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. At the two closed sessions prior to the luncheon, committee members will discuss, among other things, disciplining bank auditors, state vs. federal regulation of securities markets, the development of a transatlantic securities market, a proposed self-regulatory organization for mutual funds, other current SEC initiatives, and recent developments concerning the Government-Sponsored Enterprises.

At the luncheon press briefing that follows the meeting, SFRC members issued the following statements:

• Statement 186: State and Federal Securities Market Regulation
• Statement 187: The SEC's Concern with Short Selling
• Statement 188: Glass Steagall, Tying and Conflicts of Interest
• Statement 189: The Registration of Mortgage Backed Securities of Fannie Mae and Freddie Mac