EY s ninth annual Mutual Fund Seminar Advancing insight 20 June 2017 ey.com/mutualfundseminar Program and presentation
Welcome to EY s Mutual Fund Seminar Advancing insight We are delighted to welcome you to Ernst & Young LLP s (EY) ninth annual Mutual Fund Seminar in Boston. This year s event was video streamed, live from New York, to eight participating cities across the US Baltimore, Cincinnati, Dallas, Minneapolis, Philadelphia, Pittsburgh, San Antonio and Tysons in May. We are delighted to bring this seminar to you as part of our ongoing commitment to the industry and hope you find the discussions informative and insightful. EY is dedicated to the mutual fund industry. Our Global Wealth & Asset Management practice is committed to offering industry insight and coordinating a network of more than 16,000 Wealth & Asset Management professionals who are ready to develop practical approaches to the assurance, advisory, tax and transactions issues you face. The current economic and regulatory environment is providing opportunities for the US mutual fund industry, promoting changes in product offerings and a rethinking of business strategy. Today s challenges are expected to lead many fund complexes toward more cost-effective and more efficient operations. For this year s keynote address, we are honored to have Andrew J. Buddy Donohue, a securities law practitioner with years of distinguished service at the U.S. Securities and Exchange Commission (SEC). He most recently served as Chief of Staff for former Chair Mary Jo White from May 2015 through January 2017. We also have a team of distinguished panelists who will draw on their experiences to shed light on key developments in the industry. We will investigate how mutual funds are adapting to the evolving investor, regulatory and competitive landscape and share our thinking on what this means for the industry s future. We hope you will find the discussion useful in dealing with the major challenges that mutual fund complexes face. The objective of today s event is to address burning issues from a macro perspective. Should you wish to discuss any of these issues in greater depth, please feel free to contact any of our panelists or your EY advisor. A warm welcome to each of you we hope you enjoy the ninth annual Boston Mutual Fund Seminar. Shaun Real Partner, Financial Services Organization, New England Market Segment Leader Ernst & Young LLP Rebecca Borden Partner, Financial Services Organization, New England Wealth & Asset Management Leader Ernst & Young LLP 1 EY s Mutual Fund Seminar Boston
Advancing insight Why EY? EY provides services to: all of the top 10 US mutual fund companies and... EY s Wealth & Asset Management practice is a market leader, providing services to 96% of the top 25 global asset managers 88% of the top 50 US mutual fund companies More than 1,000 executives attend EY s Mutual Fund Seminar series across key US markets EY s Mutual Fund Seminar Boston 2
Agenda Welcome to EY s ninth annual Mutual Fund Seminar in Boston. Welcoming remarks Rebecca Borden, Partner, Financial Services Organization, New England Wealth & Asset Management Leader, Ernst & Young LLP Keynote address Buddy Donohue, former Director of the Division of Investment Management at the SEC Trends in the digital agenda Moderator: Panelists: Ralph Mittl, Principal, Financial Services Organization, Ernst & Young LLP Dan Bender, Executive Director, Financial Services Organization, Ernst & Young LLP David Chaves, FBI Supervisory Special Agent (Ret.) Brian Ward, Chief Risk Officer, Fidelity Accounting and financial reporting update Moderator: Panelists: Matthew Rancourt, Partner, Financial Services Organization, Ernst & Young LLP Michael Barkman, Partner, Financial Services Organization, Ernst & Young LLP Jaime Eichen, Partner, Financial Services Organization, Ernst & Young LLP Stacie Smith, Senior Vice President at Fidelity Investments European fund discussion Panelists: Kieran Daly, Director, Financial Services Organization, Ernst & Young, Dublin Lisa Kealy, Partner, Wealth & Asset Management Irish Regulated Funds Leader, EMEIA ETF Leader, Financial Services Organization, Ernst & Young, Dublin James Winslow, Vice President, BlackRock Complex tax areas: implications and approaches Moderator: Panelists: Tom Bagley, Partner, Financial Services Organization, Ernst & Young LLP Alicia DuBois, Chief Financial Officer Pax World Management LLC and Pax Ellevate Management LLC John Geiger, Senior Manager, Financial Services Organization, Ernst & Young LLP David Morris, Senior Legal Counsel at Fidelity Investments Closing remarks Rebecca Borden, Partner, Financial Services Organization, New England Wealth & Asset Management Leader, Ernst & Young LLP 3 EY s Mutual Fund Seminar Boston
