Morgan Stanley 2009 Annual Report Download - page 19

Japanese Securities Dealers Association and several Japanese securities and futures exchanges, including the
Tokyo Stock Exchange, the Osaka Securities Exchange and the Tokyo International Financial Futures Exchange,
regulate its activities in Japan; the Hong Kong Securities and Futures Commission and the Hong Kong
Exchanges and Clearing Limited regulate its operations in Hong Kong; and the Monetary Authority of Singapore
and the Singapore Exchange Limited regulate its business in Singapore.
Asset Management.
Many of the subsidiaries engaged in Morgan Stanley’s asset management activities are registered as investment
advisers with the SEC and, in certain states, some employees or representatives of subsidiaries are registered as
investment adviser representatives. Many aspects of Morgan Stanley’s asset management activities are subject to
federal and state laws and regulations primarily intended to benefit the investor or client. These laws and
regulations generally grant supervisory agencies and bodies broad administrative powers, including the power to
limit or restrict Morgan Stanley from carrying on its asset management activities in the event that it fails to
comply with such laws and regulations. Sanctions that may be imposed for such failure include the suspension of
individual employees, limitations on Morgan Stanley engaging in various asset management activities for
specified periods of time or specified types of clients, the revocation of registrations, other censures and fines.
Morgan Stanley’s Asset Management business is also regulated outside the U.S. For example, the Financial
Services Authority regulates Morgan Stanley’s business in the U.K.; the Financial Services Agency regulates
Morgan Stanley’s business in Japan; the Securities and Exchange Board of India regulates Morgan Stanley’s
business in India; and the Monetary Authority of Singapore regulates Morgan Stanley’s business in Singapore.
For a discussion of certain risks relating to Morgan Stanley’s regulatory environment, see “Risk Factors” herein.
Executive Officers of Morgan Stanley.
The executive officers of Morgan Stanley and their ages and titles as of February 26, 2010 are set forth below.
Business experience for the past five years is provided in accordance with SEC rules.
John J. Mack (65). Chairman of the Board of Directors of Morgan Stanley (since June 2005). Chief Executive
Officer (June 2005 to December 2009). Chairman of Pequot Capital Management (June 2005). Co-Chief
Executive Officer of Credit Suisse Group (January 2003 to June 2004). President, Chief Executive Officer and
Director of Credit Suisse First Boston (July 2001 to June 2004). President and Chief Operating Officer of
Morgan Stanley (May 1997 to March 2001).
James P. Gorman (51). President and Chief Executive Officer and Director of Morgan Stanley (since January
2010) and Chairman of Morgan Stanley Smith Barney (since June 2009). Co-President (December 2007 to
December 2009) and Co-Head of Strategic Planning (October 2007 to December 2009). President and Chief
Operating Officer of the Global Wealth Management Group (February 2006 to April 2008). Head of Corporate
Acquisitions Strategy and Research at Merrill Lynch & Co., Inc. (“Merrill Lynch”) (July 2005 to August 2005)
and President of the Global Private Client business at Merrill Lynch (December 2002 to July 2005).
Ruth Porat (52). Executive Vice President and Chief Financial Officer of Morgan Stanley (since January
2010). Vice Chairman of Investment Banking (September 2003 to December 2009). Global Head of Financial
Institutions Group (September 2006 to December 2009) and Chairman of the Financial Sponsors Group (July
2004 to September 2006) within the Investment Banking Division.
Colm Kelleher (52). Executive Vice President and Co-President of Institutional Securities of Morgan Stanley
(since January 2010). Chief Financial Officer and Co-Head of Strategic Planning (October 2007 to December
2009). Head of Global Capital Markets (February 2006 to October 2007). Co-Head of Fixed Income Europe
(May 2004 to February 2006).
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