In a recent speech to the Exchequer Club of Washington, Richard Y. Roberts, a member of the Securities and Exchange Commission, outlined some concerns about Mellon Bank Corp.'s plan to acquire Dreyfus Corp.

He maintained that the Office of the Comptroller of the Currency, in a recent letter approving the transaction, left open the possibility of exempting the Dreyfus Funds from full examination by the SEC. Experts follow.

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