Mutual Fund Seminar speakers Boston Keynote speaker Andrew J. Buddy Donohue Former Director of the Division of Investment Management at the SEC Andrew J. Buddy Donohue is a securities law practitioner with years of distinguished service at the SEC. He most recently served as Chief of Staff for former Chair Mary Jo White from May 2015 through January 2017. As Chief of Staff, Buddy was a senior advisor to the Chair on all policy, management and regulatory issues. Buddy had previously served as the Director of the SEC s Division of Investment Management from May 2006 to November 2010. Prior to rejoining the agency, Buddy had been managing director, associate general counsel and investment company general counsel at Goldman, Sachs & Co. from November 2012 to May 2015. He had also been a partner in the Investment Management Practice Group at Morgan Lewis & Bockius LLP from March 2011 to October 2012. From May 2003 to May 2006, Buddy served as global general counsel at Merrill Lynch Investment Managers. In that role, he oversaw the firm s legal, regulatory and compliance matters for the investment advisory business. For over a decade from June 1991 to November 2001, Buddy served as executive vice president, general counsel, director and a member of the executive committee of OppenheimerFunds Inc. Prior to that, and since 1975, Buddyserved in senior roles at other firms. Buddy earned his JD from New York University School of Law in 1975 and his BA cum laude, with high honors in Economics from Hofstra University in 1972. EY s Mutual Fund Seminar Boston 4
Our discussion leaders Boston Alicia DuBois Chief Financial Officer Pax World Management LLC and Pax Ellevate Management LLC Alicia is Chief Financial Officer of Pax World Management LLC and Pax Ellevate Management LLC as well as Treasurer of the Pax World Funds Series Trust I and Pax World Funds Series Trust III. Mutual Fund Accounting and Administration for Lincoln National (formerly Jefferson Pilot Financial) and served as Assistant Treasurer for the Jefferson Pilot variable fund series. Before Jefferson Pilot, she spent 14 years in public accounting. Alicia is a certified public accountant (CPA) and a member of the American Institute of Certified Public Accountants (AICPA). She is an active member of the ICI Small Funds Committee and also serves as a member of the ICI Accounting/Treasurers Committee. She earned a BS in Accounting from the C.W. Post Center of Long Island University. Alicia has been in the mutual fund industry since 1995. Prior to joining Pax, she was Assistant Vice President of EY Thomas Bagley Partner Financial Services Organization Ernst & Young LLP thomas.bagley@ey.com Tom has worked in the financial services industry for the past 20 years. He joined EY in September of 2001 and is currently a tax partner in EY s Wealth & Asset Management practice. Prior to joining EY, Tom worked for a large custodial bank in the accounting and tax groups. Since joining EY, Tom has provided tax advisory and compliance services to both registered and non-registered funds and investment advisors. Tom has extensive experience working with a variety of stand-alone funds as well as master feeder and fund of fund structures. Tom also works with exchange-traded funds (ETFs) and registered funds of hedge funds. Tom has experience dealing with domestic and offshore fund structures and has experience with the tax implications of investing in complex financial products, including fixed income and derivatives. Tom frequently presents on industry panels and webcasts as well as annual update sessions for clients. Tom recently joined the board of directors for the Expect Miracles Foundation Financial Services Against Cancer. Tom is a member of the AICPA and is licensed in both Massachusetts and New Hampshire. Tom earned his MBA from Suffolk University, and he holds a BA in History from the College of the Holy Cross. 5 EY s Mutual Fund Seminar Boston
Our discussion leaders Boston EY Michael Barkman Partner, Financial Services Organization Ernst & Young LLP michael.barkman@ey.com Michael focuses on asset management, technical accounting and auditing issues as a partner in the Professional Practice Group of EY. Prior to joining the national office, Michael was a partner in the New York Financial Services Organization, serving asset management clients in the hedge fund, private equity and mutual fund areas. He has worked with large and small clients trading foreign and domestic equities, fixed-income and derivative products, including futures, forwards, swaps and various other over-the-counter products. Michael s experience also includes management companies and an asset manager IPO transaction. As a member in the Professional Practice Group, he is an active participant within the AICPA Investment Company Experts Panel, which deals with asset management