Morgan Stanley 2009 Annual Report Download - page 29

including risks that are unidentified or unanticipated. Some of our methods of managing risk are based upon our
use of observed historical market behavior. As a result, these methods may not predict future risk exposures,
which could be significantly greater than the historical measures indicate. Management of market, credit,
liquidity, operational, legal and regulatory risks requires, among other things, policies and procedures to record
properly and verify a large number of transactions and events, and these policies and procedures may not be fully
effective. For more information on how we monitor and manage market and certain other risks, see “Quantitative
and Qualitative Disclosures about Market Risk—Risk Management—Market Risk” in Part II, Item 7A herein.
For more information regarding the regulatory environment in which we operate, see also “Supervision and
Regulation” in Part I, Item 1 herein.
Item 1B. Unresolved Staff Comments.
Morgan Stanley, like other well-known seasoned issuers, from time to time receives written comments from the
staff of the SEC regarding its periodic or current reports under the Exchange Act. There are no comments that
remain unresolved that Morgan Stanley received not less than 180 days before the end of the year to which this
report relates that Morgan Stanley believes are material.
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