Meeting Agenda

Panel Discussion on Account Statement Disclosure: Do client statements adequately serve investors?

This panel will focus on analyzing the content and format of information that is conveyed to customers through account statements and through account information available from firms online and through apps. Our speakers will provide an overview of the regulatory requirements governing the delivery of this information. Additionally, it will cover which information is important to customers, and challenges and best practices in conveying relevant information. Finally, the panelists will explore changes to the current requirements to better inform and protect investors, including possible standardization and simplification.

Moderated by:

Prof. Christine Lazaro, IAC Member, Professor of Clinical Legal Education, Director of the Securities Arbitration Clinic, St. John’s University School of Law

Panelists:

• Prof. Nicole Iannarone, Assistant Professor of Law, Drexel University
• Cory Clark, Chief Marketing Officer, DALBAR, Inc.
• Stephen Hall, Legal Director & Securities Specialist, Better Markets

Panel Discussion regarding Tax Transparency

This panel will focus on the potential benefits to investors of greater tax transparency, including country-by-country tax reporting. New regulations require companies to provide this information to tax authorities, but investors currently do not have access to this information. Given financial, reputational and regulatory risks of a company’s tax practices, investors need more information to be able to evaluate the scope of tax risks facing multinational companies. The speakers will provide an overview of the existing requirements, emerging investor expectations and new transparency requirements in other jurisdictions, and provide insight on how regulators and standard-setters might address the existing information gaps.

Moderated by:

James Andrus,Vice Chair of the Investor-as-Owner Subcommittee; Interim Managing Investment Director, Sustainable Investing, CalPERS

Presenters:

• Elise Bean, Former Staff Director and Chief Counsel of the U.S. Senate Permanent Subcommittee on Investigations
• John Bevacqua, PhD, Associate Professor and Associate Dean – Learning and Teaching, Monash Business School, Australia
• Dave Reubzaet, Director, Capital Markets, Global Reporting Initiative (GRI)

Panelists:

• Kimberly Clausing, Eric M. Zolt Chair in Tax Law and Policy, UCLA, Former Deputy Assistant Secretary for Tax Analysis, U.S. Department of the Treasury
• Ryan Gurule, Policy Director, Financial Accountability and Corporate Transparency Coalition (FACT Coalition)
• Jason Ward, Principal Analyst, Centre for International Corporate Tax Accountability and Research (CICTAR)
• Robert Wilson, Investment Officer and Research Analyst, MFS Investment Management

Panel Discussion Regarding Single-Stock ETFs

This panel will focus on the recent rise of single-stock ETFs, ETFs that give investors leveraged returns to the daily returns of specific stocks. Our speakers will discuss how SEC Rule 6c-11 in 2019 made it much easier for single-stock ETFs to come to market and the risks that are associated with them that many retail investors may not be aware of. Finally, the panelists will discuss what the SEC should consider doing in response.

Moderated by:

Andrew Park : IAC Market Structure Subcommittee Chair; Senior Policy Analyst, Americans for Financial Reform

Panelists:

• Patrick Cleary, Chief Executive Officer, ETF Architect
• Jillian DelSignore, Head of ETFs & Indexing, FLX Networks
• Bob Elliott, Chief Investment Officer, Unlimited Funds
• Scott Farnin, Legal Counsel, Better Markets