GLOBAL CERTIFICATE PROGRAM FOR REGULATORS OF SECURITIES MARKETS

Transcription

1 GLOBAL CERTIFICATE PROGRAM FOR REGULATORS OF SECURITIES MARKETS December 4-8, 2017 Harvard Law School, Cambridge, MA ~ 1 ~

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3 Welcome from the Director Welcome to Harvard Law School! The Program on International Financial Systems (HLS-PIFS) is honored to be hosting you for Phase II of the Global Certificate Program (GCP). We have created a dynamic program for you and trust that you will enjoy a rewarding experience at Harvard this week. Phase II will serve as a capstone experience where leading faculty and experts will put before you new and emerging issues in order for you to apply your skills and knowledge to future regulatory challenges. This cutting-edge curriculum will be led by my Harvard Law School colleagues with assistance from our friends at IOSCO, other faculty, industry leaders and senior public policy makers. My team at HLS-PIFS stands ready to help make your experience as enjoyable as possible, so please do not hesitate to call on Whitney, Kristina, James A. or James S. for assistance. I look forward to meeting you and thank you for choosing to join us. Sincerely, HAL S. SCOTT Nomura Professor and Director PIFS, Harvard Law School ~ 1 ~

4 Harvard Law School Library, Langdell Hall Harvard Law School at a glance: 1817 Year the School was founded 2 Alumni presidents of the United States 1 Rank in the 2017 QS World University Rankings 16 Alumni/ae U.S. Supreme Court justices 1,990 Enrolled students 2 million Books in the HLS Library collection ~2~

5 INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS HARVARD LAW SCHOOL PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS IOSCO/PIFS-Harvard Law School Global Certificate Program for Regulators of Securities Markets December 4-8, 2017, Cambridge, MA, United States Phase II - Curriculum (as of 12/5/17) Location: Harvard Law School Campus- Wasserstein Hall 1585 Massachusetts Ave., Cambridge, MA Sunday December 3 5:00 7:00 Welcome Cocktail Reception The Reading Room, The Harvard Faculty Club, 20 Quincy Street, Cambridge, MA Monday December 4 Wasserstein Hall Room :00 09:15 Welcome and Overview of Curriculum Hal S. Scott, Nomura Professor of International Financial Systems, Harvard Law School Paul P. Andrews, Secretary General, IOSCO James Shipton, Executive Director, PIFS, Harvard Law School 9:15 10:45 Session 1: Regulatory Strategy: Design Dilemmas in Regulatory Practice (A) Session objectives: to assess: (i) The relationship between compliance and riskmanagement. Legal model of regulation v. Expert model; (ii) Striking the balance between promotion of best practices, and focusing on concentrations of risk or patterns of noncompliance; & the notion of Regulatory Craftsmanship, and its effect as an antidote to the "Swinging of the Regulatory Pendulum" and to the persistence of ideological preferences based on specific regulatory tools. ~ 3 ~

6 INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS Global Certificate Program Phase II Curriculum (Harvard) HARVARD LAW SCHOOL PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS Malcolm Sparrow, Professor of the Practice of Public Management, Harvard s Kennedy School of Government 10:45 11:00 Break 11:00 12:20 Session 2: Regulatory Strategy: Design Dilemmas in Regulatory Practice (B) Session objectives: Understand: (i) the four different types of work in which regulators engage: functional, work, process-based work, problem-centric (or "risk-based") work, & crisis response; (ii) the challenge of managing and institutionalizing risk-based work; (iii) the challenges of integrating, within one agency, different types of work. Understanding interaction effects between them; and (iv) classes of risk that prove the need for developing an effective problem-centric capability. Malcolm Sparrow, Professor of the Practice of Public Management, Harvard s Kennedy School of Government 12:30 1:40 Lunch Milstein East A 1:45 3:15 Session 3: Regulatory Strategy: Case Study Exercise Fashioning the Relationship between Regulators and Regulated: Lessons from Civil Aviation Safety Session objectives: Explore: (i) alternate regulatory structures, and how they differ in terms of delegation (to industry) of various aspects of the risk-management task; (ii) strengths and weaknesses of specific regulatory models, such as prescriptive regulation, performancebased regulation, self-regulation, co-regulation, responsive regulation, etc; and (iii) adopting a discriminating approach to fitting different regulatory structures to different classes of risk. Malcolm Sparrow, Professor of the Practice of Public Management, Harvard s Kennedy School of Government 3:15 3:30 Break 3:30 5:00 Session 4: Ethical Business Regulation Session objectives: Introduce a new concept of an ideal regulatory relationship between authorities and businesses: Ethical Business Regulation (EBR). Propose the application of EBR ~ 4 ~

7 INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS Global Certificate Program Phase II Curriculum (Harvard) HARVARD LAW SCHOOL PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS to the regulatory relationship between public authorities and businesses that includes adoption of behavioural economic concepts. Christopher Hodges, Professor of Justice Systems, University of Oxford Tuesday December 5 - Wasserstein Hall Room :45 10:15 Session 5: Madoff Case Study Part II 1 Session objectives: Review the strategic and operational lessons to be learned from the SEC s (failed) supervisory actions in the Madoff case. James Shipton, Executive Director, PIFS, Harvard Law School Gary Tidwell, IOSCO 10:15 10:30 Break 10:30 11:30 Session 6: Digital Finances Evolution & Development Session objectives: (i) Review the historical context of the utilization of technology in finance; (ii) Assess where FinTech is currently having a significant impact (especially in developing markets); (iii) Discuss the likely evolution of digital finance; & (iv) Identify and assess the risks of digital finance. Douglas Arner, Kerry Holdings Professor in Law, University of Hong Kong 11:30 1:00 Session 7: Seminar on FinTech s Financial Stability & Consumer/ Investor Protection Risks Douglas Arner, Kerry Holdings Professor in Law, University of Hong Kong (moderator) Paul Redman, Chief Economist & Head of Research, Ontario Securities Commission Jodi Scrofani, Head of Security Assurance - Americas, Amazon Web Services Andres Wolberg-Stok, Global Head of Policy, Citi FinTech 1 Part I of this case study was conducted during Phase I in Madrid. ~ 5 ~

8 INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS Global Certificate Program Phase II Curriculum (Harvard) HARVARD LAW SCHOOL PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS Kathleen Hamm, Global Leader of Securities and Fintech Services and Senior Strategic Adviser to the CEO on Cyber Solutions, Promontory 1:00 2:15 Lunch Milstein East A 2:15 3:15 Session 8: Lecture: Evolution & Developments in RegTech Session objectives: (i) Assess the types of regulatory responses that technology can assist with; (ii) Classify RegTech responses by regulators v. financial services firms; (iii) Review the digital and analytical tools being developed for regulators; & (iv) Review & assess the adoption of digital regulatory tools and the adoption of RegTech to meet the FinTech challenges. Douglas Arner, Kerry Holdings Professor in Law, University of Hong Kong 3:15 3:30 Break 3:30 5:00 Session 9: Seminar on Utilizing RegTech for Regulation, Supervision & Enforcement Douglas Arner, Kerry Holdings Professor in Law, University of Hong Kong (moderator) Paul Redman, Chief Economist & Head of Research, Ontario Securities Commission Jeff Kupfer, Co-Founder, Starling Trust Andres Wolberg-Stok, Global Head of Policy, Citi FinTech Kathleen Hamm, Global Leader of Securities and Fintech Services and Senior Strategic Adviser to the CEO on Cyber Solutions, Promontory Sean McHugh, Managing Director & Head of APAC Compliance, Goldman Sachs Daniel Sibears, Executive Vice President, Shared Services - Regulatory Operations, FINRA Wednesday December 6 - Wasserstein Hall Room :00 10:30 Session 10: Lecture and Case Studies: Corporate Governance: Introduction & Overview John Coates, Professor of Law and Economics at Harvard Law School ~ 6 ~

9 INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS Global Certificate Program Phase II Curriculum (Harvard) HARVARD LAW SCHOOL PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS Session objectives: from the perspective of securities regulators: (i) examine the new corporate structure of firms after the rise of institutional investors; (ii) type of institutional investors; (iii) assess the implications of the new corporate ownership structure for corporate and securities regulators; (iv) assess the implications and interaction between activist investors, passive investors, and reticent investors; (v) agency problems between corporations and institutional investors, and agency problems between institutional investors and ultimate beneficiaries; (iv) regulation of institutional investors; (vii) rise, regulation and implications of proxy advisors for securities regulators. 10:30 10:45 Break 10:45 12:15 Session 11: Seminar: The Role of Activist Shareholders, Institutional Advisors & Short Termism in Corporate Governance John Coates, Professor of Law and Economics at Harvard Law School (moderator) Jim Rossman, Managing Director, Head of Corporate Preparedness, Lazard Adam Emmerich, Partner, Wachtell Lipton Leonardo Gomes Pereira, Senior Fellow, Program on International Financial Systems (PIFS), Harvard Law School (former Executive Chairman Brazilian CVM) Rob Taylor, Head of Investment Management, Supervision, FCA Aurelio Gurrea-Martínez, Fellow, Program on International Financial Systems (PIFS), Harvard Law School 12:20 1:40 Bag Lunch in the Classroom and then Guided Harvard Tour 1:45 3:15 Session 12: Market Structure James Angel, Associate Professor, Georgetown University Session Objectives: Outline the current status and nature of equity trading in the United States and Europe; review the impact of electronic trading; outline the measures of market quality (including trade transaction costs, market depth, intraday volatility & execution speeds); review and assess these measurements in an US and European context; review the applicability of these measurements to emerging, less liquid and retail oriented markets; review current concerns in the US and Europe about maker/taker pricing, dark pools, high frequency trading, tick sizes, designated dealers, transaction taxes, IPOs, and market stability. ~ 7 ~