accounting and auditing issues. EY Dan Bender Executive Director, Financial Services Organization Ernst & Young LLP daniel.bender@ey.com Dan is an executive director in EY s Wealth & Asset Management practice with more than 25 years of combined consulting and financial services industry experience advising asset management firms and fund sponsors on matters relating to operations and regulatory risk. Dan has extensive experience with enhancing the design, implementation and governance of core investment management processes, risk monitoring and response activities and associated surveillance programs; assessing the impact of regulations and developing response strategies; and performing subadvisor and private fund and vendor due diligence. Prior to EY, Dan advised global asset managers and wealth management platforms on matters relating to operations and regulatory risk at KPMG LLP and Navigant Consulting, Inc., including providing service provider and vendor due diligence advisory services (e.g., monitoring and selection). Prior to Navigant Consulting, Inc., Dan spent 14 years in industry and held several operations risk and strategy and asset servicing roles at Brown Brothers Harriman & Co. and JP Morgan Chase Investor Services. EY Rebecca L. Borden Partner, Financial Services Organization Ernst & Young LLP rebecca.borden@ey.com Rebecca is an Assurance partner in the Boston location of our Financial Services Organization and is responsible for the coordination of audit services to asset management clients. Rebecca also serves in the capacity of overseeing our advisory, tax and transaction support services for her audit clients. Rebecca has more than 20 years of experience serving a diversified client base in the asset management industry, including serving registered funds and their boards as well as non-registered funds. Her industry experiences include working with funds with a broad range of investment products and offerings as well as significant experience in addressing SEC reporting and accounting matters. Her current clients include State Street Global Advisors and Transamerica, among others. EY s Mutual Fund Seminar Boston 6
Our discussion leaders Boston David Chaves FBI Supervisory Special Agent (Ret.) Retired Special Agent, David A. Chaves, was a senior FBI Official assigned to the New York Division. He served as the securities fraud program manager for the most visible securities cases prosecuted over the last decade. He is widely recognized as the chief strategist, who coordinated these complex white collar investigations and for infiltrating corrupt participants in the hedge fund industry through the use of sophisticated techniques, undercover operations and wire taps. He is a securities fraud subject matter expert and lectures to audiences in both the public and private sector on securities fraud, the Foreign Corrupt Practices Act and cyber threats to the financial industry. Prior to joining the FBI he was a civil litigation attorney in Boston. EY Kieran Daly Director, Financial Services Organization, Ernst & Young, Dublin kieran.daly@ie.ey.com Kieran is a Director within the Wealth & Asset Management practice at EY with over 13 years of experience. He supports a broad range of clients in the provision of audit and advisory services across the wealth and asset management, banking and stockbroking industries. He advises clients on a diverse range of topics including regulation implementation, technical accounting, investment valuation, asset quality assessments, loan reviews and fund governance. Kieran is a Chartered Accountant with a First Class Honours degree in European Commerce with German from University College Cork. He is a member of EY s ETF working group, and as part of his involvement in the ETF industry, he develops and delivers the results of EY s global annual ETF survey across a number of European locations. Kieran is a regular contributor to industry events covering ETFs, fund governance and regulatory matters. He has been involved in a number of Irish Funds working groups and is currently a member of the Regulatory Reporting and Money Market Fund working groups. EY Jaime Eichen Partner, Financial Services Organization Ernst & Young LLP jaime.eichen@ey.com Jaime is a partner in EY s Financial Services Organization. She has more than 18 years of experience in the asset management industry, including serving asset management clients such as mutual funds, SECregistered and non-registered hedge funds, private equity funds, business development companies, investment advisors and general partners. Prior to rejoining EY in 2014, Jaime was the Chief Accountant for the SEC s Division of Investment Management for three and a half years where her responsibilities included directing the financial reporting, accounting and auditing practices of investment companies in compliance with the federal securities laws and discussing significant investment company accounting and auditing standard setting matters with the Financial Accounting Standards Board and the Public Company Accounting Oversight Board. While at the SEC for nearly seven years, Jaime also worked closely with other divisions and offices within the SEC, including the Division of Enforcement, the Office of Compliance Inspections and Examinations, and the SEC s Office of the Chief Accountant. 7 EY s Mutual Fund Seminar Boston
