2015-03-13T12:46:17-05:00 2014-07-31 042442519 EDELSTEIN AND COMPANY LLP 160 FEDERAL STREET 9TH FLOOR BOSTON MA 02110 990 2013-08-01 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 2015-03-09 1 ALFONSO PERILLO P00950491 6172276161 2015-03-09 2013 2016-03-07 17:11:31Z HAL S SCOTT 1557 MASSACHUSETTS AVE LILC 339 CAMBRIDGE MA 02138 1648036 0 X WWW.CAPMKTSREG.ORG X 2007 DE TO RESEARCH AND ADDRESS SPECIFIC ISSUES AFFECTING THE REGULATION OF U.S. CAPITAL MARKETS. 6 5 14 6 0 0 1516370 1642700 0 0 34800 5336 0 0 1551170 1648036 0 0 0 0 1009619 1107849 0 0 55953 353851 326230 1363470 1434079 187700 213957 2108604 2328845 15257 21541 2093347 2307304 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 1122849 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. DURING THE REPORTABLE FISCAL YEAR, THE COMMITTEE (1) CONDUCTED RESEARCH ON ISSUES AFFECTING THE COMPETITIVENESS OF U.S. CAPITAL MARKETS INCLUDING PUBLISHING ON A QUARTERLY BASIS 13 MEASURES MEASURING COMPETITIVENESS AND A COMPILATION OF FINANCIAL PENALTIES ASSESSED AGAINST FINANCIAL INSTITUTIONS (2) FOCUSED ON IMPLEMENTATION OF ITS RECOMMENDATIONS FROM ITS 2009 REPORT TITLED THE GLOBAL FINANCIAL CRISIS, A PLAN FOR REGULATORY REFORM THROUGH, INTER ALIA, TESTIMONY BEFORE THE SENATE BANKING COMMITTEE AND LETTERS TO CONGRESS AND REGULATORS, (3) PUBLISHED THE REPORT CAPITAL STUDY, MORE MARKET DISCIPLINE FOR CAPITAL REQUIREMENTS AND RELEASED PAPERS TITLED BALANCED APPROACH TO COST BENEFIT ANALYSIS REFORM AND WHAT TO DO ABOUT CONTAGION, (4) SUBMITTED AN AMICUS CURIAE BRIEF TO THE U.S. SUPREME COURT IN CONNECTION WITH CLASS ACTION LITIGATION AND (5) CONDUCTED FOLLOW ON RESEARCH CONTAGION AND INTERCONNECTEDNESS, UNELECTED DIRECTORS AND MARKET STRUCTURE. 1122849 1 1 0 1 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 10 0 1 14 1 0 0 0 0 0 0 0 0 0 0 X 6 5 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 6174955143 125 MT AUBURN STREET CAMBRIDGE MA 02138 HAL S SCOTT PRESIDENT/DIRECTOR 30.00 X X 400000 0 0 ROBERT GLAUBER DIRECTOR 0.50 X 0 0 0 ROBERT GLENN HUBBARD DIRECTOR 0.50 X 0 0 0 JAMES F ROTHENBERG DIRECTOR 0.50 X 0 0 0 JOHN L THORNTON DIRECTOR 0.50 X 0 0 0 WILLIAM G PARRETT DIRECTOR 0.50 X 0 0 0 SHARON M LEVESQUE TREASURER/CFO 18.00 X 52276 0 0 SHARON BAKER MORIN V.P./DEPUTY DIRECTOR/SECRETARY 20.00 X 32500 0 0 C WALLACE DEWITT EXECUTIVE RESEARCH DIRECTOR 50.00 X 126750 0 6845 611526 0 6845 2 0 1 0 0 1642700 1642700 5336 5336 1648036 0 0 5336 486017 388596 74476 22945 538380 430464 82499 25417 10064 8051 2013 13687 11031 2656 59701 47761 8955 2985 5485 5485 250 250 14765 14765 118622 110526 8096 38140 23587 14553 41163 41163 80272 75634 32 4606 334 334 LICENSE FEES 27199 27199 1434079 1122849 255277 55953 90432 108914 2001550 2197971 16288 21960 9519 9519 334 0 2108604 2328845 15257 21541 15257 21541 X 1922582 2256407 170765 