OTHER PIFS EVENTS

DECEMBER  2005
THE CURRENT STATE OF CORPORATE GOVERNANCE IN THE GLOBAL MARKETPLACE
On December 6, PIFS, Standard & Poor's, and BusinessWeek co-hosted a panel discussion titled "Mandating Integrity and Transparency: The Current State of Corporate Governance in the Global Marketplace." Markets, ultimately, revolve around investor trust, a fragile commodity that, in recent years, has been sorely tested following a wave of well-publicized corporate scandals in North America, Europe, and Asia. A panel of experts engaged in a Socratic discussion and considered the following questions:

     -- How well have corresponding regulatory and legislative attempts at raising standards for corporate
        governance succeeded in restoring investor confidence and at what cost?
     -- Can requirements be applied unilaterally across geographic and cultural boundaries?
     -- What is the proper role for independent directors? For outside auditors? For shareholder activism?

The panel considered the above questions in light of their applicability to the world's three major securities markets and one of the largest developing markets, China.

Panelists included:

Paul S. Atkins, Commissioner, U.S. Securities & Exchange Commission
Dr. Rolf-E. Breuer, Chairman, Deutsche Bank Supervisory Board
John A. Byrne, Executive Editor, BusinessWeek
George S. Dallas, Managing Director & Global Practice Leader, Standard & Poor's
Pierre Delsaux, Acting Director for Free Movement of Capital, Company Law and Corporate
     Governance, European Commission
Guido Ferrarini, Professor of Business Law, University of Genoa
Richard Kilgust, Global and U.S. Regulatory Affairs Leader, PricewaterhouseCoopers
Jay W. Lorsch, Louis E. Kirstein Professor of Human Relations, Harvard Business School
Elaine La Roche, Independent Non-Executive Director, China Construction Bank and
     Non-Executive Chairman of the Board, Linktone
Masatsugu Nagato, Managing Executive Officer Americas, Mizuho Corporate Bank
Eric D. Roiter, Senior Vice President & General Counsel, Fidelity Management & Research
Jochen Sanio, President, German Federal Supervisory Authority
Sarah Ball Teslik, CEO, Certified Financial Planner Board of Standards, Inc.

The discussion was moderated by PIFS Director Hal Scott. Standard & Poor's President Kathleen A. Corbet and BusinessWeek Executive Editor Joyce A. Barnathan extended welcome and opening remarks.

The event was made possible through the sponsorship of Standard & Poor's and BusinessWeek.

MARCH  2005
REGULATION OF U.S. CAPITAL MARKETS
On March 7, PIFS and Standard and Poor's co-hosted a panel discussion titled "The Current State of Regulation of the Capital Markets: Too Much, Too Little or Just Right?" A panel of experts engaged in a Socratic discussion on the impact of regulation on the U.S. capital markets. The discussion integrated case studies to focus on specific industry issues. The case studies included the SEC’s National Market System proposal, the impact of Sarbanes-Oxley, IPO allocation rules, the adoption of international accounting standards, and the independence of research analysts.

Panelists included:

Brandon Becker, Partner, Wilmer Cutler Pickering Hale & Dorr
Roel Campos, Commissioner, U.S. Securities and Exchange Commission
Peter Clapman, Senior Vice President and Chief Counsel, Corporate Governance, TIAA-CREF
Robert Glauber, CEO and President, NASD
Kenneth Griffin, Founder and CEO, Citadel Investment Group
John Grout, Technical Director, The Association of Corporate Treasurers
Richard Herring, Jacob Safra Professor of International Banking, The Wharton School, Univ. of
   Pennsylvania
Suzanne Nora Johnson, Vice Chairman, Goldman Sachs
Richard Ketchum, Chief Regulatory Officer, Regulation, New York Stock Exchange
Marc Lackritz, President, Securities Industry Association
Thomas Lehner, Director, Public Policy, The Business Roundtable
William McDonough, Chairman, Public Company Accounting Oversight Board
William Parrett, CEO, Deloitte Touche Tohmatsu

The panel discussion was moderated by PIFS Director Hal Scott. HLS Dean Elena Kagan extended a welcome greeting, followed by opening remarks offered by Vickie A. Tillman, Standard & Poor's executive vice president.

The event was made possible through the sponsorship of Standard & Poor's.

Media Coverage of the Panel Discussion
CFO Magazine, Tim Reason

FEBRUARY  2003
GLOBAL ADOPTION OF INTERNATIONAL ACCOUNTING STANDARDS
NASD and PIFS presented the first symposium in NASD's International Securities Symposium Series, which addresses key issues related to transparency and efficiency in the capital markets. The symposiums provide a forum for leaders from the financial services industry, important policy makers, and international experts to engage in critical analysis and discussion of selected topics of the day.

NASD's inaugural symposium, "Global Adoption of International Accounting Standards," focused on one of the pivotal challenges facing markets today: establishing a set of internationally accepted standards governing companies' reporting of their financial performance. The symposium was held at Harvard Law School on February 3, 2003, and began with remarks by Howard Davies, Chairman, Financial Services Authority, and Robert Glauber, Chairman & Chief Executive Officer, NASD. Hal Scott (Director of PIFS) moderated.

Ray Ball, Professor, Chicago Graduate School of Business
Henrik Bjerre-Nielsen, Director General, Danish Financial Supervisory Authority
Sir Brian Corby, Chairman (retired), Prudential Assurance Company
Samuel A. DiPiazza, Jr., Chief Executive Officer, PricewaterhouseCoopers
Peter R. Fisher, Under Secretary, Department of the Treasury
Robert Herz, Chairman, Financial Accounting Standards Board
Lewis B. Kaden, Partner, Davis Polk & Wardwell
Leo C. O'Neill, President, Standard & Poor's
Henry M. Paulson, Jr., Chairman and Chief Executive Officer, The Goldman Sachs Group, Inc.
Hardwick Simmons, Chairman and Chief Executive Officer, NASDAQ
Sir David Tweedie, Chairman, International Accounting Standards Board