Securities Lending and Short Sale Roundtable

AGENDA

September 29, 2009

Opening Remarks — Chairman Mary L. Schapiro
9:30-9:40

Panel 1 — Overview of Securities Lending: Participants; Process; Benefits and Pitfalls
9:40-10:50

Break
10:50-11:00

Panel 2 — Securities Lending and Investor Protection Concerns: Cash Collateral Reinvestment; Default; Lending Agent Compensation and Fee Splits; Proxy Voting
11:00-12:30

Lunch
12:30-1:30

Panel 3 — Improving Securities Lending for the Benefit of Investors: Transparency; Electronic Platforms; Central Counterparties; Accountability
1:30-2:40

Break
2:40-2:50

Panel 4 — The Future of Securities Lending and Potential Regulatory Solutions: Market Evolution; SEC's Role; Assessing any Regulatory Gaps
2:50-3:55

Closing Remarks — Chairman Mary L. Schapiro
3:55-4:00

September 30, 2009

Opening Remarks — Chairman Mary L. Schapiro
9:30-9:40

Panel 1 — Controls on "Naked" Short Selling: Examination of Pre-Borrow and Hard Locate Requirements
9:40-11:00

Break
11:00-11:10

Panel 2 — Making Short Sale Disclosure More Meaningful: Public versus Non-Public Reporting; Consolidated Tape Disclosure; Timeliness of Information
11:10-12:25

Closing Remarks — Chairman Mary L. Schapiro
12:25-12:30

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