Morgan Stanley 2009 Annual Report Download - page 69

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enacted, the Company would likely be designated as a systemically important firm, and the consequences of
systemic regulation, including a potential requirement for additional higher quality capital and liquidity and
decreased leverage, could materially impact the Company’s business.
A substantial number of the financial reforms currently discussed in the U.S. and globally may become law,
though it is difficult to predict which will become law, how such reforms will be implemented or the exact
impact they will have on the Company’s business, financial condition, results of operations and cash flows for a
particular future period. As most changes, if adopted, will require regulatory implementation, the full impact of
these changes will not be known until a later stage.
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