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Communications from the Institute do not constitute, and should not be considered a substitute for, legal advice.
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December 11, 2006
TO: BOARD OF GOVERNORS No. 28-06
RE: REMARKS AT SECURITIES LAW DEVELOPMENT CONFERENCE
Since 2005 the Institute has devoted considerable resources and attention to analyzing the
relative costs and benefits of regulations. We are using our research and legal resources to advance the
state of the art in cost-benefit analysis and to call attention to the mandate in the securities laws that
regulators take into account the effects of regulation on efficiency, competition, and capital formation.
This topic was the theme of an address I delivered at ICI’s Securities Law Developments
Conference on December 4. In my remarks, Finding the Right Balance For Mutual Fund Regulation, I
suggested the need for a period to pause and reflect on investment management regulation after the past
seven years of accelerated rulemaking activity dating back to the passage of the Gramm-Leach-Bliley Act
in 1999. I also expressed my hope for a fresh look at how policymakers and the industry approach
rulemaking.
I’ve enclosed a copy of the speech and hope you will find it interesting. Feel free to contact me
directly if you have any comment or questions on the substance of my remarks or on any other issue
that might concern you.
Paul Schott Stevens
President
Attachment (in .pdf format)