<div dir="ltr"><div dir="ltr"><div class="gmail_default" style="font-family:arial,sans-serif;font-size:small">I was re-writing another long email struggling to explain my rationale but this email came just in time.</div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Thu, May 6, 2021 at 11:00 AM Mueller, Milton L <<a href="mailto:milton@gatech.edu">milton@gatech.edu</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex">
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<p class="MsoNormal"><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)">Actually, this is a fairly convincing argument,
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<p>If we as a matter of policy create guidance, it will be examined by any DPA investigating a complaint about the SSAD. The co-controllers will be held accountable for whether or not they adhere to it. It may be reference in the Registrars Accreditation
Agreements, negotiations for which are going on as we argue about this. There is no reason that I can see to include the guidance that has been developed in our policy, I do not agree that this particular ship has sailed. As far as I am concerned, it is
still in drydock.<u></u><u></u></p>
<p><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)">OK, so finally you are confronting the issue of Guidance. Although I think your reasoning about DPAs is invalid, “No change, no guidance” is a coherent position – ASSUMING the
ship has not sailed. So are you prepared to come to the EPDP meeting tomorrow, and announce with me, that NCSG are abandoning the ship, and no longer want to see any guidance developed? I will go along with that, once/if we receive confirmation from the PC
or the vote of this list.<u></u><u></u></span></p>
<p><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)">We can justify our shift in the following way:
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<p style="margin-left:0.5in"><u></u><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)"><span>1.<span style="font:7pt "Times New Roman"">
</span></span></span><u></u><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)">If there is guidance, NCSG have proven to be completely unable to agree on what it should be. It is safer for Registrants not to have any, and rely
on market choices among CPs to protect registrants<u></u><u></u></span></p>
<p style="margin-left:0.5in"><u></u><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)"><span>2.<span style="font:7pt "Times New Roman"">
</span></span></span><u></u><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)">We are concerned about legal obligations or liabilities that might be incurred by registrants self-identification as a company or legal person.<u></u><u></u></span></p>
<p style="margin-left:0.5in"><u></u><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)"><span>3.<span style="font:7pt "Times New Roman"">
</span></span></span><u></u><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)">We don’t want the guidance to be mandatory, but if it’s not mandatory why do we need it?
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<p style="margin-left:0.5in"><u></u><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)"><span>4.<span style="font:7pt "Times New Roman"">
</span></span></span><u></u><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)">There is a chance that it might become a de facto standard<u></u><u></u></span></p>
<p><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)">So I cast my vote: NO on guidance (yes this is a shift)</span></p></div></div></blockquote><div><div class="gmail_default" style="font-family:arial,sans-serif;font-size:small">I have no problem supporting this. It's a good argument.</div></div><div><br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div lang="EN-US"><div class="gmail-m_-6158323088636004661WordSection1"><p><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)"><u></u><u></u></span></p>
<p><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)">Now tell me what you propose to do if they go ahead and develop guidance? Here is what you say:<u></u><u></u></span></p>
<p>What we have been discussing in the EPDP is the guidance that the registrars have already developed on a voluntary basis. We can simply leave them to do this. There is no need to treat the deliberations of this EPDP as holy writ that cannot be set aside,
we have debated all kinds of nonsense over the past three years. Putting it in a google doc does not mean it cannot land on the cutting room floor.
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<p><span style="font-size:11pt;font-family:Calibri,sans-serif;color:rgb(31,73,125)">This would be a fail, in my opinion. If the CPs develop guidance, it will become part of the Phase 2a report. All the arguments you make against guidance would still apply. A more
desirable idea is that we get the CPs to abandon guidance as well, or at least enough of them to block consensus. From Volcker’s statement on behalf of Registrars I got the idea they are going along with guidance because they think everyone wants it.
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<p class="MsoNormal"><span style="color:rgb(31,73,125)"></span></p></div></div></blockquote><div><div class="gmail_default" style="font-family:arial,sans-serif;font-size:small">That was also my concern, that we're not exactly on the same page with the CPs. I've always felt like they're not against having guidance, but I'm optimistic that they will embrace the 'no guidance' stance, too.</div></div><div><br></div><div><div class="gmail_default" style="font-family:arial,sans-serif;font-size:small">Best,</div><div class="gmail_default" style="font-family:arial,sans-serif;font-size:small">Manju</div><br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex"><div lang="EN-US"><div class="gmail-m_-6158323088636004661WordSection1"><blockquote style="margin-top:5pt;margin-bottom:5pt">
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