Stephen M. Quinlivan

Stephen M. Quinlivan

Stinson Leonard Street

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SEC Denies Listing of another Bitcoin Fund; Petition for Review Filed for Winklevoss Bitcoin Trust

The SEC has denied a proposed rule change by NYSE Arca to permit the listing and trading of shares of the SolidX Bitcoin Trust. The reasons were substantially similar to the reasons the SEC denied a proposed rule change...more

3/29/2017 - Bitcoin Digital Currency Financial Markets Financial Sector Listing Rules NYSE SEC Securities Exchange Act Trading Platforms Virtual Currency

Regulation A+ Issuer Aims for NYSE MKT Listing

Myomo, Inc. has had an offering statement qualified by the SEC in which it discloses an intent to apply to list its common stock on the NYSE MKT LLC. The offering seeks to raise $15 million on a “best efforts” basis without...more

3/22/2017 - Capital Raising Common Stock Financial Markets Medical Devices NYSE Offering Statements Pharmaceutical Industry Publicly-Traded Companies Regulation A Robotics SEC Securities Exchange Act

Proposed Judgment in Conflict Minerals Case

Pursuant to a court order, the parties to the conflict minerals case have filed a proposed judgment after they advised the court no further proceedings were necessary. The text of the proposed judgment is as follows...more

3/21/2017 - Conflict Mineral Rules Disclosure Requirements Dodd-Frank First Amendment SEC Summary Judgment

Parties Request Judgment be Entered in Conflict Minerals Case

The conflict minerals case was remanded to the United Stated District Court for the District of Columbia for further proceedings. Judge Jackson ordered the parties to file a joint status report indicating whether any further...more

3/13/2017 - Appeals Conflict Mineral Rules Disclosure Requirements Dodd-Frank First Amendment Remand Resource Extraction SEC

SEC Order Prevents Winklevoss Bitcoin Trust

The SEC declined to approve a rule change submitted by Bats BZX Exchange designed to permit the listing and trading the Winklevoss Bitcoin Trust. The SEC said it did not approve the proposed rule change because it did not...more

3/13/2017 - Bitcoin Digital Currency Exchange-Traded Products Financial Markets Financial Sector SEC Technology Trusts Virtual Currency

SEC Proposes to Require Use of Inline XBRL

In 2009 the SEC adopted rules requiring operating companies to provide the information from the financial statements accompanying their registration statements and periodic and current reports in machine-readable format using...more

3/7/2017 - Disclosure Requirements Emerging Growth Companies Financial Statements Foreign Private Issuers GAAP Mutual Funds Registration Statement Reporting Requirements SEC XBRL Filing Requirements

SEC Requires Hyperlinking of Exhibits

The SEC has adopted rules which will require public companies, or registrants, to include a hyperlink to each exhibit identified in an exhibit index, unless the exhibit is filed in paper pursuant to a temporary or continuing...more

3/6/2017 - EDGAR Hyperlink Publicly-Traded Companies Registration Statement Regulation S-K Regulation S-T Rule 105 SEC XBRL Filing Requirements

SEC to Consider Requiring Inline XBRL Reporting and Comments on Disclosures in the Financial Services Industry

The SEC has issued a notice of a meeting to consider: Whether to propose amendments to rules and forms to require the use of the Inline XBRL format for the submission of operating company financial statement information...more

2/24/2017 - Comment Period Disclosure Requirements Dodd-Frank Financial Sector Financial Services Industry Financial Statements SEC XBRL Filing Requirements

Judge Orders Status Report in Conflict Minerals Case

The conflict minerals case was remanded to the United Stated District Court for the District of Columbia for further proceedings. Judge Jackson has ordered the parties to file a joint status report, on or before March 10,...more

2/16/2017 - Conflict Mineral Rules Disclosure Requirements Dodd-Frank First Amendment Manufacturers SEC

OCIE Issues Alert on the Five Most Frequent Compliance Topics Identified in Examinations of Investment Advisers

The SEC’s Office of Compliance Inspections and Examinations, or OCIE, has published a list of the five compliance topics most frequently identified in deficiency letters that are sent to SEC-registered investment advisers....more

2/9/2017 - Books & Records Custody Rule Industry Examinations Investment Adviser Investment Advisers Act of 1940 OCIE SEC Strict Compliance

SEC to Reconsider Implementation of Pay Ratio Rule

Following on the heels of its announcement to reconsider implementation of the conflict minerals rule, SEC Acting Chairman Michael S. Piwowar has announced his intention to conduct a review of the Dodd-Frank pay ratio rule....more

2/7/2017 - Disclosure Requirements Dodd-Frank Executive Compensation Pay Ratio SEC

SEC Resource Extraction Rule to be Eliminated Under Congressional Review Act

As we previously noted, the House was set to vote on the disapproval of the SEC Resource Extraction Rule under the Congressional Review Act. The joint resolution passed the House by a vote of 235 in favor and 187 against. ...more

2/3/2017 - Administrative Procedure Act Disclosure Requirements Dodd-Frank Minerals Natural Resources Oil & Gas Resource Extraction SEC