10 INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS Global Certificate Program Phase II Curriculum (Harvard) HARVARD LAW SCHOOL PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS 3:15 3:30 Break 3:30 5:00 Session 13: Seminar on Regulating & Supervising Modern Markets James Angel, Associate Professor, Georgetown University (moderator) Jeff Harris, Director of DERA and Chief Economist, SEC Stephen Luparello, General Counsel, Citadel Carsten Ostermann, Team Leader, Secondary Markets, European Securities and Markets Authority (ESMA) Michelle Bond, Deputy Head of Global Regulatory and Policy Affairs, Bloomberg LP Thursday December 7 - Wasserstein Hall Room :00 10:30 Session 14: Corporate Governance Case Study Aurelio Gurrea-Martínez, Fellow, PIFS, Harvard Law School James Shipton, Executive Director, PIFS, Harvard Law School Amarjeet Singh, Executive Director (Market Regulation & Supervision & Economic & Policy) SEBI Session objectives: (i) assess the implications of corporate ownership structures in the imposition of good corporate governance practices to listed companies; (ii) regulatory responses to balance investor protection, regulatory competition and capital market development; (iii) law on the books, law in action, and the role of securities regulators in the enforcement and effectiveness of corporate and securities laws. 10:30 10:45 Break 10:45 12:30 Session 15: Lecture on Supervision & Enforcement Structures Howell Jackson, James S. Reid, Jr. Professor of Law, Harvard Law School ~ 8 ~

11 INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS Global Certificate Program Phase II Curriculum (Harvard) HARVARD LAW SCHOOL PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS Session objectives: Review the basic building blocks of supervision and enforcement; compare supervisory approaches of banking supervisors versus securities regulators; explore enforcement policy and trends; compare enforcement approaches of banking supervisors versus securities regulators; contrast international enforcement approaches; explore recurring issues in enforcement policies; compare private versus public enforcement approaches; and discuss corporate versus individual sanctions; explore recurring issues in enforcement policies; compare private versus public enforcement approaches; and discuss corporate versus individual sanctions. 12:30 1:40 Lunch- Milstein East A 1:45 3:15 Session 16: Seminar on Current Issues in Civil & Criminal Enforcement Howell Jackson, James S. Reid, Jr. Professor of Law, Harvard Law School (moderator) Linda Chatman Thomsen, Partner, Davis Polk & Wardwell Carlos Costa-Rodrigues, Office of International Affairs, SEC Rebecca Mermelstein, Assistant U.S. Attorney, U.S. Attorney's Office, Southern District of New York Susan Axelrod, Executive Vice President, Regulatory Operations, FINRA 3:15 3:30 Break 3:30 5:00 Session 17: Seminar on Comparative Approaches of Central Banks & Securities Regulators Paul P. Andrews, Secretary General, IOSCO Paul Sternhagen, Partner, Risk Practice, McKinsey & Co. Mike Silva, Chair, Financial Services Regulatory Practice DLA Piper, Former Senior Supervisory Officer, Federal Reserve Bank of New York Kurt Gresenz, Senior Assistant Director, Office of International Affairs, SEC James Shipton, Executive Director, PIFS, Harvard Law School (moderator) 5:30-8:00 Informal Social Gathering at John Harvard s Brewery- 33 Dunster Street, Cambridge, MA ~ 9 ~

12 INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS Global Certificate Program Phase II Curriculum (Harvard) HARVARD LAW SCHOOL PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS Friday December 8 - Pound Hall Room 100 9:00 10:30 Session 18: Lecture: Contagion Hal S. Scott, Nomura Professor and Director, PIFS, Harvard Law School Session Objectives: Review the regulatory oversight of systemic risk; differentiate connectedness and contagion & review the role of connectedness v. contagion as elements of systemic risk facing the financial system; using efforts by US agencies (Federal Reserve, the FDIC, and the Treasury) to stop the contagion following the collapse of Lehman Brothers as a case study review the effectiveness of these responses; analyze the unintended political consequences of these responses (including limitations on the Fed s powers as a lender of last resort); and suggest the best way to deal with contagion in the U.S. and other jurisdictions. 10:30 10:45 Break 10:45 12:15 Session 19: Seminar on Regulatory & Supervisory Approaches to Systemic Risk Martin Moloney, Head of Markets Policy Division, Central Bank of Ireland Greg Baer, President, The Clearing House Ron Cathcart, Managing Director, Promontory Financial Group Stefan Gavell, Executive Vice President and Global Head of Regulatory, Industry, and Government Affairs, State Street Hal S. Scott, Nomura Professor of International Finance Systems, Harvard Law School (Moderator) 12:20 1:45 Closing Ceremony Luncheon Milstein East B 1:45 2:45 Session 20: Lecture: Cross-Border Regulatory, Supervisory & Enforcement Issues Eric Pan, Director, Office of International Affairs, U.S. Commodity Futures Trading Commission (CFTC) Lecture objectives: (i) outline the structure and constituent institutions of the international financial regulatory (and economic) architecture (distinguishing between international ~ 10 ~

13 INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS Global Certificate Program Phase II Curriculum (Harvard) HARVARD LAW SCHOOL PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS agenda setters & standard setters); (ii) examine the non-treaty ( soft law ) foundations of this architecture & contrast with treaty-based ( hard law ) international regulatory arrangements in other sectors (eg International Civil Aviation Organization); (iii) examine the regulatory coordination v. regulatory standard roles of constituent international bodies; (iv) examine the drivers of international regulatory coordination for securities regulation enforcement, supervision, resolution, financial stability &/or (minimum) standard setting/ consistency; consequently (to iv) examine: (a) IOSCO s the cross border enforcement regime (MMOU) and its evolution (the enhance MMOU); (b) examine the current state of cross border supervisory cooperation (and information sharing mechanisms) between securities regulators (examine supervisory colleges, consider the EU s Single Supervisory Mechanism as an example), especially the home/ host supervisory dilemma; & (c) examine the role of securities regulators in cross border resolution planning (and execution); & (v) outline residual caps in cross border regulatory coordination & cooperation between securities regulators. 2:45 4:30 Session 21: Seminar: Importance & Challenges of International Organizations, including IOSCO, FSB and BIS Paul P. Andrews, Secretary General, IOSCO Amarjeet Singh, Executive Director, SEBI & Chairman IOSCO Assessment Committee Jose Loyola, General Director for International Affairs, Comisión Nacional de Valores, Mexico Eric Pan, Director, Office of International Affairs, U.S. CFTC Howell Jackson, James S. Reid, Jr. Professor of Law, Harvard Law School (moderator) 4:30 Wrap Up/End of Phase II Hal S. Scott, Nomura Professor of International Financial Systems, Harvard Law School Paul P. Andrews, Secretary General, IOSCO ~ 11 ~

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15 INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS HARVARD LAW SCHOOL PROGRAM ON INTERNATIONAL FINANCIAL SYSTEMS IOSCO/PIFS-Harvard Law School Global Certificate Program for Regulators of Securities Markets December 4-9, 2017, Cambridge, MA, United States Instructors JAIME GONZÁLEZ AGUADÉ Chairman, Comisión Nacional de Valores, Mexico Jaime Aguadé is a graduate in Economics of the Instituto Tecnológico Autónomo de México (ITAM) and holds a Master of Public and Private Administration with a specialization in Finance from Yale University. His experience includes service as General Director of the Federal Electricity Commission (CFE) and previously held the position Undersecretary of Electricity of the Energy Secretariat. Previously, he served as General Director of the National Savings and Financial Services Bank (Bansefi), Deputy General Director of Programs and Operations in the Rural Finance, Deputy Director of Regional Banking of the National Rural Credit Bank and General Director of Administration and Control of Institutional Programs in the Institute for the Protection of Bank Savings (IPAB). During his tenure as President of the CNBV, he assumed the presidencies of the Inter-American Regional Committee (IARC) of the International Organization of Securities Commissions (IOSCO, for its acronym in English), of the Board of Securities Regulators of the Americas (COSRA), both for the period; as well as the Board of Authorities of the Ibero-American Securities Market Institute (IIMV), for the period PAUL P. ANDREWS Secretary General, IOSCO Paul Andrews joined IOSCO in March 2016 after 18 years at the Financial Industry Regulatory Authority (FINRA) in Washington DC. From 2003 to March 2016, Paul served as Vice President and Managing Director, International Affairs, at FINRA, the largest independent regulator for all US securities firms. In this capacity he directed FINRA's international engagements and worked closely with key regulators and regulatory bodies worldwide, including IOSCO. Prior to joining FINRA, Paul spent eight years at the U.S. Securities and Exchange Commission., where he worked in the Division of Market Regulation and the Office of the General Counsel. Prior to the SEC, Paul spent four years in private legal practice in ~ 13 ~

