2025-11-14T08:23:08-06:00 2024-12-31 992277914 EAG NEW ENGLAND LLC 160 FEDERAL STREET 9TH FLOOR BOSTON MA 02110 990 2024-01-01 300406260 COMMITTEE ON CAPITAL MARKETS REGULATION INC C/O HAL S SCOTT COMM 8572426747 134 MT AUBURN STREET CAMBRIDGE MA 02138 HAL S SCOTT PRESIDENT/DIRECTOR 8572426747 2025-11-13 1 0 EUGENE BORGONZI P01269879 6172276161 2025-11-13 2024 2025-03-06 01:10:19Z HAL S SCOTT 134 MT AUBURN STREET CAMBRIDGE MA 02138 3723849 0 X WWW.CAPMKTSREG.ORG X 2007 DE TO RESEARCH AND ADDRESS SPECIFIC ISSUES AFFECTING THE REGULATION OF U.S. CAPITAL MARKETS. 6 5 13 5 0 0 3281783 3277713 27833 35260 86817 111610 53803 117793 3450236 3542376 0 0 0 0 2279984 2588948 0 15112 336606 974773 835277 3254757 3439337 195479 103039 5720835 5900281 842513 782853 4878322 5117428 X THE SPECIFIC PURPOSES FOR WHICH THE CORPORATION IS FORMED INCLUDE: 1) EXPLORING A RANGE OF ISSUES RELATED TO MAINTAINING AND IMPROVING THE COMPETITIVENESS OF THE US CAPITAL MARKETS; 2) RECOMMENDING POLICY CHANGES THAT SHOULD BE MADE, (CONTINUED ON SCHEDULE O) OR AREAS OF RESEARCH THAT SHOULD BE PURSUED; 3) PRESERVING AND ENHANCING THE BALANCE BETWEEN EFFICIENT AND COMPETITIVE CAPITAL MARKETS AND SHAREHOLDER PROTECTION; AND 4) PURSUING OTHER SIMILAR AREAS OF STUDY AND DISCUSSION. 0 0 2532803 0 35260 THE COMMITTEE ON CAPITAL MARKETS REGULATION, INC. IS AN INDEPENDENT AND NONPARTISAN RESEARCH ORGANIZATION DEDICATED TO IMPROVING THE REGULATION OF U.S. CAPITAL MARKETS. THE COMMITTEE'S RESEARCH PROVIDES POLICYMAKERS WITH A NONPARTISAN EMPIRICAL FOUNDATION FOR PUBLIC POLICY AND EDUCATES THE PUBLIC ON THESE ISSUES. IN 2024, THE COMMITTEE RELEASED TWO MAJOR REPORTS: AN ANALYSIS OF THE CONSTITUTIONALITY OF STATE ESG LAWS (OCT. 2024), AND THE 2018 AND 2020 CAPITAL AND LIQUIDITY REFORMS AND BANK LENDING,, WHICH WAS RELEASED IN JANUARY 2024 BUT PREPARED IN 2023. THE EXPENSES ASSOCIATED WITH THESE REPORTS WERE LIKELY IN THE RANGE OF $500,000. THE COMMITTEE ALSO RELEASED TWO STATEMENTS: (1) THE HISTORIC PACE OF SEC RULEMAKING AND LITIGATION (OCT. 2024), AND (2) SEC RULEMAKING PACE: METHODOLOGY COMPARISON (NOV. 2024). IN ADDITION TO ITS MAJOR REPORTS AND STATEMENTS, THE COMMITTEE UPDATED ITS ANNUAL ANALYSIS OF MONETARY SANCTIONS IMPOSED BY U.S. ENFORCEMENT AGENCIES AND SUBMITTED FOUR COMMENT LETTERS TO FEDERAL FINANCIAL REGULATORY AGENCIES: ONE TO THE COMMODITY FUTURES TRADING COMMISSION ("CFTC"), ONE TO THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ("FED"), AND TWO TO THE FEDERAL DEPOSIT INSURANCE CORPORATION ("FDIC"). 2532803 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 18 0 13 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 5 1 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 1 0 MA NY X CRISTINA LEONE 8572426747 134 MT AUBURN STREET CAMBRIDGE MA 02138 HAL S SCOTT PRESIDENT/DIRECTOR 30.00 X X 745000 0 19500 ROBERT GLENN HUBBARD CO-CHAIR/DIRECTOR 0.50 X X 0 0 0 JOHN L THORNTON CO-CHAIR/DIRECTOR 0.50 X X 0 0 0 LESLIE N SILVERMAN DIRECTOR 0.50 X 0 0 0 BARBARA G NOVICK DIRECTOR 0.50 X 0 0 0 ANDREW KURITZKES DIRECTOR (APPT. 12/2/24) 0.50 X 0 0 0 JACQUELINE MCCABE VP/SECRETARY 20.00 X 85000 0 2550 CRISTINA LEONE TREASURER/CFO 25.00 X 120785 0 9322 JOHN A GULLIVER EXECUTIVE DIRECTOR 30.00 X 473000 0 