A panel of academics and executives, including those from mutual fund companies, has been formed to assess the impact of regulation on the competitiveness of U.S. businesses, The New York Times reports.

Hal S. Scott, a Harvard law professor, began forming the group, called the Committee on Capital Markets Regulation, a year ago. The names of the mutual fund companies represented were not released.

The group will consider whether laws should be changed to reduce civil and criminal liabilities for companies and their directors and auditors, and scrutinize whether the Securities and Exchange Commission does an adequate job of assessing the costs and benefits of regulations. Indeed, this has been one of the most resonating charges against the SEC's independent mutual fund director rule, which the U.S. Chamber of Commerce shot down in the courts.

In particular, the panel will look at the Sarbanes-Oxley Act, which, many have noted, has caused foreign companies to avoid listing their securities in the U.S. The panel plans to have an interim report as early as November.

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