16 Washington, DC. He is a graduate of the Catholic University School of Law in Washington DC and of Villanova University in Pennsylvania. JAMES ANGEL Associate Professor, Georgetown University Professor Angel specializes in the structure and regulation of financial markets around the world, and he has visited over 50 financial exchanges around the world. His current research focuses on short selling and regulation. He teaches undergraduate, MBA, and executive courses, including Financial Crises: Past Present and Future. Other courses include Financial Markets, World Equity Markets and Regulation in Financial Markets. "Dr. Jim" has testified before Congress about issues relating to the design of financial markets. In addition, he has been quoted in hundreds of newspaper articles and has appeared numerous times on radio and television. DOUGLAS ARNER Kerry Holdings Professor in Law, Hong Kong University Douglas W. Arner is the Kerry Holdings Professor in Law at the University of Hong Kong and Project Coordinator of a major five-year project funded by the Hong Kong Research Grants Council Theme-based Research Scheme on Enhancing Hong Kong s Future as a Leading International Financial Centre. In addition, he is Director of the HKU LLM in Compliance and Regulation, and a Senior Visiting Fellow of Melbourne Law School, University of Melbourne. Douglas specialises in economic and financial law, regulation and development. He is author, co-author or editor of fifteen books, including Reconceptualising Global Finance and its Regulation (Cambridge University Press 2016), Financial Markets in Hong Kong: Law and Practice (Oxford University Press, 2d ed., 2016), Finance in Asia: Institutions, Regulation and Policy (Routledge 2013), and the author or co-author of more than 120 articles, chapters and reports on related subjects. He is a member of the Hong Kong Financial Services Development Council and an Executive Committee Member of the Asia Pacific Structured Finance Association. Douglas has served as a consultant with, among others, the World Bank, Asian Development Bank, APEC, European Bank for Reconstruction and Development, Islamic Financial Services Board and Development Bank of Southern Africa. He has lectured, co-organised conferences and seminars and been involved with financial sector reform projects in over 20 economies in Africa, Asia and Europe. He has been a visiting professor or fellow at Duke University, the Hong Kong Institute for Monetary Research, the Interdisciplinary Centre Herzliya, McGill University, Melbourne University, National University of Singapore, University of New South Wales, Shanghai University of Finance and Economics, and Zurich University, among others. He served as Head of the Department of Law of the University of Hong Kong from 2011 to 2014 and from 2006 to 2011 he was the Director of the Faculty s Asian Institute of International Financial Law, which he co-founded in 1999 along with the LLM in Corporate and Financial Law (of which he serves as Director). He was Co-Director of the Duke University-HKU Asia-America Institute in Transnational Law from 2005 to 2016 and a member of the International Advisory Board of the Australian Centre for International Finance and Regulation from In 2007, he received HKU s Outstanding Young Researcher Award and served as Convenor of HKU s Law, Policy and Development Strategic Research Theme from Before joining HKU in 2000, he was the Sir John Lubbock Support Fund Fellow at the Centre for Commercial Law Studies, Queen Mary College, University of London. He holds a BA from Drury College (where he studied literature, economics and political science), a JD (cum laude) from Southern Methodist University, an LLM (with distinction) in banking and finance law from the University of London (Queen Mary College), and a PhD from the University of London. ~ 14 ~

17 SUSAN F. AXELROD Executive Vice President, Regulatory Operations, FINRA Susan F. Axelrod is Executive Vice President of Regulatory Operations. In this capacity she oversees the Office of Fraud Detection and Market Intelligence and Member Regulation. Before being named to her current role, Ms. Axelrod was Executive Vice President and head of Member Regulation Sales Practice, with responsibility for ongoing surveillance and examinations, both routine and investigative, of FINRA-regulated securities firms. She was appointed to this position in July Previously, Ms. Axelrod was FINRA Senior Vice President and Deputy of Regulatory Operations. Her responsibilities included assisting in the oversight of the Market Regulation, Enforcement and Member Regulation functions at FINRA. She also played a key role in the integration of NASD and NYSE Member Regulation. Prior to joining FINRA in 2007, Ms. Axelrod was Chief of Staff to the CEO of NYSE Regulation for three years. In this position, her responsibilities included overseeing operations on a day-to-day basis and acting as a liaison with various business areas including finance, human resources, government relations and communications. Ms. Axelrod joined the NYSE in 1989 as a Staff Attorney in the division of enforcement and became an Enforcement Director in Among the cases she handled were those involving specialist and floor broker misconduct, insider trading, upstairs trading, sales practice violations, and financial and operational compliance issues. She received her JD from Hofstra University School of Law in 1989 and her BA from Emory University in GREG BAER President, The Clearing House Association Greg Baer is President of The Clearing House Association and Executive Vice President and General Counsel of The Clearing House Payments Company, the oldest and largest private sector payments operator in the United States. The Clearing House Association represents the interests of The Clearing House s commercial bank ownership on a diverse range of regulatory and legislative matters through position papers, academic research, comment letters, and amicus curiae briefs. Mr. Baer oversees the legal, compliance, and litigation functions for the organization s payments business and leads the strategic agenda and operations of the Association. Prior to joining The Clearing House, Mr. Baer was Managing Director and Head of Regulatory Policy at JPMorgan Chase, working to analyze the impact of regulatory developments, formulate and present positions to regulatory authorities globally, and engage in capital policy and planning. He previously served as General Counsel for Corporate and Regulatory Law at JPMorgan Chase, supervising the company s legal work with respect to financial reporting, global regulatory affairs, intellectual property, private equity and corporate M&A, and data protection and privacy. Mr. Baer previously served as Deputy General Counsel for Corporate Law at Bank of America, and as a partner at Wilmer, Cutler, Pickering, Hale & Dorr. From 1999 to 2001, Mr. Baer served as Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury, after serving as Deputy Assistant Secretary. Prior to working for the Treasury Department, Mr. Baer was managing senior counsel at the Board of Governors of the Federal Reserve System. Mr. Baer received his J.D. cum laude from Harvard Law School in 1987, and served as managing editor of the Harvard Law Review. He received his A.B. with honors from the University of North Carolina at Chapel Hill in He is the author of two books: The Great Mutual Fund Trap (Random House, 2002) and Life: The Odds (And How to Improve Them) (Penguin-Putnam, 2003). MICHELLE BOND Deputy Head, Global Regulatory and Policy Affairs, Bloomberg LP Michelle Bond is the Deputy Head of Global Regulatory and Policy Affairs for Bloomberg LP. She previously served as Senior Counsel at the United States Securities and Exchange Commission, and Counsel at the United States Senate Banking ~ 15 ~

18 Committee. She has also represented financial services clients in private practice at two international law firms, WilmerHale and Hogan Lovells. While in law school, Ms. Bond worked at the Financial Industry Regulatory Authority. She obtained a Bachelor's of Business Administration from Baruch College in New York and a Juris Doctor from The Catholic University of America Columbus School of Law, both summa cum laude, and also received a Corporate and Securities Law Certificate. Ms. Bond is licensed to practice law in both New York and the District of Columbia. RON CATHCART Managing Director, Promontory Financial Group Ron draws on more than three decades of experience in the U.S. and global banking and regulatory sectors to advise Promontory clients on managing their risks. He joined Promontory from the Federal Reserve Bank of New York, where he led a team of risk professionals responsible for overseeing each of the risk disciplines at systemically important banks. He also co-chaired the risk secretariat of the LISCC, the Federal Reserve committee that oversees the largest and most complex banks, and was a member of both the LISCC s operating committee and the Comprehensive Capital Analysis and Review s executive committee. Ron represented the Federal Reserve in the policy-development group of the Basel Committee on Banking Supervision, helping develop the Basel III framework. He previously founded and led a consulting firm that provided advisory services to banks, private-equity firms, and other financial companies. Earlier, at Washington Mutual, Ron oversaw the team that managed the bank s credit, market, operational, compliance, and regulatory risks, as well as its internal audit. He also led retail risk management at the Canadian Imperial Bank of Commerce. Prior to that, Ron served as JPMorgan Chase s chief risk officer for retail banking and oversaw the bank s consumer loan portfolios. He began his career at Royal Bank of Canada, where he spent 17 years and served in positions of increasing authority. JOHN COATES John F. Cogan, Jr. Professor of Law and Economics, Harvard Law School John Coates is the John F. Cogan, Jr. Professor of Law and Economics at Harvard Law School, and Research Director of the Center on the Legal Profession. Before joining Harvard, he was a partner at Wachtell, Lipton, Rosen & Katz, specializing in financial institutions and M&A. He has testified before Congress and provided consulting services to the U.S. Department of Justice, the U.S. Department of Treasury, the New York Stock Exchange, and participants in the financial markets, including individuals, mutual funds, hedge funds, investment banks, commercial banks, and private equity funds. In addition, he served as independent distribution consultant for the Securities and Exchange Commission in two "Fair Fund" distributions to investors - including one of the first distributions (of $50 million relating to an enforcement action regarding payment for order flow), and one of the largest distributions (of $306 million relating to enforcement actions regarding market timing and late trading). He has also served as an independent representative of individual and institutional clients of institutional trustees and money managers. CARLOS COSTA-RODRIGUES Office of International Affairs, SEC Carlos Costa-Rodrigues is an attorney-adviser with the U.S. Securities and Exchange Commission s Office of International Affairs, where he is assigned to the International Enforcement section. Carlos is primarily involved with investigations involving foreign corruption by U.S. companies. Carlos began his career as a criminal prosecutor in Boston, and has held various law enforcement positions with the U.S. federal government. From 2001 to 2010, Carlos traveled to Mozambique intermittently on behalf of the U.S. Department of Justice to provide technical assistance to the Mozambican Attorney General s Office in investigating and prosecuting major crimes, including corruption, drug trafficking, money laundering ~ 16 ~

