WASHINGTON – The Investment Company Institute and its membership are at a crossroads, said Paul Roye, the Securities and Exchange Commission’s director of the division of investment management before the ICI General Membership Meeting here Thursday.

"The final chapters of the mutual fund scandal are yet to be written," Roye said. "The jury is still out on how the industry reacted. You will be judged by your actions." The big question, he said, is will the fund industry rise to the occasion and take advantage of this historic opportunity to protect shareholders’ interests or will it be bogged down by an element resisting change within the industry?

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