20850 ANDREW BEATTY SR. RESEARCH FELLOW 50.00 X 147688 0 10431 CONNOR KORTJE SR. RESEARCH FELLOW 50.00 X 240355 0 13211 JESSIE STEFANIK SR. RESEARCH FELLOW 50.00 X 135384 0 3710 1947212 0 79574 6 0 1 0 BRIAN A JOHNSON 10 ELDA DR SAN RAFAEL CA 94903 RESEARCH CONSULTING 104325 1 3277713 57113 3277713 OUTSOURCED RESEARCH CO 541900 35260 35260 35260 113167 113167 114860 0 114860 114860 114860 179916 181473 -1557 -1557 -1557 OTHER INCOME 900099 2933 2933 2933 3542376 38193 0 226470 1471008 912394 329391 229223 935072 841646 57985 35441 23632 21415 1239 978 36079 31234 2574 2271 123157 90237 19538 13382 5539 5539 33688 33688 18750 18750 15112 15112 9922 9922 336074 320905 15169 39453 28715 9120 1618 24111 12912 9480 1719 211452 154196 35554 21702 105519 69995 22582 12942 21003 15752 3033 2218 21399 979 20420 LICENSE FEES 8367 8134 233 3439337 2532803 569928 336606 153227 214663 2405528 1814124 427500 820000 101822 216008 304296 399633 144266 82546 62398 61720 1510279 1664797 6634 3173 749151 706163 5720835 5900281 59365 63852 783148 719001 842513 782853 X 4780375 4827428 97947 290000 4878322 5117428 5720835 5900281 X 103039 124312 11755 X X 0 1 X 1 0 X 1362404 2658850 3032038 3281783 3277713 13612788 1362404 2658850 3032038 3281783 3277713 13612788 4311975 9300813 22374 69629 94404 157582 228027 572016 5412 3126 2465 2933 13936 14198740 149663 0.65500 0.63760 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: CREDIT CARD CASH BACK REWARDS - 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 5,412. 2022 AMOUNT: $ 3,126. 2023 AMOUNT: $ 2,465. 2024 AMOUNT: $ 2,933. FORM 990, SCHEDULE A, PUBLIC SUPPORT SHORT YEAR THE BOARD OF DIRECTORS VOTED TO AMEND THE BYLAWS TO CHANGE THE ORGANIZATION'S YEAR END FROM JULY 31 TO DECEMBER 31 EFFECTIVE DECEMBER 31, 2020. THEREFORE THE 2020 TAX YEAR WAS A SHORT YEAR RUNNING FROM AUGUST 1, 2020 TO DECEMBER 31, 2020. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 18750 0 18750 0 3420587 0 3439337 0 321967 0 80492 0 0 0 0 0 278217 292047 312738 321967 1204969 1807454 3750 4000 5000 18750 31500 69554 73012 78185 80492 301243 451865 0 0 0 0 0 88340 62089 26251 17212 6194 11018 38714 14263 24451 61720 457(B) PLAN ASSETS 278563 SECURITY DEPOSIT 42250 OTHER ASSET 362 RIGHT OF USE ASSET 384988 706163 457B PLAN PAYABLE 278563 OPERATING LEASE LIABILITY 440438 719001 X 3677401 124312 8880 11755 144947 3532454 9922 9922 3542376 3438295 8880 8880 3429415 9922 9922 3439337 PART X, LINE 2: THE ORGANIZATION IS SUBJECT TO THE PROVISIONS OF FINANCIAL ACCOUNTING STANDARDS BOARD'S ("FASB") ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, INCOME TAXES, AS IT RELATES TO ACCOUNTING AND REPORTING FOR UNCERTAINTY IN INCOME TAXES. BECAUSE OF THE ORGANIZATION'S GENERAL TAX-EXEMPT STATUS, MANAGEMENT BELIEVES ASC TOPIC 740 HAS NOT HAD, AND IS NOT ANTICIPATED TO HAVE, A MATERIAL IMPACT ON THE ORGANIZATION'S FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: WRITE OFF OF PRIOR YEAR LIABILITY 11,755. X X X X X 1 BRIAN A JOHNSON 10 ELDA DR SAN RAFAEL CA 94903 GRANT PROPOSAL PREPARATION 0 0 15112 -15112 15112 -15112 MA NY X 1 1 X X X X 0 0 0 0 0 0 0 1 0 HAL S SCOTT PRESIDENT/DIRECTOR 612000 0 110000 0 23000 0 19500 0 0 0 764500 0 0 0 JOHN A GULLIVER EXECUTIVE DIRECTOR 