19 and financial crimes. Carlos has received several awards for his contributions to federal law enforcement. Carlos has also been a featured speaker on behalf of the U.S. Government in many foreign countries in Asia, Africa and South America. Carlos holds a bachelor degree in criminal justice from Northeastern University, College of Criminal Justice and a JD from Northeastern University School of Law. ADAM EMMERICH Partner, Wachtell Lipton Adam O. Emmerich practices in Wachtell Lipton's corporate department, focusing primarily on mergers and acquisitions, corporate governance and securities law matters. His practice has included a broad and varied representation of public and private corporations and other entities in a variety of industries throughout the United States and globally, in connection with mergers and acquisitions, divestitures, spin-offs, joint ventures and financing transactions. He also has extensive experience in takeover defense. Adam led the Wachtell Lipton teams for Tim Hortons in its $12.2 billion combination with Burger King Worldwide and Covidien plc in its $49.9 billion acquisition by Medtronic, which were named by The American Lawyer as 2015 Global M&A Deal of the Year: Canada and Global M&A Deal of the Year: Ireland. Adam is recognized as one of the 500 leading lawyers in America by Lawdragon, one of the world s leading lawyers in the field of Mergers and Acquisitions in the ChambersGuide to the World s Leading Lawyers, an expert in each of M&A, Corporate Governance and M&A in the real estate field by Who's Who Legal, and as an expert both in M&A and in Corporate Governance by Euromoney Institutional Investor s Expert Guides. STEVEN GAVELL Executive Vice President and Global Head of Regulatory, Industry, and Government Affairs, State Street Stefan Gavell is an executive vice president and global head of Regulatory, Industry and Government Affairs with responsibility for global regulatory, industry and government relations. In this position, he and his team are responsible for representing State Street with regulators, legislators and other policymakers worldwide. Prior to serving in this role, he held numerous corporate and business line positions, at State Street, including as treasurer, acting CFO, and Head of International Global Markets, and has held expatriate assignments in Europe and Asia. Stefan joined State Street in 1990 as branch manager in Tokyo. He is a member of numerous professional bodies, including recently as President of the ABA Securities Association. He serves currently on the board of the Global Financial Markets Association. He also serves on the Advisory Board of the Berklee College of Music. Stefan received his BA in Economics and Government from Oberlin College and his MBA from Columbia University. LEONARDO P. GOMES PEREIRA Senior Fellow, Program on International Financial Systems, Harvard Law School (former Executive Chairman Brazilian CVM) Mr. Pereira was the Chairman of the Securities and Exchange Commission of Brazil (CVM). He represented CVM at the IOSCO Board and at the IOSCO Growth and Emerging Markets Committee. He also has a seat on the Financial Stability Board and the IFRS Monitoring Board. In Brazil, he is a member of the Brazilian Technical Commission of Currency and Credit (COMOC), of the Brazilian Market Regulators Committee (COREMEC) and of the Brazilian Committee of Financial Education (CONEF). Prior to becoming CVM Chairman, Mr. Pereira was Executive Vice President/ CFO of Gol Linhas Aereas S.A. He has also served as an officer and as a director in companies pertaining to different sectors of the Brazilian economy, including communications and agro business. He also worked at Citibank for 13 years, in different roles in Brazil, Asia, Latin America and the United States. Mr. Pereira holds a degree in Production Engineering from Universidade Federal do Rio de ~ 17 ~

20 Janeiro, a degree in Economics from Universidade Candido Mendes and an MBA degree from the University of Warwick (UK). He has also attended extension courses in general management at Wharton Business School and at The Association for Overseas Technical Scholarship in Japan and completed Columbia University s Senior Executive Education Program. Mr. Pereira was also a member of the Latin America Round Table on Corporate Governance on the auspices of OECD and of the Corporate Governance Committee of the American Chamber of Commerce in Brazil. KURT GRESENZ Senior Assistant Director, Office of International Affairs, SEC Kurt Gresenz is the Senior Assistant Director in the Office of International Affairs (OIA) of the U.S. Securities and Exchange Commission (SEC), where he oversees the SEC s international enforcement assistance and cooperation program, and related international enforcement policy portfolio. In this role, he assists the SEC s Enforcement Division in connection with investigations and enforcement actions that cross outside the borders of the U.S., and also liaises with foreign securities, regulatory, and law enforcement authorities in connection with foreign securities enforcement matters involving the U.S. Kurt participates in several initiatives concerning international securities enforcement, including the SEC s Cross Border Investigations Working Group, a proactive risk-based intra-agency effort focusing on U.S. companies with substantial foreign operations (he is the Co-Chair); as well as the Securities and Commodities Fraud Working Group, chaired by the U.S. Department of Justice. Kurt also represents the SEC on two committees the Screening Group and Committee 4 of the International Organization of Securities Commissions (IOSCO), which is headquartered in Spain, and is active in various IOSCO enforcement policy matters, including data privacy. Kurt received his undergraduate degree from Duke University in 1986, and his law degree from the University of Texas in He joined the SEC s Enforcement Division in in 2000, and joined OIA in While at the SEC, Kurt has received several awards for his investigations and enforcement activities, including the Chairman s Award for Excellence in 2008, 2004 and 2002; and Division of Enforcement Director s Awards in 2009, 2007, and He also received an award from the Director of the FBI for his work on the Enron investigation. In 2011, Kurt received the SEC s Business Operations Award, for his participation in the Working Group responsible for redesigning and implementing the SEC s new Tips, Complaints, and Referrals program in response to the Madoff matter. And in 2015, Kurt received the SEC s International Award for his work with China-related enforcement actions. Kurt is a frequent speaker on various international securities enforcement topics, both in the U.S. and abroad. Through programs led by the SEC, IOSCO, and the International Monetary Fund, he provides technical assistance to foreign jurisdictions concerning, among other topics, (i) the process and substance of complex securities investigations and prosecutions, (ii) international best practices for enforcement cooperation and information sharing in securities enforcement matters, and (iii) expertise and advice concerning related legislative amendments and reform. In connection with these initiatives, he has participated in programs and projects in Canada, China, Mexico, Guatemala, Panama, Colombia, the Bahamas, Liechtenstein, Cape Verde, South Africa, Mauritius, Saudi Arabia, Qatar, Bahrain, Pakistan, Barbados, Trinidad & Tobago, Jamaica, the United Kingdom, Taiwan, Spain, Malta, the Isle of Jersey, the Dominican Republic and Vietnam. KATHLEEN HAMM Global Leader of Securities and Fintech Services and Senior Strategic Advisor to the CEO on Cyber Solutions, Promontory Kathleen rejoined Promontory in 2017 from the U.S. Treasury Department, where she served as counselor to the deputy secretary and advised on risk management and regulatory issues in the financial services sector. Kathleen also spearheaded Treasury s development of a domestic and international cybersecurity strategy and related policy initiatives for banks and other financial firms, and delivered remarks around the globe to advise businesses on how best to compete ~ 18 ~

21 and defend themselves in a world increasingly interconnected and under intensifying regulatory and public scrutiny. Before she joined Treasury, Kathleen led Promontory s securities practice for a decade, providing strategic advice and practical solutions to guide clients through complex regulatory and enforcement perils during the financial crisis and its aftermath. She also served as the independent compliance consultant in settled enforcement actions and conducted independent internal investigations. Among her other positions, Kathleen was a director, member of the executive committee, and chair of the regulatory oversight committee for a national securities exchange, having earlier served as the chief regulatory and compliance officer at another exchange. She also spent almost a decade in the U.S. Securities and Exchange Commission s division of enforcement, where as an assistant director she oversaw three branches that investigated hundreds of enforcement matters. JEFF HARRIS Director of DERA and Chief Economist, SEC Dr. Harris has an extensive background in market microstructure and regulatory issues. He recently served as Chief Economist at the Commodity Futures Trading Commission, with prior experience as Visiting Academic at the Nasdaq Stock Market and at the SEC. He has previously held faculty appointments as the Dean s Chair in Finance at the Whitman School of Management at Syracuse University, as the Collins Chair of Finance in the Cox School of Business at Southern Methodist University (visiting), and at the University of Delaware, the University of Notre Dame, and The Ohio State University. Dr. Harris s research has appeared in the Energy Journal, European Financial Management, Financial Management, The Financial Review, the Journal of Finance, the Journal of Investment Management, the Journal of Financial and Quantitative Analysis, the Journal of Financial Economics, the Journal of Futures Markets, the Review of Futures Markets and the Review of Financial Studies. Dr. Harris holds an undergraduate degree and MBA from the University of Iowa and a PhD in Finance from The Ohio State University. CHRISTOPHER HODGES Professor of Justice Systems, University of Oxford Christopher Hodges is Professor of Justice Systems at the University of Oxford; Head of the CMS/Swiss Re Research Programme on Civil Justice Systems at the Centre for Socio-Legal Studies, University of Oxford; and Erasmus Professor of the Fundamentals of Private Law at Erasmus University, Rotterdam. From 2013 to 2016 he is Honorary Professor at the China University of Political Science and Law, Beijing and Guest Professor at Wuhan University, Wuhan. During the 1990s he was external Chair of the Legal Committees of UK and EU medical technology trade bodies. He is a Board Member of the UK Research Integrity Office, and chaired the Pharmaceutical Services Negotiating Committee for England. HOWELL JACKSON James S. Reid, Jr., Professor of Law, Harvard Law School Howell Jackson s research interests include financial regulation, consumer protection, international finance, and federal budget policy. Professor Jackson is currently a Visiting Scholar at the Consumer Financial Protection Bureau. He has previously served as a consultant to the United States Treasury Department, the United Nations Development Program, and the World Bank/International Monetary Fund, and frequently consults with government agencies and congressional committees on issues related to financial regulation. He is the chairman of the board of College Retirement Equities Fund (CREF) and affiliated TIAA-CREF investment companies, the editor of the SSRN Regulation of Financial Institutions ejournal, and a senior editor for Cambridge University Press Series on International Corporate Law and Financial Regulation. ~ 19 ~

