Role of Compliance White Paper

We are pleased to provide you with a copy of a White Paper on the Role of Compliance prepared by the SIA - Compliance & Legal Division's Compliance and Legal Division Executive Committee.

As Compliance continues to be a critical part of securities firms' self-regulatory efforts, it is very important that we establish a model for Compliance professionals throughout our industry - and we believe this White Paper to be just that model. We believe that this White Paper will provide clarity to the Compliance role, dispel some of the misconceptions within the business and regulatory communities regarding Compliance, and serve as an essential document for all
Compliance professionals.

The Division Executive Committee wishes to thank specifically, Gerald Baker and Brent Taylor, who provided the leadership on this most important endeavor, The Division Executive Committee also acknowledges the valuable assistance of Ted Levine and Adam Gogolak of the law firm of Wachtell, Lipton, Rosen and Katz, We hope that Compliance professionals will find the White
Paper a useful guide and tool in their day-to-day activities.

Sincerely,
Paul A. Merolla

White Paper attached.