SEC Announces Agenda, List of Participants for Portals Roundtable

Brief presentation (in MS PowerPoint) by Donna L. Hoffman, Professor and Co-Director of eLab, Owen Graduate School of Management, Vanderbilt University

• What are some of the more common types of Internet marketing arrangements outside the financial services area?

• In general, what are some of the more common types of compensation models for Internet marketing arrangements outside the financial services area?
  • Why have compensation models shifted toward "pay-for-performance"?

• Do "pay-for-performance" compensation models blur the line between advertising and substantive content and between advertiser and content provider?

• What are some of the more common types of marketing arrangements between broker-dealers and Internet web site operators (including both financial and non-financial web site operators)?

• In general, do "pay-for-performance" compensation arrangements make sense from a business perspective for broker-dealers? For web site operators?

• How do the informational content and functions of broker-dealer web sites differ from the content and functions of other financial web sites?

• How does account aggregation work from a customer perspective? How does an aggregation platform enable customers to view, update, and manage their assets from a web site?

Brief presentation by R. Clark Hooper, Executive Vice President, Strategic Programs, NASD Regulation, Inc.

• How do NASD advertising and suitability rules affect the content and functionality of broker-dealer web sites?

• How do NASD rules affect the ability of online broker-dealers to compete with financial web site operators?

• What factors should the Commission consider in determining whether a web site operator is a "broker"?

• Should the types of compensation received by a web site operator from a registered broker-dealer affect the "broker" analysis? If so, which types of compensation are most relevant to this analysis?

• What relationships between broker-dealers and third-party web site operators raise investor protection concerns?

• Are the lines blurred between broker-dealer web sites and other web sites (due to, for example, framing, co-branding, or similarities in the "look and feel" of the web sites)?

• Do certain compensation arrangements heighten investor protection concerns?

• Where investor protection issues arise on the Internet, are there less burdensome alternatives than broker-dealer registration that would accomplish the same purposes?

Nadine Z. Genet, Senior Vice President and Director of Marketing, UBS PaineWebber Inc.

Craig Gibson, Vice President, America Online, Inc. or Katherine Ennis Wychulis, Vice President and Associate General Counsel, America Online, Inc.

Julio Gomez, Co-Founder and Chief Executive Officer, Gomez, Inc.

Lawrence T. Greenberg, Chief Legal Officer and Secretary, The Motley Fool, Inc.

Donna L. Hoffman, Professor and Co-Director of eLab, Owen Graduate School of Management, Vanderbilt University (presentation available in MS PowerPoint)

R. Clark Hooper, Executive Vice President, Strategic Programs, NASD Regulation, Inc.

Phillip K. Lynch, Co-Chief Executive Officer, Reuters America, Inc.

John Scheibel, Washington Counsel and Director of Government Relations, Yahoo! Inc. (written submission available)

Gregg Sharenow, Managing Director, Deutsche Bank/National Discount Brokers

Fran Smallson, Assistant General Counsel and Director, Intuit, Inc. (written submission available, in PDF format)

W. Hardy Callcott, Senior Vice President and General Counsel, Charles Schwab & Co., Inc.

Robert L. D. Colby, Deputy Director, Division of Market Regulation, U.S. Securities and Exchange Commission

Michael Hogan, Managing Director, CSFBdirect Inc.

Jeffrey S. Holik, Vice President and Acting General Counsel, NASD Regulation, Inc.

Ellen L. S. Koplow, Acting General Counsel, Ameritrade Holding Corporation

David Lipton, Professor, Columbus School of Law, The Catholic University of America

Kevin J. Moynihan, First Vice President and Assistant General Counsel, Merrill Lynch, & Co., Inc.

Andre E. Owens, Partner, Schiff Hardin & Waite (written submission available)

John Polanin, Jr., Executive Director and Managing Attorney for Region Americas Legal, Equities Section, UBS Warburg LLC

Steven W. Stone, Partner, Morgan, Lewis & Bockius LLP

Dr. Harold P. Wittman, Member, Board of Directors, and Secretary, Metropolitan Washington Chapter of the American Association of Individual Investors

Modified: 04/04/2002