22 Professor Jackson is also a director of the D2D Fund, a non-profit dedicated to strengthening financial opportunities of low and moderate income consumers. He is co-author of Financial Regulation: Law and Policy (forthcoming Foundation Press 2015); Analytical Methods for Lawyers (Foundation Press 2003; Second Edition 2011), Regulation of Financial Institutions (West 1999); co-editor of Fiscal Challenges: An Inter-Disciplinary Approach to Budget Policy (Cambridge University Press 2008); and author of numerous scholarly articles. At Harvard, Professor Jackson has served as Senior Advisor to the President and Acting Dean of Harvard Law School. Before joining the Harvard Law School faculty in 1989, Professor Jackson was a law clerk for Associate Justice Thurgood Marshall and practiced law in Washington, DC. He received JD and MBA degrees from Harvard University and a BA from Brown University. JEFFREY KUPFER Co-founder, Starling Jeffrey Kupfer is a co-founder of Starling, an applied behavioral sciences technology company in the RegTech space. Financial services firms use Starling s Predictive Behavioral Analytics platform to create, preserve, and restore value. Starling reveals hidden signals within a firm s e-comms metadata that yield predictive insights into where behaviors of value or of concern are most likely to take root, whether they are likely to spread to other parts of the firm and, if so, where. Managers use these insights to build more effective teams, to reduce costs stemming from misconduct, and to build high-performance organizations. Earlier in his career, Jeff served as the Deputy Chief of Staff at the US Treasury Department, responsible for managing the Treasury s regulatory agenda and helping formulate numerous post-9/11 supervisory and compliance initiatives in the financial services sector. These activities included restructuring Treasury to combat terrorist financing, crafting of the Patriot Act and a variety of other anti-money laundering policies and programs, as well as playing a key role in creating the Department of Homeland Security. Jeff then moved to the White House, where he was a Special Assistant to the President for Economic Policy. Jeff has also served as Deputy Secretary and Chief Operating Officer at the US Department of Energy, an agency with over 100,000 personnel and an annual budget of over $25 billion. After leaving government service, Jeff was an executive at Atlas Energy Group and Chevron. Jeff holds degrees from Yale University and Harvard Law School. He is also an adjunct professor of policy and management at Carnegie Mellon University s Heinz College. STEPHEN LUPARELLO General Counsel, Citadel Stephen Luparello, also known as Steve, has been a General Counsel of Citadel Securities, LLC since May Mr. Luparello was a Partner in the Washington, D.C. office of WilmerHale specializing in broker-dealer compliance and regulation, securities litigation and enforcement. He joined WilmerHale after a 16-year career at the Financial Industry Regulatory Authority (FINRA) and the National Association of Securities Dealers (NASD). He served as a Director of Trading & Markets Division at the U.S. Securities and Exchange Commission from March 2014 to January 1, Mr. Luparello served as Senior Executive Vice President of Regulatory Operations at Financial Industry Regulatory Authority, Inc. and served as its Interim Chief Executive Officer from January 2009 to March 16, He joined the NASD in 1996 as vice president in the Office of Disciplinary Policy and was named head of its Market Regulation Department in He served as the Chief of Staff to then-cftc Chairman Mary Schapiro. He spent nine years at the SEC, serving as branch chief in the Office of Inspections in the Division of Market Regulation, the Division of Trading and Markets. He served as Vice Chairman of FINRA, where, he was responsible for its examination, enforcement, market regulation, international and disclosure programs. He played a key role in the creation of FINRA s Office of the Whistleblower and its Office of Fraud Detection and Market Intelligence and led the development of its Order Audit Trail System (OATS) and SONAR, technology used to ~ 20 ~

23 monitor securities markets and detect suspicious trading. He has been a Director at The Options Clearing Corporation since October He has been Director at Office of the Comptroller of the Currency since October 4, He has served as a Director of The Depository Trust & Clearing Corporation since April 27, Mr. Luparello holds a BA from LeMoyne College and law degree from Washington and Lee University. AUREILIO GURREA-MARTINEZ Fellow, Program on International Financial Systems, Harvard Law School Aurelio Gurrea-Martínez is a Fellow of the Program on Corporate Governance and Teaching Fellow in Capital Markets and Financial Regulation at Harvard Law School. He studied law and business (LLB, BA, PhD) in Spain, where he is also a qualified auditor. He received a Master of Science in Law and Finance from the University of Oxford (UK) and a Master of the Science of Law from Stanford Law School (USA). He is Executive Director of the Spanish and Latin American Institute for Law and Finance and Lecturer in Comparative Business Law at the Centro de Estudios Garrigues (Spain). Aurelio has been an advisor to the Spanish Ministry of Justice and he was proposed by the Ministry of Economy to act as a national expert for the assessment of the Spanish insolvency and secured transaction regime for the Financial Sector Assessment Program conducted by the International Monetary Fund. He was a Lecturer in Business Law at CEU San Pablo University (Spain), and he is a regular Visiting Lecturer in Comparative Corporate Law at the University of Los Andes (Colombia). He is an Academic Member of the European Corporate Governance Institute, a member of the American Law and Economics Association, and he has been a visiting researcher at several institutions around the world, including Harvard Law School, Columbia Law School, Yale Law School, University College of London, and the Max Planck Institute for Comparative and International Private Law. He is the recipient of several scholarships and awards, including the Talentia Fellowship granted by the Andalusian Government to conduct studies at the University of Oxford, the Medal of the San Raimundo de Peñafort s Order granted by the Spanish Ministry of Justice, the Class Prize for Best Paper in Law and Economics at Stanford Law School, and the Silver Medal in International Insolvency Studies granted by the International Insolvency Institute. In 2016, he was named Rising Star of Corporate Governance by the Millstein Center for Capital Markets and Corporate Ownership of Columbia Law School. His main research interest lies in the intersection of law and finance, with particular emphasis on analysing how changes in corporate laws, insolvency laws and financial regulation may promote entrepreneurship, access to finance, the development of capital markets, and economic growth. SEAN MCHUGH Managing Director, Goldman Sachs Sean is head of Compliance for Asia Pacific. He serves on numerous committees in the region, including the Asia Pacific Suitability Committee and the Asia Pacific Client and Business Standards Committee. Sean is also compliance advisor to the Firmwide New Activity Committee and an observer on the Asia Pacific Management Committee. Sean joined Goldman Sachs in 2000 as a vice president. He served as co-head of Equities Compliance in the Americas as well as global head of Global Securities Services Compliance before relocating to Asia. Prior to assuming his current role, Sean was Asia head of Securities Division Compliance and co-head of Compliance for the Tokyo office. He was named managing director in 2005 and partner in Prior to joining the firm, Sean was a director and first vice president at Salomon Smith Barney, a senior consultant in the Compliance Department of Fidelity Investments in Boston and a regulator at FINRA in New York. Sean is actively involved in his alma mater, the College of the Holy Cross in Worcester, Massachusetts, serving as cochair of his alumni class. He earned a BA in Economics from Holy Cross in 1989 and an MBA in Finance from Rutgers University in ~ 21 ~

24 MARTIN MOLONEY Head of Markets Policy, Central Bank of Ireland Martin Moloney is Head of Markets Policy at the Central Bank of Ireland. He is responsible for the development of regulatory policy in relation to all aspects of the asset management sector operating out of Ireland, including policy covering investment firms, markets, investment funds and related entities. He has represented Ireland on a range of European and global regulatory bodies. Before moving into securities and markets regulation, Martin held a number of other senior posts in the Central Bank of Ireland and in the Irish Department of Finance. He began his career in banking. Martin is a member of the Board of the International Organisation of Securities Commissions (IOSCO) and chairs the subgroup of IOSCO s Investment Management Committee dealing with investment fund liquidity. He chairs the European Systemic Risk Board (ESRB) Expert Group on Investment Funds (Liquidity and Leverage) and is a member of the Financial Stability Board (FSB) working group on shadow banking which recently published a consultation document on structural vulnerabilities of asset management activities. JOSHUA NAFTALIS Assistant U.S. Attorney, Southern District of New York Joshua A. Naftalis is an Assistant United States Attorney in the U.S. Attorney s Office for the Southern District of New York, where he investigates and prosecutes securities and commodities fraud. Prior to joining the U.S. Attorney s Office, Mr. Naftalis was an associate at Wachtell, Lipton, Rosen & Katz, where he focused on corporate and securities litigation, and white collar and regulatory matters. Before entering private practice, he served as a law clerk to the Honorable John M. Walker, Jr., then-chief Judge of the United States Court of Appeals for the Second Circuit, and The Honorable Carol Bagley Amon, United States District Judge for the Eastern District of New York. Mr. Naftalis received his B.A. from Yale University, magna cum laude and with distinction, and his J.D. from Columbia Law School, where he was a James Kent Scholar and Managing Editor of the Columbia Law Review. CARSTEN OSTERMANN Team Leader Secondary Markets, European Securities and Markets Authority (ESMA) Mr. Ostermann joined the European Securities and Markets Authority (ESMA) in 2012 and became Team Leader for Secondary Markets in He is responsible for delivering the implementing measures for MiFID II on the markets side, and for the practical implementation of MiFID II requirements for ESMA. Prior to joining ESMA, Mr. Ostermann was a seconded expert at the European Commission dealing with reviewing MiFID. He also served as Legal Advisor to both the German Ministry of Finance (BMF) and Germany s financial watchdog, BaFin. Before joining the public sector, Mr. Ostermann was a Consultant for PricewaterhouseCoopers (PwC) in London and also briefly worked for the German Parliament. Mr. Ostermann studied law at Marburg, Bielefeld and Glasgow Universities. He holds both a German law degree and a LL.M in international law. He is qualified as a lawyer in Germany and as a solicitor in England and Wales. ERIC PAN Director of the Office of International Affairs, US CFTC Eric J. Pan is the Director of the Office of International Affairs at the U.S. Commodity Futures Trading Commission. In this role he oversees CFTC international regulatory initiatives, provides guidance regarding international issues raised in Commission matters, and represents the CFTC in various international bodies, including IOSCO and the FSB, and in dialogues with Japan, Europe, China and India. He is responsible for the CFTC s engagement with foreign regulatory ~ 22 ~

