2018-06-14T11:05:52-05:00 2017-07-31 042442519 EDELSTEIN AND COMPANY LLP 160 FEDERAL STREET 9TH FLOOR BOSTON MA 02110 990 2016-08-01 300406260 COMMITTEE ON CAPITAL MARKETS REGULATION INC C/O HAL S SCOTT COMM 6174952790 1557 MASSACHUSETTS AVE LILC 339 CAMBRIDGE MA 02138 HAL S SCOTT PRESIDENT/DIRECTOR 6174952790 2018-06-04 1 SCOTT KAPLOWITCH P00002440 6172276161 2018-06-04 2016 2022-09-23 18:48:47Z HAL S SCOTT 1557 MASSACHUSETTS AVE LILC 339 CAMBRIDGE MA 02138 2097977 0 X WWW.CAPMKTSREG.ORG X 2007 DE TO RESEARCH AND ADDRESS SPECIFIC ISSUES AFFECTING THE REGULATION OF U.S. CAPITAL MARKETS. 5 4 12 0 0 0 1795401 2076110 0 0 4606 21867 0 0 1800007 2097977 0 0 0 0 1207129 1522224 0 0 51626 348659 434044 1555788 1956268 244219 141709 2826208 2984019 44724 60826 2781484 2923193 X THE SPECIFIC PURPOSES FOR WHICH THE CORPORATION IS FORMED INCLUDE: 1) EXPLORING A RANGE OF ISSUES RELATED TO MAINTAINING AND IMPROVING THE COMPETITIVENESS OF THE US CAPITAL MARKETS; 2) RECOMMENDING POLICY CHANGES THAT SHOULD BE MADE, (CONTINUED ON SCHEDULE O) OR AREAS OF RESEARCH THAT SHOULD BE PURSUED; 3) PRESERVING AND ENHANCING THE BALANCE BETWEEN EFFICIENT AND COMPETITIVE CAPITAL MARKETS AND SHAREHOLDER PROTECTION; AND 4) PURSUING OTHER SIMILAR AREAS OF STUDY AND DISCUSSION. 0 0 1591199 THE COMMITTEE ON CAPITAL MARKETS REGULATION, INC. IS AN INDEPENDENT AND NONPARTISAN RESEARCH ORGANIZATION DEDICATED TO IMPROVING THE REGULATION OF U.S. CAPITAL MARKETS. THE COMMITTEE'S RESEARCH PROVIDES POLICYMAKERS WITH A NONPARTISAN EMPIRICAL FOUNDATION FOR PUBLIC POLICY AS WELL AS EDUCATES THE PUBLIC ON THESE ISSUES. IN 2017, THE COMMITTEE RELEASED A REPORT ON THE TRUMP ADMINISTRATION'S REGULATORY PRIORITIES FOR THE U.S. FINANCIAL SYSTEM. COMMITTEE EXPENSES ASSOCIATED WITH THIS REPORT WERE LIKELY IN THE RANGE OF $200,000. THE COMMITTEE STAFF ALSO COMPLETED EXTENSIVE DATA GATHERING ON THE MONETARY PENALTIES IMPOSED BY THE U.S. PUBLIC ENFORCEMENT FOR THE FINANCIAL SYSTEM. THE COMMITTEE EXPENSES ASSOCIATED WITH THIS EFFORT WERE LIKELY IN THE RANGE OF $150,000. THIRD, THE COMMITTEE STAFF COMPLETED AN ECONOMIC ANALYSIS OF THE IMPACT OF INDEX FUNDS ON COMPETITION IN CONCENTRATED INDUSTRIES. THE COMMITTEE EXPENSES ASSOCIATED WITH THIS ANALYSIS WERE LIKELY IN THE RANGE OF $100,000. 1591199 1 1 0 1 0 0 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 24 0 1 12 1 0 0 0 0 0 0 0 0 0 0 X 5 4 0 0 0 0 0 0 0 1 0 1 0 1 1 1 1 1 1 1 1 0 MA NY X SHARON LEVESQUE CPA 5086447237 50 CHURCH STREET 3RD FLOOR CAMBRIDGE MA 02138 HAL S SCOTT PRESIDENT/DIRECTOR 30.00 X X 440000 0 0 ROBERT GLAUBER DIRECTOR 0.50 X 0 0 0 ROBERT GLENN HUBBARD DIRECTOR 0.50 X 0 0 0 ANDREW KURITZKES DIRECTOR 0.50 X 0 0 0 JOHN L THORNTON DIRECTOR 0.50 X 0 0 0 SHARON M LEVESQUE TREASURER/CFO 20.00 X 62882 0 0 JACQUELINE MCCABE V.P./SECRETARY 20.00 X 52542 0 1576 JOHN A GULLIVER EXECUTIVE RESEARCH DIRECTOR 50.00 X 214603 0 0 BRIAN JOHNSON CHIEF ECONOMIST 50.00 X 103706 0 3111 873733 0 4687 3 0 1 0 0 2076110 50246 2076110 21867 21867 2097977 0 0 21867 848664 739136 83121 26407 585584 510008 57355 18221 9911 8632 971 308 78065 67990 7646 2429 1831 1831 113052 88293 24759 69864 34514 35350 98302 98302 128623 124004 358 4261 3750 3750 LICENSE FEES 18622 18622 1956268 1591199 313443 51626 120833 75624 2693665 2865350 10168 11710 14127 9519 9519 0 0 18750 2826208 2984019 44724 60826 44724 60826 X 2581484 2903748 200000 19445 2781484 2923193 2826208 2984019 141709 0 X X 0 1 X 1 0 X 1516370 1642700 1595219 1795401 2076110 8625800 1516370 1642700 1595219 1795401 2076110 8625800 3832098 4793702 6811 5336 5866 4606 21867 44486 8670286 0.55290 0.52670 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 67241 0 67241 0 1889027 0 1956268 0 247813 0 61953 0 