395000 0 55000 0 23000 0 8725 0 12125 0 493850 0 0 0 CONNOR KORTJE SR. RESEARCH FELLOW 225355 0 15000 0 0 0 7211 0 6000 0 253566 0 0 0 ANDREW BEATTY SR. RESEARCH FELLOW 137688 0 10000 0 0 0 4431 0 6000 0 158119 0 0 0 PART I, LINE 1A FIRST CLASS TRAVEL IS PROVIDED FOR HAL S. SCOTT, PRESIDENT, IN THE CASE OF LONG TRIPS WHERE PRIVACY IS NEEDED FOR WORKING ON CONFIDENTIAL DOCUMENTS, WHEN BUSINESS CLASS TICKETS ARE NOT AVAILABLE, OR A FREE UPGRADE TO FIRST CLASS IS AVAILABLE. PART I, LINE 7 ALL OFFICERS, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES RECEIVED A DISCRETIONARY BONUS IN 2024. THE BONUSES ARE DETERMINED BASED ON THE MARKET RATE FOR SIMILAR ROLES AT OTHER SIMILAR ORGANIZATIONS. THE BONUS WAS APPROVED BY THE BOARD OF DIRECTORS. X 1 57113 STOCK MARKET QUOTE 0 0 0 0 PART I, COLUMN (B): ONE DONOR DONATED 98 SHARES OF ONE STOCK. FORM 990, PART VI, SECTION A, LINE 2 HAL S SCOTT & JOHN A. GULLIVER - BUSINESS RELATIONSHIP HAL S. SCOTT & JACQUELINE MCCABE - BUSINESS RELATIONSHIP HAL S. SCOTT & CRISTINA LEONE - BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION IS A RELATIVELY SMALL ORGANIZATION AND HAD ONLY UP TO 6 BOARD MEMBERS AT ANY ONE TIME. THEREFORE, THERE ARE NO COMMITTEES. THE FULL BOARD ACTS ON ALL MATTERS DURING BOARD MEETINGS AND MINUTES ARE KEPT OF THOSE MEETINGS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED THOROUGHLY BY THE CORPORATION'S OFFICERS BEFORE FILING. A COPY OF THE FORM 990 IS PROVIDED TO AND REVIEWED BY THE BOARD OF DIRECTORS BEFORE IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C ARTICLE VII OF THE CORPORATION'S BY-LAWS GOVERN CONFLICTS OF INTEREST. THE BY-LAWS DEFINE POTENTIAL CONFLICTS OF INTEREST AND SET OUT THE PROCESS FOR DISCLOSING POTENTIAL CONFLICTS OF INTEREST AND APPROVAL OF CONTRACTS AND TRANSACTIONS INVOLVING POTENTIAL CONFLICTS OF INTEREST. AT WEEKLY STATUS MEETINGS, ALL MAJOR ACTIVITIES OF THE CORPORATION ARE DISCUSSED BY THE CORPORATION'S OFFICERS WHERE ANY POTENTIAL CONFLICTS OF INTEREST CAN BE IDENTIFIED. IN ADDITION, EACH DIRECTOR AND EACH OFFICER IS REQUIRED TO COMPLETE AN ANNUAL CONFLICT OF INTEREST DISCLOSURE FORM. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION OF THE ORGANIZATION'S TOP MANAGEMENT (OFFICERS AND KEY EMPLOYEES) INCLUDED A REVIEW AND APPROVAL BY INDEPENDENT MEMBERS OF THE BOARD OF DIRECTORS WHO WERE PROVIDED A REPORT FROM AN INDEPENDENT PROFESSIONAL COMPENSATION CONSULTANT PROVIDING, INTER ALIA, COMPARABILITY DATA, AND THE BOARD'S DELIBERATION AND DECISION WERE CONTEMPORANEOUSLY MEMORIALIZED IN THE MINUTES OF THE BOARD MEETING. THE INDEPENDENT PROFESSIONAL COMPENSATION CONSULTANT WAS HIRED TO PROVIDE 2024 COMPENSATION PLANNING INFORMATION UPDATES AS APPROPRIATE FOR THE FOLLOWING: HAL S. SCOTT JOHN GULLIVER JACQUELINE MCCABE CRISTINA LEONE FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, WHICH INCLUDE ITS CONFLICT OF INTEREST POLICY, AND ITS FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. FORM 990, PART XI, LINE 9: WRITE OFF OF PRIOR YEAR LIABILITY 11,755. FORM 990, PART XII, LINE 2C: SINCE THE BOARD OF DIRECTORS WAS COMPRISED OF UP TO ONLY 6 INDIVIDUALS AT ANY ONE TIME DURING THE YEAR, THE FULL BOARD ASSUMED RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.