Good morning and welcome to the fourth meeting of the Asset Management Advisory Committee.

Before we get started, let me remind you that I am speaking today only for myself and not for the Commission, the Commissioners, or the staff.[1]

First, I would like to thank the Chairman and Commissioners for your participation today.  In particular, we extend a warm welcome to our new Commissioner, Caroline Crenshaw.  Commissioner Crenshaw has a wealth of experience at the Commission addressing issues related to asset managers, and I look forward to hearing her views on the many important issues the AMAC is considering. 

I would also like to thank Ed Bernard for his leadership and all of the panelists, subcommittee leaders, and Committee members for their contributions.  I appreciate the tremendous amount of work and engagement that each of you has provided to move these discussions forward, particularly during these unprecedented times as we juggle professional and personal commitments in telework postures.

Turning now to today’s agenda, the AMAC is continuing discussions about several important topics.  The first two panels will provide updates on the work of the ESG Subcommittee and the Private Investments Subcommittee.  In the afternoon, we will hear from a panel of market participants and their views on improving diversity and inclusion in the asset management industry.  We will close with a follow-up discussion about the market impact of COVID-19, particularly on exchange-traded funds and operations. 

Before I turn it back to Ed, I would like to thank Christian Broadbent, Sirimal Mukerjee, Angela Mokodean and other Division staff who have worked tirelessly to support the Committee.  I would also like to thank the Division’s Managing Executive Office and the Commission’s Office of Information Technology for enabling us to meet virtually today.  With that, Ed I turn it over to you and I look forward to the discussion.