25 counterparts and involved in the development and governance of multilateral and bilateral workstreams involving the CFTC. Eric currently is the chair of the IOSCO Committee on Commodity Derivatives, chair of the OTC Derivatives Regulators Group, and co-chair of the FSB Working Group on UTI and UPI Governance. In his prior position as Associate Director for International Regulatory Policy at the US Securities and Exchange Commission from , Eric led the SEC s engagement in the FSB and IOSCO. Before entering the government, Eric was a law professor, director of a center on corporate governance, and lawyer in private practice. He received his A.B. in Economics from Harvard College, M.Sc. in European and International Politics from the University of Edinburgh, and J.D. from the Harvard Law School where he enjoyed Hal Scott s class on International Finance. JIM ROSSMAN Managing Director, Head of Corporate Preparedness, Lazard Jim Rossman has been Managing Director and Head of Corporate Preparedness at Lazard Ltd. since October 2010 and since December 2013 respectively and served as its Managing Director of Power Energy and Infrastructure Investment Banking Group at Lazard Ltd. since October Mr. Rossman has over 20 years of capital markets and advisory experience. He served as Senior Managing Director and Head of U.S. Equity Capital Markets Business at Macquarie Capital (USA) Inc. While at Macquarie, Mr. Rossman advised a diverse set of companies and investors on financing transactions involving alternative energy and related businesses, including wind and solar developers and equipment manufacturers, smart grid, electric vehicles and batteries, both in North America and Asia. He served as Senior Managing Director of Macquarie Group, Ltd. since March He served as Head of Equity Capital Markets at HSBC Securities USA Inc. He served as head of equity capital markets for the Americas at HSBC Holdings plc. He joined Macquarie Capital from HSBC Securities (USA) Inc., where he served as a Managing Director, Head of Equity Capital Markets for the Americas and Head of Global Banking for Latin America. Prior to his role at HSBC, Mr. Rossman served as Head of Equity Capital Markets for Lazard Freres from 2003 to 2005, a Senior Vice President in ECM at Lehman Brothers, and a securities lawyer at Cleary, Gottlieb, Steen & Hamilton. He holds a bachelor's degree from Kenyon College, a master's degree from the University of Virginia and a law degree from the New York University. PAUL REDMAN Chief Economist & Head of Research, Ontario Securities Commission Paul Redman s road to success in finance started with humble beginnings. Redman, who is currently the Chief Economist and Head of Research at the Ontario Securities Commission (OSC) emigrated from the UK at age 11. Growing up in Toronto, he chose to attend the University of Guelph for his Bachelor of Arts in Economics for a reason shared by many other U of G alumni - the beautiful campus and the charm of the city. Guelph felt like the small town I grew up in, back in the UK, says Redman. It was at U of G where Paul built many long-standing relationships, including with his future wife. After graduating from his undergraduate degree, Redman chose to continue his studies and pursue his Master of Arts (MA) in Economics. I never had any intention of pursuing my master s degree until I took a senior level class with professor Bill Furlong, says Redman. It was Dr. Furlong s passion and discussion of how economic theory can be applied to everyday life which inspired Redman to pursue his master s degree. Following his MA, Redman worked as a securities messenger at Nesbitt Burns. He admits it wasn t necessarily the most glamorous job, which saw him physically transport cheques and securities back and forth between financial institutions. It was experience, however, that gave Redman insight into the banking and financial world that continues to be of value many years later. After stops at Reuters and Manulife, Redman joined the OSC in 2002, as an economist. In his current role, Redman leads a team of economists and regulatory policy professionals to provide the OSC with expert analysis of the implications of regulatory policy and financial market ~ 23 ~

26 developments. One of the more challenging times in his career came during the market crash of He states, The rate at which conditions were changing made it that much more challenging to assess risk and where regulators should be focusing their attention. He also represents the OSC on a number of national and international regulatory committees. He is currently chair of the International Organization of Securities Commissions Committee on Emerging Risk. In that role he works with regulators from around the globe to identify trends and risks in the global capital markets. For those about to enter into the business world, Redman suggests that graduates should always try to learn as much as they can from each job they have, treating them all as learning opportunities. As a testament to his own career, he states that what you learn and take away from your current job will no doubt benefit you over the course of your career. HAL S. SCOTT Nomura Professor of International Finance Systems, Harvard Law School Hal S. Scott is the Nomura Professor and Director of the Program on International Financial Systems (PIFS) at Harvard Law School, where he has taught since He teaches courses on Capital Markets Regulation, International Finance, and Securities Regulation. He has a B.A. from Princeton University (Woodrow Wilson School, 1965), an M.A. from Stanford University in Political Science (1967), and a J.D. from the University of Chicago Law School (1972). In , before joining Harvard, he clerked for Justice Byron White. The Program on International Financial Systems, founded in 1986, engages in a variety of research projects. Its book, Capital Adequacy Beyond Basel (Oxford University Press 2004), examines capital adequacy rules for banks, insurance companies and securities firms. The Program also organizes the annual invitation-only U.S.-China, U.S.-Europe, U.S.-Japan, and U.S.-Latin America Symposia on Building the Financial System of the 21st Century, attended by financial system leaders in the concerned countries. Professor Scott's books include the law school textbook International Finance: Transactions, Policy and Regulation (20th ed. Foundation Press 2014); and The Global Financial Crisis (Foundation Press 2009). Professor Scott is the Director of the Committee on Capital Markets Regulation, a bi-partisan non-profit organization dedicated to enhancing the competitiveness of U.S. capital markets and ensuring the stability of the U.S. financial system via research and advocacy. He is also a former independent director of Lazard, Ltd., a member of the Bretton Woods Committee, a member of the Market Monitoring Group of the Institute of International Finance, a past President of the International Academy of Consumer and Commercial Law and a past Governor of the American Stock Exchange ( ). STEPHEN SCOTT CEO, Starling Trust Stephen Scott is founder and CEO of Starling Trust Sciences. A recognized expert in due diligence and risk management, Stephen has worked throughout the Americas, Asia, and Europe where he has helped leaders in business and government, to create, protect, and restore value and organizational integrity. JODI SCROFANI Head of Security Assurance Americas, Amazon Web Services Jodi Scrofani is the Head of Security Assurance for the Americas at Amazon Web Services (AWS). During her 3 years at AWS, she managed the Global Regulatory Compliance Strategy for the AWS Financial Services, collaborating with AWS customers and regulatory agencies to address security and regulatory risks and opportunities within cloud services. Jodi brings over 15 years of financial services industry experience to AWS, with a key focus on industry regulations and the growing impacts of Fintech and Regtech for enabling and automating compliance requirements. Prior to joining AWS, Jodi ~ 24 ~

27 JODI SCROFANI Head of Security Assurance Americas, Amazon Web Services Jodi Scrofani is the Head of Security Assurance for the Americas at Amazon Web Services (AWS). During her 3 years at AWS, she managed the Global Regulatory Compliance Strategy for the AWS Financial Services, collaborating with AWS customers and regulatory agencies to address security and regulatory risks and opportunities within cloud services. Jodi brings over 15 years of financial services industry experience to AWS, with a key focus on industry regulations and the growing impacts of Fintech and Regtech for enabling and automating compliance requirements. Prior to joining AWS, Jodi held senior compliance positions at JPMorgan Chase & Co., the NYSE Euronext, and the Financial Industry Regulatory Authority (FINRA). She holds an MBA from Fordham Gabelli School of Business. JAMES SHIPTON Executive Director, PIFS, Harvard Law School and Former Executive Director, Hong Kong Securities and Future Commissions James joined PIFS as its Executive Director in September 2016 having been a P IFS fellow since Prior to joining PIFS as Executive Director James was a Commission Member and an Executive Director at the Hong Kong Securities and Futures Commission (SFC) with responsibility for its Intermediaries (Supervision & Licensing) Division. Previously he was a Managing Director at Goldman Sachs working in its Executive Office as Head of Government & Regulatory Affairs in Asia Pacific and, before that, working in Goldman s Asian prime brokerage business. Before Goldman Sachs, James ran the hedge fund consultancy business of Eurekahedge in Singapore and was a cofounder of Compliance Asia, Asia s first independent regulatory consulting firm. Previously, James worked for Dresdner Kleinwort Wasserstein s (now Commerzbank s) equity capital markets business in Hong Kong and London. James started his career practicing funds and securities law with Linklaters in Hong Kong and Thailand and is qualified to practice law in Australia, Hong Kong and England. James served on the executive committees of various financial industry bodies in Asia including the Asian Securities Industry and Financial Markets Association (ASIFMA) as a Vice-Chairman, the Alternative Investment Management Association s (AIMA) Hong Kong & China Chapter as Deputy Chairman and the Hong Kong Treasury Markets Association. In addition he served on the business advisory councils of the United Nations Economics and Social Commission for Asia Pacific (UNESCAP) and the Hong Kong Securities and Investment Institute. James earned a B.A. in Asian politics, history and economics from Melbourne University and a LL.B (Hons.) from Monash University and undertook post graduate studies in Asian law at Hong Kong University. DANIEL SIBEARS Executive Vice President, Shared Services Regulatory Operations, FINRA Daniel M. Sibears (Dan) is an Executive Vice President and lawyer at FINRA. Dan s legal and management experience includes private practice, the Michigan Court of Appeals, the SEC, NASD and FINRA. Since joining NASD, Dan created and led the national enforcement program and the market surveillance legal function, Regulatory Policy and the District Office Oversight Department. Dan was the first Deputy responsible for Member Regulation. With the integration of NASD and NYSE Regulation, Dan formed, and has led for several years, the Shared Services Department within Regulatory Operations. The units within Shared Services include: Business Solutions; Fixed Income Regulation; International; Non- Disciplinary Litigation/Policy; Operational Risk; Oversight Liaison & Counsel: Regulatory Programs and Regulatory Training. Currently, Dan is also serving as the Regional Director for FINRA s south region that consists of the Atlanta, Boca Raton, Dallas and New Orleans District Offices. Dan leads many national initiatives, such as the Report on Cybersecurity Practices, Report on Conflicts of Interest, Report on the FINRA Securities Helpline for Seniors, Report on Digital Investment Advice ~ 25 ~