First Form AP Filed with the PCAOB

Grant Thornton LLP became the first registered public accounting firm to file a Form AP with the PCAOB. Form AP currently requires identification of the engagement audit partner associated with certain SEC filings and the...more

2/3/2017 - Accounting Accounting Controls Auditors Audits Filing Requirements Financial Sector PCAOB Required Forms SEC

SEC Reconsidering Conflict Minerals Implementation

SEC Acting Chairman Michael S. Piwowar issued a “Statement on the Commission’s Conflict Minerals Rule” and another statement titled “Reconsideration of Conflict Minerals Rule Implementation.” Chairman Piwowar reviewed...more

2/1/2017 - Comment Period Conflict Mineral Rules Democratic Republic of Congo Disclosure Requirements Dodd-Frank First Amendment Mining National Security SEC

SEC Simplifies Filing of Broker-Dealer Annual Reports on EDGAR

The SEC has previously provided guidance on the filing of annual and supplemental reports required under Rule 17a-5 or Rule 17a-12 by broker-dealers or over-the-counter derivatives dealers on the SEC EDGAR system. However,...more

1/31/2017 - Annual Reports Broker-Dealer Derivatives EDGAR Filing Requirements Financial Markets Financial Sector FINRA No-Action Letters Reporting Requirements SEC

House Seeking to Disapprove the Resource Extraction Rule

On Wednesday, February 1, 2017, the House of Representatives is scheduled to consider a joint resolution of disapproval of the SEC’s resource extraction rule. This resolution is provided for under the Congressional Review Act...more

1/31/2017 - Capital Markets Congressional Review Act Dodd-Frank Mineral Extraction Minerals Resource Extraction SEC U.S. House

SEC Brings Enforcement Action for Disclosure Failures During Merger Talks

The SEC announced that Allergan Inc. had agreed to admit securities law violations and pay a $15 million penalty for disclosure failures in the wake of a hostile takeover bid. The SEC’s order finds that Allergan failed...more

1/23/2017 - Allergan Inc Corporate Counsel Disclosure Requirements Hostile Takeover Mergers Negotiations Penalties Pharmaceutical Industry Popular SEC Securities Violations Valeant

Pay-to-Play Enforcement Sweep Snares Private Equity and Venture Capital

On January 17, 2017, the SEC announced nine settled enforcement actions for violations of the pay-to-pay rule against private equity, venture capital and hedge fund sponsors. The firms involved agreed to pay monetary...more

1/23/2017 - De Minimis Claims Enforcement Actions Government Officials Hedge Funds Investment Adviser Pay-To-Play Political Candidates Political Contributions Private Equity Rule 206(4)-5 SEC Venture Capital

SEC Publishes Regulation A+ Statistics

The SEC has published a white paper describing the types of Regulation A+ offerings to date. Facts published include: As of October 31, 2016, prospective issuers have publicly filed offering statements for 147 Regulation...more

1/3/2017 - Financial Sector Public Offerings Regulation A SEC

10th Circuit Finds SEC Administrative Proceedings are Unconstitutional

The Appointments Clause of the US Constitution requires that “inferior officers” be appointed by the President, department heads or courts of law. SEC administrative law judges, or ALJs, are not appointed by the SEC – they...more

12/29/2016 - ALJ Appointments Clause Constitutional Challenges SEC

SEC Finds Pre-IPO Transactions Were Unlawful Security-Based Swaps

The SEC announced that Equidate Inc. agreed to settle charges that it violated federal securities laws by failing to register security-based swaps that were offered and sold online to shareholders in pre-IPO companies....more

12/7/2016 - Commodities Exchange Act Dodd-Frank Financial Markets Financial Sector Registration Requirement Registration Statement SEC Securities Violations Security-Based Swaps Swaps

The Domestic Corrupt Practices Act Arrives According to the SEC

The Securities and Exchange Commission announced that the parent company of United Airlines has agreed to pay $2.4 million to settle charges for providing a public official with more convenient flight options. The parent...more

12/5/2016 - Airlines Airports Books & Records Bribery Corruption Criminal Prosecution Non-Prosecution Agreements Port Authority Public Officials SEC United Airlines White Collar Crimes

SEC Issues Report on Modernization and Simplification of Regulation S-K Required by FAST Act

Section 72003 of the FAST Act directs the SEC to carry out a study of Regulation S-K’s requirements and to consult with the Commission’s Investor AdvisoryCommittee (the “IAC”) and Advisory Committee on Small and Emerging...more

11/28/2016 - Disclosure Requirements Emerging Growth Companies Fixing America’s Surface Transportation Act (FAST Act) Investor Advisory Committee Publicly-Traded Companies Regulation S-K SEC

ISS Announces 2017 Benchmark Policy Updates

ISS has announced its 2017 policy changes. Some key changes for the U.S. are discussed below. Restrictions on Binding Shareholder Proposals. ISS has adopted a new policy when shareholders do not have the ability to...more

11/22/2016 - Benchmarks Bylaws ISS SEC Shareholder Proposals

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