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 before the luncheon, committee members discuss, among other things, mutual fund industry and NYSE problems, GSE privatization, a SEC proposal on shareholder democracy, and the regulation of hedge funds.

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

• No. 199 - SEC Proposals for More Shareholder Democracy
• No. 200 - Mutual Fund Expenses and Soft Dollars
• No. 201 - New York Stock Exchange Governance and Market Structure Issues
• No. 202 - Simple Proposal to Deal with Market Timing and After-Hours Trading