0 0 187285 212112 227789 247813 874999 1312499 25566 60520 48442 67241 201769 46821 53028 56947 61953 218749 328124 200000 180555 19445 200000 200000 50897 50897 170765 332 120200 50897 170200 565 170765 1.00000 0 0 9519 9519 0 0 2097977 0 2097977 0 2097977 1956268 0 1956268 0 1956268 PART V, LINE 4: TEMPORARILY RESTRICTED NET ASSETS REPRESENT FUNDS DESIGNATED BY DONORS FOR RESEARCH AND POLICY PROGRAMS RELATED TO U.S. CAPITAL MARKETS. X 1 1 X X X X 0 0 0 0 0 0 0 0 0 HAL S SCOTT PRESIDENT/DIRECTOR 400000 0 40000 0 0 0 0 0 0 0 440000 0 0 0 JOHN A GULLIVER EXECUTIVE RESEARCH DIRECTOR 179603 0 35000 0 0 0 0 0 0 0 214603 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL IS PROVIDED FOR HAL S. SCOTT, PRESIDENT, IN THE CASE OF LONG TRIPS WHERE PRIVACY IS NEEDED FOR WORKING ON CONFIDENTIAL DOCUMENTS, WHEN BUSINESS CLASS TICKETS ARE NOT AVAILABLE, OR A FREE UPGRADE TO FIRST CLASS IS AVAILABLE. X 1 50246 MARKET QUOTES 0 0 0 FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION IS A RELATIVELY SMALL ORGANIZATION AND HAD ONLY UP TO 5 BOARD MEMBERS AT ANY ONE TIME. THEREFORE, THERE ARE NO COMMITTEES. THE FULL BOARD ACTS ON ALL MATTERS DURING BOARD MEETINGS AND MINUTES ARE KEPT OF THOSE MEETINGS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED THOROUGHLY BY THE CORPORATION'S OFFICERS BEFORE FILING. A COPY OF THE FORM 990 IS PROVIDED TO AND REVIEWED BY THE BOARD OF DIRECTORS BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C ARTICLE VII OF THE CORPORATION'S BY-LAWS GOVERN CONFLICTS OF INTEREST. THE BY-LAWS DEFINE POTENTIAL CONFLICTS OF INTEREST AND SET OUT THE PROCESS FOR DISCLOSING POTENTIAL CONFLICTS OF INTEREST AND APPROVAL OF CONTRACTS AND TRANSACTIONS INVOLVING POTENTIAL CONFLICTS OF INTEREST. AT WEEKLY STATUS MEETINGS, ALL MAJOR ACTIVITIES OF THE CORPORATION ARE DISCUSSED BY THE CORPORATION'S OFFICERS WHERE ANY POTENTIAL CONFLICTS OF INTEREST CAN BE IDENTIFIED. IN ADDITION, EACH DIRECTOR AND EACH OFFICER IS REQUIRED TO COMPLETE AN ANNUAL CONFLICT OF INTEREST DISCLOSURE FORM. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION OF THE ORGANIZATION'S TOP MANAGEMENT (OFFICERS AND KEY EMPLOYEES) INCLUDED A REVIEW AND APPROVAL BY INDEPENDENT MEMBERS OF THE BOARD OF DIRECTORS WHO WERE PROVIDED A REPORT FROM AN INDEPENDENT PROFESSIONAL COMPENSATION CONSULTANT PROVIDING, INTER ALIA, COMPARABILITY DATA, AND THE BOARD'S DELIBERATION AND DECISION WERE CONTEMPORANEOUSLY MEMORIALIZED IN THE MINUTES OF THE BOARD MEETING. THE INDEPENDENT PROFESSIONAL COMPENSATION CONSULTANT WAS HIRED TO PROVIDE 2017 AND 2018 COMPENSATION PLANNING INFORMATION UPDATES AS APPROPRIATE FOR THE FOLLOWING: HAL S. SCOTT JOHN GULLIVER JACQUELINE MCCABE SHARON LEVESQUE BRIAN JOHNSON (2018 ONLY) FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, WHICH INCLUDE ITS CONFLICT OF INTEREST POLICY, AND ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. FORM 990, PART VII CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC SHARON M. LEVESQUE - 50 CHURCH STREET, 3RD FLOOR, CAMBRIDGE, MA 02138. ROBERT GLAUBER - 50 CHURCH STREET, 3RD FLOOR, CAMBRIDGE, MA 02138. ROBERT GLENN HUBBARD - 50 CHURCH STREET, 3RD FLOOR, CAMBRIDGE, MA 02138. ANDREW KURITZKES - 50 CHURCH STREET, 3RD FLOOR, CAMBRIDGE, MA 02138. JOHN L. THORNTON - 50 CHURCH STREET, 3RD FLOOR, CAMBRIDGE, MA 02138. JOHN A. GULLIVER - 50 CHURCH STREET, 3RD FLOOR, CAMBRIDGE, MA 02138. JACQUELINE MCCABE - 50 CHURCH STREET, 3RD FLOOR, CAMBRIDGE, MA 02138. BRIAN JOHNSON - 50 CHURCH STREET, 3RD FLOOR, CAMBRIDGE, MA 02138. FORM 990, PART XII, LINE 2C: SINCE THE BOARD OF DIRECTORS WAS COMPRISED OF UP TO ONLY 5 INDIVIDUALS AT ANY ONE TIME DURING THE YEAR, THE FULL BOARD ASSUMED RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.