50897 2093347 2307304 2108604 2328845 213957 0 X X 0 1 X 1 0 X 1696050 1567850 1575600 1516370 1642700 7998570 1696050 1567850 1575600 1516370 1642700 7998570 3612176 4386394 3520 4902 5297 6811 5336 25866 8024436 0.54660 0.51460 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 25566 25566 1097283 1122849 187285 46821 0 0 143154 167860 174868 187285 673167 1009751 11114 16227 16896 25566 69803 35789 41965 43717 46821 168292 252438 170765 332 120200 50897 170200 565 170765 170200 170200 170200 170200 50000 170200 50000 170200 1.00000 0 0 9519 9519 0 0 X 1648036 0 1648036 0 1648036 1434079 0 1434079 0 1434079 PART V, LINE 4: TEMPORARILY RESTRICTED NET ASSETS ARE TO BE USED FOR RESEARCH AND POLICY PROGRAMS RELATED TO U.S. CAPITAL MARKETS. PART X, LINE 2: THE ORGANIZATION HAS EVALUATED THE TAX POSITIONS TAKEN ON RETURNS FOR OPEN YEARS AND THOSE EXPECTED TO BE TAKEN ON RETURNS FOR THE YEAR ENDED JULY 31, 2014. IT IS MANAGEMENT'S BELIEF THAT SUCH TAX POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED UPON EXAMINATION BY TAX AUTHORITIES. ACCORDINGLY, NO LIABILITY FOR UNCERTAIN TAX POSITIONS HAS BEEN REFLECTED IN THESE FINANCIAL STATEMENTS. TAX RETURNS FOR TAX YEARS BEGINNING WITH THOSE FILED FOR FISCAL YEAR ENDED JULY 31, 2011 ARE OPEN TO EXAMINATION. X 1 1 X X 0 0 0 0 0 0 0 0 0 HAL S SCOTT PRESIDENT/DIRECTOR 400000 0 0 0 0 0 0 0 0 0 400000 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. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION IS A RELATIVELY SMALL ORGANIZATION AND HAD ONLY 6 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 11 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 (THE PRESIDENT/DIRECTOR, V.P./DEPUTY DIRECTOR/SECRETARY, TREASURER/CFO), AND THE EXECUTIVE DIRECTOR FOR RESEARCH 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. POTENTIAL CONFLICTS ARE REVIEWED AND OFFICERS AND DIRECTORS ARE IMMEDIATELY NOTIFIED OF ANY POTENTIAL CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION OF THE ORGANIZATION'S TOP MANAGEMENT (OFFICERS) 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 2014 COMPENSATION PLANNING INFORMATION AND UPDATES AS APPROPRIATE FOR THE FOLLOWING: HAL S. SCOTT SHARON BAKER MORIN SHARON LEVESQUE 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 SHARON M. LEVESQUE - 125 MT AUBURN STREET, CAMBRIDGE, MA 02138. ROBERT GLAUBER - 125 MT AUBURN STREET, CAMBRIDGE, MA 02138. ROBERT GLENN HUBBARD - 125 MT AUBURN STREET, CAMBRIDGE, MA 02138. JAMES F. ROTHENBERG - 125 MT AUBURN STREET, CAMBRIDGE, MA 02138. JOHN L. THORNTON - 125 MT AUBURN STREET, CAMBRIDGE, MA 02138. SHARON BAKER MORIN - 125 MT AUBURN STREET, CAMBRIDGE, MA 02138. WILLIAM G. PARRETT - 125 MT AUBURN STREET, CAMBRIDGE, MA 02138. FORM 990, PART XII, LINE 2C: SINCE THE BOARD OF DIRECTORS WAS COMPRISED OF ONLY 6 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.