This Roundtable, co-sponsored by the Columbia Program in the Law and Economics of Capital Markets and the  Investment Company Institute (ICI), stems from a two-year-long project initiated by Eric Pan, ICI’s President and CEO, to undertake a detailed review of the ’40 Act. This project has involved the work of three outside law firms as well as over one hundred investment management professionals who have provided input through ICI working groups. The last time such a comprehensive review of the investment management regulatory regime was conducted was back in 1992, when SEC Chair Richard Breeden directed the Investment Management Division to write the report “Protecting Investors: A Half Century of Investment Company Regulation.”  The object of the Roundtable is to spark discussion concerning possible reform of the ’40 Act and to provide the ICI project independent feedback from eminent members of the academy. We are inviting a small, select group of legal and finance academics to exchange views with legal counsel, former SEC officials, and investment fund professionals as to whether the current investment management regulatory framework here in the United States properly addresses how the investment management business currently operates and is evolving.