Our discussion leaders Boston EY John Geiger Senior Manager, Tax Ernst & Young LLP john.geiger@ey.com John has been with EY for more than 11 years and is currently a tax senior manager in the firm s Wealth & Asset Management practice. John focuses on asset management, specifically tax advisory and compliance services for various registered and non-registered funds and investment advisors, including stand-alone funds, ETFs and master feeder and fund-of-fund structures. John has experience dealing with Subchapter M, domestic and offshore fund structures, and the tax issues and implications of investing in complex financial products, including fixed income and derivatives in both review and full preparation service models. John is a CPA and earned a BS in Management/ Accounting from Boston College and an MS in Taxation from Suffolk University. John is a member of the AICPA and the Massachusetts Society of Certified Public Accountants. EY Lisa Kealy Partner, Wealth & Asset Management Irish Regulated Funds Leader, EMEIA ETF Leader, Financial Services Organization, Ernst & Young, Dublin lisa.kealy@ie.ey.com Lisa is an Assurance partner in EY s Financial Services Organization and has more than 20 years of experience in the provision of audit and advisory services to the financial services industry. Lisa is the Leader of Regulated Funds for Ireland and is the EMEIA ETF Leader. Lisa is a member of the Irish Funds Council. She also leads the Irish Funds ETF working group and is an active member of their undertakings for collective investment in transferable securities (UCITS) committee and events working groups. She writes articles and speaks at industry events about a wide range of industry topics. Lisa focuses on both regulated and alternative investment funds, and her client base includes Irish and offshore investment funds, asset management companies, administrators and treasury operations. Lisa advises clients on many aspects of accounting, regulatory, market, industry and operational matters. She has written numerous articles on the asset management industry covering a variety of industry topics regarding investment funds, market dynamics and regulatory issues. Lisa has spoken at a number of international conferences in various European and Asian cities. EY Ralph Mittl Principal, Financial Services Organization Ernst & Young LLP ralph.mittl@ey.com Ralph is a principal in EY s Financial Services Organization and leads the Americas Wealth & Asset Management Risk and Regulatory practice. Based out of Washington, DC, Ralph works with an array of financial services and investment firms to build strong and effective compliance programs and remediate highly sensitive compliance matters. During an extensive career in regulatory compliance of nearly 20 years, his accomplishments have included leading investigations, presenting to the SEC, performing compliance due diligence for M&A and serving as CCO at one of the world s largest private equity firms. Ralph focuses on helping investment advisors and investment companies, including private equity firms, hedge funds, endowments and mutual fund companies, to develop, assess and enhance their regulatory compliance programs. His extensive experience includes assisting clients with internal and regulatory investigations, and he has significant knowledge and proficiency in forensic and analytical reviews of trading practices and compliance control failures. Ralph joined EY from Promontory Financial Group, where he led the Asset Management practice. Prior to Promontory, he formed Patomak Partners, where he was Managing Director and Co- Founder. EY s Mutual Fund Seminar Boston 8
