SPEAKER INDEX    CONTENTS   INSERTS   
BACA            44     45     46  
BAKER            1      5      6      7      8      9     14     17     18  
                19     20     23     26     27     28     31     32     33  
                34     35     36     37     38     39     41     43     46  
                49     50     51     55     56     57     58     62     63  
BRUENN          51     55     56     57     58     59     60     61     62  
                63  
CROWLEY         42     43     48     49     50  
CUTLER          10     17     18     21     22     23     24     25     26  
                27     28     30     31     32     34     35     37     40  
                41     43     45     46     48     49     51  
EMANUEL          6     31     32     40     41  
HARRIS          32     33  
HINOJOSA         7     39     40  
KANJORSKI        3     20     21     22     23     37     38     59     60  
                61     62     63  
KELLY            6     23     24     25     26  
MANZULLO        27     28     29     30     31     36  
MCCARTHY OF NEW YORK     7     33     34  
MEEKS           46     48  
SCHAPIRO        15     19     36     37     38     39     44     48  
SCOTT            8     26     27  
TIBERI          34     39  

CONTENTS    SPEAKERS   INSERTS   
STATEMENT OF STEPHEN M. CUTLER, DIRECTOR, DIVISION OF ENFORCEMENT, U.S. SECURITIES AND EXCHANGE 
COMMISSION
                                                                 PAGE     9

STATEMENT OF MARY SCHAPIRO, VICE CHAIRMAN AND PRESIDENT, REGULATORY POLICY AND OVERSIGHT, NASD
                                                                 PAGE    15

STATEMENT OF CHRISTINE A. BRUENN, PRESIDENT, NORTH AMERICAN SECURITIES ADMINISTRATORS ASSOCIATION, 
INC.
                                                                 PAGE    51


INSERTS    SPEAKERS   CONTENTS   
NO INSERTS IN THIS HEARING