The panelists discussed potential regulatory reforms, including the future of Basel II; capital ratios and risk weighting; recent investor focus on tangible common equity instead of capital ratios; the effect of fair value accounting on financial institutions; capital treatment for various securities issued as part of the government emergency measures, including CaPP and CAP; the performance of hybrid instruments during the downturn and the questions raised for issuers, bankers and rating agencies; foreign initiatives relating to regulatory capital; and considerations for Tier 1 instruments, including mandatory convertibles.