During two closed sessions before the luncheon, committee members discussed the latest in financial regulation issues. At a luncheon briefing following these sessions, SFRC members gave several statements and answered questions.

The Shadow Financial Regulatory Committee (SFRC) is a group of publicly recognized independent experts on the financial services industry--including banking, insurance and securities--who meet regularly to study and critique regulatory policies affecting this sector of the economy.

A regulatory change in the mutual fund systemcould encourage price competition.

Why would it be that in the mutual fund industry, the principal players--the investment advisers of mutual funds--refuse to compete on price with one another?

This book recommends the creation of a new, alternative legal structure for collective investment, the "managed investment trust."

How best can we get regulatory agencies to produce better analysis and make that analysis more transparent and readily available?

The Internet has become an integral part of our economy, unleashing powerful innovations that are transforming business, our economy, and the way we work.