They should also focus on the opening of government and institutional databases and information banks to consumers and the application of balanced regulation to facilitate the use of the Internet for legitimate capital formation and the provision of financial services. The increasing accessibility of the Web to individual consumers is causing many of the changes in the provision of financial services. However, the Web remains a frontier in certain respects and has many thieves, villains, and fraudsters. The Web has not changed the basic dilemma that financial regulators have always experienced, but it has increased the complexity of the dilemma. The Securities and Exchange Commission issued regulatory advice related to the Internet in March 1998. The advice covers securities offerings, broker-dealer activities, foreign exchanges, and State regulation. Financial regulators have also issued advice to facilitate the use of the Web to communicate with investors and contact prospective investors. State and Federal securities regulators have been active in taking enforcement actions for violations of the securities laws occurring on the Internet. In addition, several important Web addresses provide research opportunities for investors or provide important investor education information. 84 reference notes