object To Exemption From Resource Extraction Rule Disclosures

Congress is working to reconcile differing versions of legislation to implement an Obama Administration deal with Mexico to develop oil and gas resources in the Gulf of Mexico. Three Democratic lawmakers recently wrote...more

11/20/2013 - Dodd-Frank Energy Exploration Natural Resources Oil & Gas Resource Extraction SEC

Whistleblower Not Entitled To Jury Trial

In Pruett v BlueLinx Holdings, Inc., decided by the United States District Court for the Northern District of Georgia (1:13-cv-02607), the court held that a whistleblower suing under Dodd-Frank’s non-retaliation provisions...more

11/14/2013 - Anti-Retaliation Provisions Dodd-Frank Jury Trial Whistleblowers

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