Group Think-April 2007

Christopher Cox, chairman of the Securities and Exchange Commission announced in mid-February that the agency would sharply cut the fees charged to public companies and other issuers for securities transactions and registrations. Fees to register securities with the Commission were reduced by 71.3% and fees on securities transactions were reduced by 50.2%.

The NASD Investor Education Foundation launched a grant program aimed at raising awareness about fraudulent tactics, encouraging investors to conduct due diligence, and taking precautions to safeguard their financial and personal information. Non-profit groups and researchers are invited to apply for funding for projects, which may include any combination of research reports, published papers and articles, communications tools, and turnkey programs, designed to protect investors from fraud. Proposals must be submitted by June 11. NASD also announced a second cycle of its 2007 General Grant Program, which focuses on behavioral finance, retirement income security of older Americans, and new marketing and distribution channels for investor education. Proposals must be submitted June 14 through August 10.