One year after New York Attorney General Eliot Spitzer began his scud-missile attack on the mutual fund industry, the operations at mutual fund companies have changed substantially, The Wall Street Journal reports. But the long-term impact is not yet known, mostly because several Securities and Exchange Commission proposals are still in their early stages.

"I feel strongly that investor are better off, but it's too early to evaluate the overall impact of the rulemaking because a number of key initiatives are still unresolved," said Mercer Bullard, head of the investor advocacy group Fund Democracy.

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