Our discussion leaders Boston David Morris Senior Legal Counsel Fidelity Investments David is senior legal counsel at Fidelity Investments where he advises Fidelity s mutual funds, institutional funds and brokerage business on a range of tax matters. As tax counsel to Fidelity s Special Situations/Equity Capital Markets group, David has primary responsibility for structuring and negotiating the tax aspects of equity and debt private placement investments by Fidelity mutual funds, both domestically and internationally. He provides advice to Fidelity s institutional and CLO platforms on formation- and investment-related issues, and supports the brokerage and registered investment companies on matters relating to cost basis, refinancings, corporate actions and bankruptcies. David joined Fidelity in 2012. Prior to that, he was a tax associate at Ropes & Gray LLP (Ropes) in Boston specializing in private equity and M&A transactions; before joining Ropes, he practiced at Davis Polk & Wardwell LLP in New York, where he worked on the tax aspects of derivatives and advised strategic clients on M&A deals. David earned his JD from Columbia University, where he was a James Kent Scholar, and graduated magna cum laude from Haverford College. EY Matthew Rancourt Partner, Financial Services Organization, Ernst & Young LLP matt.rancourt@ey.com Matt is a Boston-based partner in the Wealth & Asset Management practice of EY s Financial Services Organization. He has more than 13 years of experience, including audit experience with accounting, tax and regulatory issues facing investment companies and other financial services institutions. His focus is on the financial services industry serving asset management clients in the area of registered mutual funds, including fund of funds, investment partnerships and investment advisors. He has experience with the valuation of different investment types, including derivatives and complex private investments. Matt is also consistently involved with the application of new accounting pronouncements, including those concerning appropriate accounting treatment and financial statement disclosure. His experience also includes Statement on Standards for Attestation Engagements (SSAE) 16 Service Organization Controls (SOC) 1 reviews of fund advisors and accounting and fund administration providers. These SSAE 16 SOC 1 reviews include multiple control environments and multiple operating locations around the world. He has also provided leading practice point of view sessions, co-developed education materials and co-led education sessions on various accounting and industryrelated topics for a variety of senior client personnel and board members. Matt is a CPA and a member of the AICPA. He has a BS in Corporate Finance and Accounting and an MS in Accountancy from Bentley University. 9 EY s Mutual Fund Seminar Boston
Our discussion leaders Boston EY Shaun Real Partner, Financial Services Organization Ernst & Young LLP shaun.real@ey.com Shaun is a partner in the Boston location of EY s Financial Service Organization. He has 30 years of financial services and asset management experience. Shaun focuses all of his time on the asset management industry, and has served mutual funds, hedge funds, private equity funds, investment advisors and transfer agents. He has deep industry experience proactively addressing financial reporting and accounting matters, as well as client operational issues. In addition to his client-serving responsibilities, Shaun is the leader of EY s Boston office Asset Management practice. In this role, Shaun is responsible for the overall execution of our asset management strategy, which includes audit quality, client satisfaction, the development of our people and business growth. Shaun is also a member of our national Asset Management Leadership Team, which is a group of senior EY Asset Management partners from across the country that meet biweekly to discuss our overall EY Asset Management practice strategy and operational matters. Shaun previously served as our Strategic Growth Markets Leader for the Financial Services Organization. Stacie Smith Senior Vice President Fidelity Investments Stacie Smith is a Senior Vice President at Fidelity Investments in the Asset Management Treasurer s Office, which is responsible for fiduciary oversight of Fidelity s funds. She is also President and Treasurer of the Fidelity Equity and High Income Funds and an Assistant Treasurer of other Fidelity funds. In these roles, Stacie is responsible for liaising with the Audit and Fair Value Committees of the Fidelity Funds Board of Trustees, oversight of internal controls impacting the funds financial reporting, as well as policy setting and interpretation with respect to certain fund accounting, tax and reporting matters. Prior to joining Fidelity, Stacie was a senior manager at Ernst & Young LLP in Boston auditing investment management and other financial services companies. Brian Ward Chief Risk Officer Fidelity Brian is Senior Vice President, Corporate Risk Management for Fidelity Investments. Brian assumed his current role in January 2006 and is responsible for establishing the firm s risk framework and standards, analyzing risk issues that transcend individual business units and working with business colleagues to find solutions, and reporting aggregate risk information to senior management. Prior