The Investment Company Institute held its annual meeting of its membership in Washington, D.C. last week. Close enough to Securities and Exchange Commission headquarters that chairman Mary L. Schapiro could swing by and let the assemblage know that existing mutual fund distribution rules "can't be left to stand."

Among noted speakers were George Gatch, CEO of J.P. Morgan Funds, and Sallie L. Krawcheck, president of global wealth and investment management at Bank of America, who tried to show "The Way Forward" for the industry. And knock down some myths.

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