The act, or an equivalent, nevertheless was essential to the restoration of confidence. As a result of confidence in the country's future, fear of inflation, and institutional buying of common stocks, plus the creditable performance of investment companies, the industry has flourished, especially open-end companies. Regulation pursuant to a statute which the Commission itself has described as a "complex and elaborate piece of legislation" has presented problems of varied sorts. In its tenth annual report, for the fiscal year ended June 30, 1944, the Commission grouped these problems into seven categories: 1.Determining which companies are investment companies entitled to exemption 2.The classification of companies subject to the act

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