Raymond J. Batla, Hogan & Hartson LLP, Washington, DC

   "Effect of Foreign Investment on the Transformation of the Czech Republic"

Stefan Adamec, Slovak American Chamber of Commerce, Inc., New York, NY

   "Effect of Foreign Investments on the Development of Slovakia"

Joseph C. Bell, Hogan & Hartson LLP, Washington, DC

   "Effect of Foreign Investment on the Transformation of Poland"

Komelia Nagy-Koppany, Nagy & Pinter Hogan & Hartson, Budapest, Hungary

   "The Effect of Foreign Investment on the Transformation of Hungary"

Patricia E. Kriska, Caruth Institute, Southern Methodist University, Dallas, TX

   "Entrepreneurship in the Czech Republic"

Dwight Sulc, Ambassador Financing Services International, Inc., Oklahoma City, OK

   "Ethical Standards of American Securities Regulations and their Utilization

    for New Securities Markets in the Czech and Slovak Republics"

Discussant: Harry Kirsch