Good morning and welcome to the first meeting of the year for the Asset Management Advisory Committee.

Before I start, would like to remind you that I am speaking only for myself and not for the Commission, the Commissioners, or the staff.[1]

About a year ago, the COVID-19 pandemic forced all of us into a telework posture with the professional and personal challenges that it entailed. The AMAC had its first and only meeting in person in January, 2020. Ever since it has met virtually. I would like to take this opportunity to thank all the AMAC members for continuing throughout this time to conduct productive and insightful discussions and for bringing their unique perspective to the staff and the Commission in these trying circumstances.

In the upcoming year, the Committee will advance the discussions initiated in its first year. I also understand that it will undertake new work on timely subjects through 2 new subcommittees on the Evolution of Advice and the Challenges of Smaller Advisors and Fund Managers. I anticipate learning more in the months to come as these new subcommittees bring their diverse viewpoints to bear on these topics. Turning to the agenda, today’s meeting will continue AMAC’s tradition of bringing forth thoughtful exchanges. I am looking forward to hearing the continued dialog on the ESG committee and the Private Funds Committee’s potential recommendations, as well as the updates from Diversity & Inclusion Subcommittee.

I would like to thank Acting Chair Lee and the Commissioners for their participation today. My thanks also to Ed Bernard for his leadership and to all subcommittee leaders and Committee members for their contributions. I would also like to thank Christian Broadbent, Jay Williamson, Walé Oriola, Emily Rowland and other Division staff continue working tirelessly to support the Committee. Thank you also to the Division’s Managing Executive Office and the Commission’s Office of Information Technology for enabling us to meet virtually today. With that, Ed I turn it over to you and I look forward to the discussion.