28 held senior compliance positions at JPMorgan Chase & Co., the NYSE Euronext, and the Financial Industry Regulatory Authority (FINRA). She holds an MBA from Fordham Gabelli School of Business. JAMES SHIPTON Executive Director, PIFS, Harvard Law School and Former Executive Director, Hong Kong Securities and Future Commissions James joined PIFS as its Executive Director in September 2016 having been a P IFS fellow since Prior to joining PIFS as Executive Director James was a Commission Member and an Executive Director at the Hong Kong Securities and Futures Commission (SFC) with responsibility for its Intermediaries (Supervision & Licensing) Division. Previously he was a Managing Director at Goldman Sachs working in its Executive Office as Head of Government & Regulatory Affairs in Asia Pacific and, before that, working in Goldman s Asian prime brokerage business. Before Goldman Sachs, James ran the hedge fund consultancy business of Eurekahedge in Singapore and was a cofounder of Compliance Asia, Asia s first independent regulatory consulting firm. Previously, James worked for Dresdner Kleinwort Wasserstein s (now Commerzbank s) equity capital markets business in Hong Kong and London. James started his career practicing funds and securities law with Linklaters in Hong Kong and Thailand and is qualified to practice law in Australia, Hong Kong and England. James served on the executive committees of various financial industry bodies in Asia including the Asian Securities Industry and Financial Markets Association (ASIFMA) as a Vice-Chairman, the Alternative Investment Management Association s (AIMA) Hong Kong & China Chapter as Deputy Chairman and the Hong Kong Treasury Markets Association. In addition he served on the business advisory councils of the United Nations Economics and Social Commission for Asia Pacific (UNESCAP) and the Hong Kong Securities and Investment Institute. James earned a B.A. in Asian politics, history and economics from Melbourne University and a LL.B (Hons.) from Monash University and undertook post graduate studies in Asian law at Hong Kong University. DANIEL SIBEARS Executive Vice President, Shared Services Regulatory Operations, FINRA Daniel M. Sibears (Dan) is an Executive Vice President and lawyer at FINRA. Dan s legal and management experience includes private practice, the Michigan Court of Appeals, the SEC, NASD and FINRA. Since joining NASD, Dan created and led the national enforcement program and the market surveillance legal function, Regulatory Policy and the District Office Oversight Department. Dan was the first Deputy responsible for Member Regulation. With the integration of NASD and NYSE Regulation, Dan formed, and has led for several years, the Shared Services Department within Regulatory Operations. The units within Shared Services include: Business Solutions; Fixed Income Regulation; International; Non- Disciplinary Litigation/Policy; Operational Risk; Oversight Liaison & Counsel: Regulatory Programs and Regulatory Training. Currently, Dan is also serving as the Regional Director for FINRA s south region that consists of the Atlanta, Boca Raton, Dallas and New Orleans District Offices. Dan leads many national initiatives, such as the Report on Cybersecurity Practices, Report on Conflicts of Interest, Report on the FINRA Securities Helpline for Seniors, Report on Digital Investment Advice and the Annual Regulatory and Examination Priorities Letter (all of which are available at Dan was a leader in the creation of the securities industry continuing education program, as well as the FINRA Institute at Wharton. He is also the former Chairman of the Board of Trustees for the National Endowment for Financial Education. Dan received his undergraduate degree from Oakland University and his Juris Doctor Cum Laude from Michigan State University College of Law. MICHAEL SILVA Chair, Financial Services Regulatory Practice DLA Piper, Former Senior Supervisory Officer, Federal Reserve Bank of New York Michael Silva, a leading regulatory and compliance professional in the financial services sector, joined DLA Piper from GE Capital Corporation, where he led a global staff of 700 in overseeing compliance and regulatory activities across nine countries. Notably, he oversaw all of GECC's interactions with its regulators and advised on all aspects of compliance with the Dodd-Frank Act. Silva also advised on GECC's first-ever successful de-designation as a systemically important financial institution. Prior to joining GECC in 2013, Silva spent 21 years with the Federal Reserve Bank of New York. There, he served for 10 years as the NY Fed's lead international lawyer and negotiated high-profile government transactions involving Iran, China, Russia and other sensitive counterparties. Silva was a core member of the NY Fed's 9/11 Crisis Management team and, during the second Gulf War, Silva served in Baghdad as the Federal Reserve's advisor to the Central Bank of Iraq. Silva later became Chief of Staff to then-president Timothy Geithner. In this position, Silva played a key role in coordinating the New York Fed's response to the 2008 financial crisis. He subsequently was designated as the NY Fed's senior supervisory officer for a U.S. global systemically important bank. Silva's other contributions at the NY Fed include leading the process to set the New York Fed's annual strategic objectives, fostering a leadership development program, and serving as an executive sponsor of several diversity resource networks. Silva earned his JD from Columbia Law School, his BS from the United States Naval Academy, and completed Harvard Business School's Advanced Management Program. During his naval service, Silva was an F-14 Tomcat naval flight officer and graduated from the Naval Fighter Weapons School. AMARJEET SINGH Executive Director (Market Regulation & Supervision & Economics & Policy) SEBI & Chairman IOSCO Assessment Committee Shri Amarjeet Singh took charge as Executive Director, SEBI on June 22, He will look after the departments of Market Intermediaries Regulation and Supervision Department (MIRSD), Department of Economic and Policy Analysis (DEPA) and National Institute of Securities Market (NISM). Prior to his promotion as Executive Director, since 2010, he was heading the front office of Chairman, SEBI as his Executive Assistant and also the Office of International Affairs. In his earlier stint, he headed the Northern Regional Office of SEBI at New Delhi from 2005 to 2009.Shri Singh holds a Master s degree in International Affairs (Economic Policy Management) from Columbia University. He is also a Member of the India Advisory Board, Newcastle University Business School, UK. He has extensive experience in regulation and supervision of securities markets. He has been acting as Sherpa for SEBI s representation on the Board of International Organization of Securities Commissions (IOSCO). Shri Singh has been associated with various financial sector assessments in India, viz, the recent FSB peer country review of India (2016), the last Financial Sector Assessment (FSAP) of India in 2012 and the ongoing FSAP in the current year. MALCOLM SPARROW Professor of the Practice of Public Management, Harvard Kennedy School of Government Malcolm K. Sparrow is Professor of the Practice of Public Management at Harvard s John F. Kennedy School of Government. He is Faculty Chair of the school s executive program Strategic Management of Regulatory and Enforcement Agencies. His recent publications include Handcuffed: What Holds Policing Back & the Keys to Reform (Brookings Press, 2016), The Character of Harms: Operational Challenges in Control (Cambridge University Press, 2008), and License to Steal: How Fraud Bleeds America's Health Care System (Westview Press, 2000). He served 10 years with ~ 26 ~

29 the British Police Service, rising to the rank of Detective Chief Inspector. He has conducted internal affairs investigations, commanded a tactical firearms unit, and has extensive experience with criminal investigation. His research interests include regulatory and enforcement strategy, fraud control, corruption control, and operational risk management. He is also a patent-holding inventor in the area of computerized fingerprint analysis and is dead serious at tennis. He holds an MA in mathematics from Cambridge University, an MPA from the Kennedy School, and a PhD in Applied Mathematics from Kent University at Canterbury. PAUL STERNHAGEN Partner, McKinsey & Company Paul Sternhagen most recently served as a director within the Bank Supervision function of the Federal Reserve Bank of San Francisco. Mr. Sternhagen provided critical direction to and oversight of the supervisory evaluation component of the annual Comprehensive Capital Analysis and Review (CCAR) program. Since joining McKinsey, Paul has assisted 7 U.S. banks in the assessment and re-design of various components of their capital stress testing processes. Served as the Chair of the CCAR Oversight Group, responsible for the design and execution of the qualitative assessment conducted as part of the Federal Reserve s annual stress test. In that capacity, Mr. Sternhagen also provided thought leadership to the development of supervisory guidance covering key elements of stress testing and capital planning, as well as the policy direction of the CCAR program. Prior to his oversight role managing the CCAR program, Mr. Sternhagen served as the credit risk team lead for a top four U.S. Bank Holding Company, working closely with bank senior management and Federal Reserve System leadership to shape key elements of the post-crisis supervisory model. In an eleven year career with the Federal Reserve, Mr. Sternhagen held a variety of leadership positions, including serving as the lead of the Basel II Wholesale Credit Qualification Team, as well as the lead instructor for various courses offered as part of the Foreign Technical Assistance Program. Mr. Sternhagen is a graduate of the University of Wisconsin at Madison, where he studied mathematics, economics, and political science. He lives in San Mateo, CA. ROB TAYLOR Head of Investment Management, Supervision, FCA Rob Taylor is Head of the newly formed Investment Management Department at the Financial Conduct Authority. He joined the FCA in February 2014, where he was previously the Head of the Wealth Management and Private Banking Department. Rob worked in venture capital and is the former Chief Executive of Kleinwort Benson Bank, the London-based merchant and private-client banking group. He is currently Chair of the University for Creative Arts in Kent and Surrey, formerly Chair of the Whitechapel Gallery and a non-executive director of Truman s Brewery and of the East London NHS Foundation Trust. Rob is an investor and adviser to companies involved in virtual data storage, on-line therapies, on-line investment management and multi-media publishing and digital gaming technology. He has worked for American, French, German and British financial services companies for more than 20 years, including Merrill Lynch, SG Hambros as MD of the London operation, Coutts as Head of Private and Corporate Banking and Dresdner Bank as shareholder of Kleinwort Benson. He worked in the United States, Germany and Britain and has had responsibility for product distribution throughout Europe and the Middle East. He has also sat on the boards as both executive and non-executive director of financial services-related businesses in London and Dubai. He has held senior management positions as an executive committee member for more than 13 years of his career. His executive management career centred on the development and execution of business, marketing and brand strategies in private banking and asset management businesses. ~ 27 ~

