Roundtable on the Execution, Clearance and Settlement of Microcap Securities

Panel 1 — Compliance Challenges Associated with Microcap Securities

Moderator: Peter Curley, Associate Director, Division of Trading and Markets.

Panelists:

• Claire Santaniello — Managing Director and Chief Compliance Officer, Pershing
• Mihal Nahari — Chief Compliance Officer, The Depository Trust & Clearing Corporation (“DTCC”)
• Thomas Merritt — Senior Managing Director, Deputy General Counsel and Corporate Secretary, Knight Capital Group
• Steven Nelson — Chairman, Continental Stock Transfer and Trust Company
• Marvin Pickholz — Partner, Duane Morris
• Brian Lebrecht — Founder, The Lebrecht Group, APLC
• David Chapman — Director, Department of Market Regulation, FINRA

Panel 2 — Anti-Money Laundering Monitoring

Moderator: Sarah Green, Bank Secrecy Act Specialist for the Office of Market Intelligence

Panelists:

• Betty Santangelo — Partner, Schulte Roth & Zabel
• Susan DeSantis — Managing Director and Deputy Chief Compliance Officer, DTCC
• Lynne Johnston — US Head of Anti-Money Laundering Compliance, RBC Capital Markets
• Harold Crawford — Global Director of Anti-Money Laundering & Sanctions, Brown Brothers Harriman & Co.
• Aaron Fox — Managing Director, IPSA International Inc.
• Jeff Horowitz — Managing Director and Chief Anti-Money Laundering and OFAC Officer, Pershing
• Bill Park — Director, FINRA Department of Enforcement

Panel 3: Potential Changes to the Regulatory Framework Concerning Microcap Securities

Moderator: John Polise, Associate Director, Office of Compliance, Inspections and Examinations.

Panelists:

• David Feldman — Partner, Richardson & Patel LLP
• Susan Merrill — Partner, Bingham McCutchen
• Chris Stone— Vice President of Equity Products, FINRA
• Susan Grafton — Of Counsel, Gibson, Dunn & Crutcher
• Walter Van Dorn — Partner, SNR Denton US LLP
• R. Cromwell Coulson — President, Chief Executive Officer and Director, OTC Markets Group

Modified: 10/11/2011