Advisory Organization Examination Protocol (C) Working Group
January 31, 2008

The Advisory Organization Examination Protocol (C) Working Group exposed a draft of the Market Regulation Handbook Chapter Twenty-Five, Conducting the Advisory Organization Examination on December 17, 2007. The Working Group met via conference call on January 31, 2008, to continue working on the draft. The Working Group also reviewed the Operations/Management standards contained in Chapter 16 of the Market Regulation Handbook to determine the appropriateness of the standards to advisory organizations.

A separate review of information systems controls is being conducted for inclusion in Chapter Twenty-Five.

The Working Group anticipates a new draft will be exposed in April and to meet via conference call in May.

Action Items

1. Exposed a December 17, 2007, draft of the Market Regulation Handbook Chapter Twenty-Five, Conducting the Advisory Organization Examination.