30 LINDA CHATMAN THOMSEN Partner, Davis Polk & Wardwell Linda Chatman Thomsen, the first woman to serve as Director of the Division of Enforcement at the Securities and Exchange Commission, is a partner in Davis Polk s Litigation Department and practices in the Washington office. Her practice concentrates in matters related to the enforcement of federal securities laws. She has represented clients in SEC enforcement investigations and inquiries, in enforcement matters before other agencies, including the Department of Justice and the Commodity Futures Trading Commission, in investigations and inquiries from self-regulatory agencies, including FINRA, and in internal investigations. These matters, which are typically nonpublic, have covered a broad range of securities-related subject matters, including insider trading, foreign corrupt practices, financial reporting, manipulation and regulatory compliance. Her clients have included major financial institutions, regulated entities, public companies and senior executives. Ms. Thomsen returned to Davis Polk in 2009 after 14 years of public service at the SEC. While there she held a variety of positions and ultimately served as Director of Enforcement from 2005 through February During her tenure as Director of Enforcement, she led the Enron investigation, the auction rate securities settlements, the stock options backdating cases and expansion of enforcement of the Foreign Corrupt Practices Act. GARY TIDWELL IOSCO Gary Tidwell is Senior Advisor - Education, Training and Regulatory Capacity Building at the International Organization of Securities Commissions (IOSCO) and until April 12, 2013, was Vice President at the Financial Industry Regulatory Authority (FINRA) where he had served in leadership positions in dispute resolution (arbitration/mediation), education and training, international affairs, and investor education. He started at FINRA (then NASD) in July 1998, and had previously served in the SEC s Division of Enforcement where he investigated and litigated complex insider trading and accounting fraud cases. Since 2001 he has been an Adjunct Professor of Law at New York Law School, and he will be a Visiting Professor at the Ross School of Business, University of Michigan. He has served as Professor of Law and Director of the Law of Armed Conflict Center at the US Military Academy, West Point where he received a Master Teacher designation. He has taught at the ICMA Centre at the University of Reading, UK, and has also been a professor at Fordham Law School, George Washington University, the University of South Carolina, and he was a tenured professor at the College of Charleston (South Carolina). He is the recipient of numerous teaching and research awards relating to business ethics, white-collar crime, insider trading, and professional liability. He is the author of Anatomy of a Fraud: Inside the Finances of the PTL Ministries. He received his BSBA (with honors) and JD degrees from the University of Arkansas, and received an L.LM (Labor Law) from New York University School of Law. ANDRES WOLBERG-STOK Global Head of Policy, Citi FinTech Andres interfaces with regulators and policymakers around the world as the Global Head of Policy for Citi FinTech, a new unit that spearheads Citi Global Consumer Banking s transformation into a mobile-centric Bank of Tomorrow. He joined Citi from an international personal-finance startup and has served in a variety of digital roles, first for Citi Latin America, then for Citi's US consumer businesses, and now globally. Before Citi FinTech, Andres was Global Head of Emerging Platforms and Services for Citi s Consumer businesses. Earlier, as Citi's first global head of mobile banking, he invented Citi Mobile Snapshot, a patented 2014 breakout feature. In 2015, Andres turned Citi into the world's first bank with an Apple Watch app. Prior to becoming a banker, Andres was an international correspondent and senior news executive. He had ~ 28 ~

31 tea with mass-murderer military dictators; was driven, blindfolded and at gunpoint, around the capital of Paraguay after midnight; was arrested in Tierra del Fuego on suspicion of being a British spy; and raced a car at 120 mph along the edge of a minefield in Croatia. He finds most days in banking very manageable. ~ 29 ~

32 Participants Maha Abdelrehim GM Capital Markets Development, The Egyptian Financial Supervisory Authority Christian Adderly Deputy Manager/Compliance, The Securities Commission of The Bahamas Marian Afriye-Opoku Manager, Issues, Securities and Exchange Commission, Ghana Yousuf Al Roumi Specialist, Capital Markets Authority, Kuwait Mohammed Al-Anjery Chief Auditor, Capital Markets Authority, Kuwait Zahraa AlMousa Chief Financial Analyst, Capital Markets Authority, Kuwait Ahmad Alkhalid Senior Financial Analyst, Capital Markets Authority, Kuwait Shaika Al-Thani Associate, Investment Management- Supervision and Authorization, Qatar Financial Centre Regulatory Authority Abraham Alutuli Manager, Market Supervision, Securities and Exchange Commission, Zambia Soraya Alves Manager/Laywer, ANBIMA Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais, Brazil Mohammed Alwadaani Officer, Capital Markets Authority, Saudi Arabia Bader Balghonaim Manager of Laws and Regulations, Capital Market Authority, Saudi Arabia Sandra Benitez VP, Market Development, Autorregulador del Mercado de Valores, Columbia Ange-Martial Bonga Lawyer, CREPMF, Cote D Ivoire Ripert Bossoukpe Director, Listed Companies and Corporate Finance, CREPMF, Cote D Ivoire Mukhtar Bubeyev Advisor to the CEO, Astana Financial Services Authority, Kazakhstan Danielle Bunduku-Latha Legal Counsel/Chief of Staff, COSUMAF, Gabon Matthew Brady Managing Director, Compliance, Mutual Fund Dealers Association of Canada Phillip Katali Chitalu CEO, Securities and Exchange Commission, Zambia Esraa Damaty Head of Public Issuance Division, Securities Commission of Jordan Pendapala Daniels Legal Officer, Financial Institutions Supervisory Authority, Namibia Jennifer D hoir Head, Unit for International Affairs, Autorité des Marchés Financiers, France Lauren Eckermann Lawyer, Australian Securities and Investments Commission, Australia Khaled Elnashar Vice Chairman, Egyptian Financial Supervisory Authority Samuel Froesch Senior Specialist Asset Management Division, FINMA, Switzerland Geetha Gangadharan Deputy General Manager, Securities and Exchange Board of India (SEBI), India Vijayakrishnan Gopalakrishnannair General Manager, Securities and Exchange Board of India (SEBI) ~ 30 ~

33 Mohammed Sani Ibrahim Compliance Manager, The Nigerian Stock Exchange Ana James International Affairs Officer, Gibraltar Financial Services Commission Linda Kenna Policy Specialist Secondary Markets, Central Bak of Ireland Moctar Mainassara Chef de Service des Habilitations et du Contrôle des Acteurs, CREPMF, Cote D Ivoire Sudeep Mishra Deputy General Manager, Securities and Exchange Board of India (SEBI), India Adam Nádaský Senior Supervisory Inspector & ESMA Coordinator Securities Market, Insurance and Pension Savings Supervision Department, National Bank of Slovakia Murugan Narayana Division Chief, Securities and Exchange Board of India (SEBI), India Francis Ndirangu Enforcement Officer, Capital Markets Authority, Kenya Julie Odeck Legal Officer, Capital Markets Authority, Kenya Gbenga Ojosipe Manager, Securities and Exchange Commission of Nigeria Mausi Owolabani Rules and Interpretation Officer, The Nigerian Stock Exchange William Palacio Analyst, Superintendencia de Valores, Dominican Republic Daniel Peres Penteado Executive Agent, Comissão de Valores Mobiliários, Brazil Jules Stuart Pierre Capital Market Development Advisor, Banque de la République d Haïti, Haiti Jerryse Rolle Deputy Manager, Inspections, Securities Commission of The Bahamas Firas Safieddine Executive Board Member, Capital Markets Authority, Lebanon Daniela Santos Lawyer, Superintendeencia de Valores y Seguros de Chile Meshary Shalhoub Officer, Capital Market Authority, Saudi Arabia Jyoti Sharma Deputy General Manager, Securities and Exchange Board of India (SEBI), India Diana Sichone Lawyer/Director Enforcement and Legal Services, Securities and Exchange Commission, Zambia Jasna Smileva Senior Inspector, Securities and Exchange Commission of the Republic of Macedonia Bhawika Wanchoo Chief Manager Ahmedabad Regional Office, National Stock Exchange of India Limited (NSE) Paige Ward General Counsel, VP Policy, Mutual Fund Dealers Association of Canada Sona Wavde Senior Associate, Investment Management, Qatar Financial Centre Regulatory Authority Julawadee Worasakyothin Director, International Relations, Securities & Exchange Commission Thailand Arif Zain Assistant General Manager & Investigating Officer, Securities Commission, Malaysia Tarek Zebian Director of Research and Communications, Capital Markets Authority of Lebanon ~ 31 ~

34 ~ 32 ~