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Philadelphia: May 2018 Meeting

May 22, 2018

8:30 am - 10:30 am

Event Contact

Elena Thomas


Radian Group
1500 Market Street, 18th floor, Market Street Center Room C
Philadelphia, PA 19102
Insider Trading Lessons and Board Diversity with Morgan Stanley and Shearman & Sterling

Speaker Information

Jonathan Scott Posner is a Corporate Client Group Director, Financial Advisor and Senior Vice President at Morgan Stanley. Over the past 10 years, The Posner Group at Morgan Stanley has overseen over 400 clearance approvals (exclusive of 10b5-1 trading plans) for multiple issuers, representing over 7.2 million shares transacted and over $334 million in total market value.  Jon entered the investment business in 1995 and has spent his entire career with Morgan Stanley.  He has a bachelor’s degree from Brandeis University, graduating magna cum laude, a law degree from Boston University School of Law and a Masters of Business Administration with honors from Boston University’s Graduate School of Management. Jon manages the daily operations of The Posner Group, and focuses primarily on corporate and executive benefit services and stock plan services.  In March of 2015, Jon was named to The Financial Times’ 2015 list of America’s Top 400 Financial Advisors.
Al Gasparic has over 38 years’ experience in the financial services industry and currently serves as Executive Director in Executive Financial (EFS) department at Morgan Stanley. Al oversees a staff that works directly with the Morgan Stanley’s Financial Advisors whose clients are owners of restricted stock or Affiliates/ Insiders, often referred to as C-Suite executives.  These clients are holders of restricted, control and concentrated stock positions.  His primary role is to assist the Financial Advisor and the client to define solutions that will meet the client’s financial needs while addressing the complex web of securities regulations and any applicable company insider trading policies. 
Al worked in the American Stock Exchange ETF Marketplace, and was responsible for conducting public seminars for individual retail customers and registered representatives. Al  was  involved with the marketing and education of the AMEX listed Exchange Traded Funds, including  Nasdaq-100 Index Tracking Stock, SPDRs-Standard & Poors Depositary Receipts on the S&P 500 Index, MidCap SPDRs-Standard & Poors MidCap 400 Index, Diamonds-the Dow Hones Industrial Average, iShares-Index Funds by Barclays Global Investors, streetTracks-State Street Capital Markets and VIPERS-Vanguard Index Participation Equity Receipts.
Prior to joining the AMEX, Al had various senior management roles at PaineWebber/UBS in direct sales and marketing of high net worth products. Al led the Restricted Securities Sales Department at Paine Webber where he accumulated extensive knowledge of restricted securities sales regulations and equity hedging/diversification strategies.

Al received his BS in Accounting & Economics from New Jersey City University.

Steve Giove is a partner at Shearman & Sterling, a leading global law firm.  He regularly advises public companies on a wide variety of securities law and corporate matters.  He is the co-founder of his firm’s corporate governance advisory group, which publishes an annual corporate governance survey.  His practice is principally focused on counseling corporate clients with respect to strategic, governance, financing and public company matters.  He is a frequent speaker on Rule 10b5-1 plan practices and insider trading policies.

Event Details


Morgan Stanley and Stephen Giove of Shearman & Sterling will present the results of Morgan Stanley and Shearman & Sterling’s 2015 Survey of Insider Trading Policies, and Stephen Giove will also provide an additional "mini session" on the latest in Board Diversity.

Insider Trading Policies – Current Practices and Hot Topics
This panel will focus on current topics on insider trading policies in light of recent events, including the opening and closing of trading windows, disclosure of company policies (e.g., policy disclosure on corporate websites), questions about the scope of insider trading policies (e.g., do they address 10b5-1 plan usage) and policy administration.
This presentation also will include a discussion of examples when the preclearance process breaks down.
Shearman & Sterling also will make a presentation on Board Diversity – Current Thoughts. This panel will focus on the current state of board diversity and the forces driving it, impediments to achieving diversity, ideas on how to improve board diversity, the potential use of corporate governance policies and practices to increase board diversity and communication of diversity to various constituencies (e.g., through a board skills matrix).

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