to this, Brian was Fidelity s Chief Ethics Officer responsible for overseeing the company s policy and program for the code of ethics, privacy and various other policies and programs, including monitoring and surveillance operations for employee investing. Prior to this role, he held various positions in Corporate Audit where he was responsible for overseeing the audit plans for Fidelity s outsourcing businesses, including retirement channels, Health & Welfare, Defined Benefit and HR Payroll services. Prior to joining Fidelity in 1995, Brian was a senior audit supervisor with BayBank Inc. in Boston. Brian received his BS degree in Finance from Providence College and an MBA from Suffolk University. He is a Certified Internal Auditor and a Chartered Financial Services Auditor. He is a member of various risk management associations, as well as a member of the Ethics Officer Association and the Internal Auditor Association. EY s Mutual Fund Seminar Boston 10
Our discussion leaders Boston James Winslow Chartered Financial Analyst, Vice President ishares Fixed Income BlackRock pension funds. In a prior role at BlackRock, James was responsible for covering the investment portfolio of US commercial banks, with a specific focus on ibonds Defined Maturity ETFs. James began his career at BlackRock as an Analyst in the Global Cash Management Business. He holds the Chartered Financial Analyst designation. James is a member of the ishares US Fixed Income Team. James is responsible for growing ETF usage and education among institutional fixed income investors including asset managers, insurance companies and 11 EY s Mutual Fund Seminar Boston
Panel discussions Panel 1 Trends in the digital agenda Panel 2 Accounting and financial reporting update Panel 3 European fund discussion Panel 4 Complex tax areas: implications and approaches EY s Mutual Fund Seminar Boston 12
13 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 14
15 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 16
17 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 18
19 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 20
21 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 22
23 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 24
25 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 26
27 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 28
29 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 30
31 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 32
33 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 34
35 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 36
37 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 38
39 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 40
41 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 42
43 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 44
45 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 46
47 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 48
49 EY s Mutual Fund Seminar Boston
EY s Mutual Fund Seminar Boston 50
51 EY s Mutual Fund Seminar Boston
Notes EY s Mutual Fund Seminar Boston 52
Notes 53 EY s Mutual Fund Seminar Boston
Notes EY s Mutual Fund Seminar Boston 54
EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US. EY is a leader in serving the global financial services marketplace Nearly 51,000 EY financial services professionals around the world provide integrated assurance, tax, transaction and advisory services to our asset management, banking, capital markets and insurance clients. In the Americas, EY is the only public accounting organization with a separate business unit dedicated to the financial services marketplace. Created in 2000, the Americas Financial Services Organization today includes more than 11,000 professionals at member firms in over 50 locations throughout the US, the Caribbean and Latin America. EY professionals in our financial services practices worldwide align with key global industry groups, including EY s Global Wealth & Asset Management Center, Global Banking & Capital Markets Center, Global Insurance Center and Global Private Equity Center, which act as hubs for sharing industryfocused knowledge on current and emerging trends and regulations in order to help our clients address key issues. Our practitioners span many disciplines and provide a well-rounded understanding of business issues and challenges, as well as integrated services to our clients. With a global presence and industry-focused advice, EY s financial services professionals provide high-quality assurance, tax, transaction and advisory services, including operations, process improvement, risk and technology, to financial services companies worldwide. 2017 Ernst & Young LLP. All Rights Reserved. 1705-2288039 BDFSO ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com