1. Regulatory Tsunami Are you ready for it? Joseph Bajic Chief Compliance Office & Vice President, Compliance

2. Just in the last six months FATCA CASL Fund Facts (POS 2) CRM 2 – the “game changer”

3. Regulatory initiative To ensure clients are provided with more relevant and timely disclosure materials, with respect to the  costs they incur  performance of their investments  Implementation phased in from 2014 to 2016

4. CRM 2 – effective dates July 15, 2014 Pre-trade disclosure of charges and compensation July 15, 2015 Enhanced account statements Position cost information July 15, 2016 Trade confirmation to include transaction charges (including DSC charges) Annual report of fees and charges Annual investment performance report

5. What’s on the horizon? POS 3 Unbundling of fees Potential for discontinuation of trailer fees Fiduciary / best interest standard

6. Questions?

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