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