FOR IMMEDIATE RELEASE                                    2000-56
                                
  SEC Releases Agenda for Investment Advisers Roundtable

      Washington, DC, May 1, 2000 -- The Securities and Exchange
Commission today released the agenda for the Roundtable on
Investment Adviser Regulatory Issues that it will host at its
headquarters in Washington, DC on May 23, 2000, beginning at 9:00
a.m.  The Roundtable will explore several significant regulatory
issues that the Commission plans to address in the next year.
Seating is available to all members of the public on a first-
come, first-serve basis.

     Interested persons are invited to submit written comments on
any of the topics to be discussed at the Roundtable.  Comments
must be received on or before May 12, 2000, and should be
submitted in triplicate to Jonathan G. Katz, Secretary,
Securities and Exchange Commission, 450 Fifth Street, N.W.,
Washington, D.C. 20549-0609.  Comments may also be submitted
electronically at the following E-mail address:
rule-comments@sec.gov.  All submissions should refer to File No.
4-433; this File number should be included on the subject line if
E-mail is used.  Submissions will be available for public
inspection and copying in the Commission's Public Reference Room,
450 Fifth Street, N.W., Washington, D.C. 20549.  Electronic
submissions also will be posted on the Commission's Internet web
site (http://www.sec.gov).

     For further information, contact Cynthia M. Fornelli, Senior
Adviser to the Director, Division of Investment Management, (202)
942-0720, or J. David Fielder, Adviser to the Director, Division
of Investment Management, (202) 942-0530, fielderd@sec.gov, at
Securities and Exchange Commission, 450 Fifth Street, N.W.,
Washington, D.C. 20549-0506.

                         Agenda for the
                        SEC Roundtable on
              Investment Adviser Regulatory Issues
                          May 23, 2000

I.   Introduction

II.  Investment Advisers In Today's Competitive Markets /
     Modernization of Adviser Regulation

     A.   Investment Advisers and Broker Dealers - Are the Lines
          Blurring? (Proposed rule 202(a)(11)-1:  Deeming certain
          broker-dealers not to be investment advisers)
     B.   Should the other statutory exceptions from the
          definition of "investment adviser" be revisited?
     C.   Effectiveness of bifurcated regulatory regime under
NSMIA
     D.   Review of the disclosure model
     E.   Is there a need for a self-regulatory organization?
III. Trading Practices

     A.   Use of soft dollars
     B.   Obligation to seek best execution
     C.   Allocation of investment opportunities
     D.   Personal trading (including whether there should there
          be a code of ethics requirement)
     E.   Custody
     F.   Trading error correction

IV.  Conflicts of Interest

     A.   Conflicts faced by advisers
     B.   Proposed rule 206(4)-5:  pay to play
     C.   Possible rule modifying Section 206(3)'s restrictions
on principal trading
     D.   Supervision

V.   Advertising and Performance Reporting

     A.   Use of investment performance in advertising
     B.   Revisions to the Advisers Act advertising rules
     C.   Standardization of performance reporting

VI.  Technology and Investment Adviser Regulation
  
     A.   Implications of Internet/Technology for Advisers
     B.   Revisions to Form ADV
     C.   The IARD:  new electronic filing system
          D.   Modifying the rules regarding maintenance of
          investment adviser books and records

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