GS+IPO.pdf.pdf

IPO Execution IPO Execution I. The Market Environment I. The Market Environment 3 What the Headlines Say What the Headlines Say …… Investment Banks Investment Banks ?? Insider Trading Insider Trading ?? Research Independence Research Independence ?? Securities Distribution Securities Distribution ?? Principal vs. Advisor Principal vs. Advisor ?? Product Suitability Product Suitability ?? Risk Management Risk Management 4 What the Headlines Say What the Headlines Say …… Clients Clients ?? Accounting / Financial ounting / Financial Manipulation ?? Money launderingMoney laundering ?? Bribery Bribery ?? Collusion / price fixing Collusion / price fixing ?? Options backdating Options backdating ?? pensation ?? Board room spying Board room spying ?? Intellectual property Intellectual property ?? Product safety Product safety ?? Business practicesBusiness practices ?? Social issuesSocial issues 5 Key Issues for Investment Banks Key Issues for Investment Banks ?? Proper use of information / Chinese Wall Proper use of information / Chinese Wall ?? Managing conflicts of interest Managing conflicts of interest ?? Due diligenceDue diligence 6 Issues of Business Ethics in Practice Issues of Business Ethics in Practice ?? AML, Insider Trading, Bribery AML, Insider Trading, Bribery ?? Research independence Research independence ?? Misuse of confidential informationMisuse of confidential information ?? Product suitability and pricing Product suitability and pricing ?? Acting as principal Acting as principal ?? Client practices Client practices ?? Internal behavior Internal behavior 7 Our Approach Our Approach ?? Strong Culture Strong Culture ?? Clear Policies and ProceduresClear Policies and Procedures ?? Training and Education Training and Education ?? Rigorous Oversight Rigorous Oversight ?? Reward and Strict Enforcement Reward and Strict Enforcement 8 ??#4. We take great pride in the professional quality of our work #4. We take great pride in the professional quality of our w