FOR IMMEDIATE RELEASE                                  97-34



      CHAIRMAN LEVITT ANNOUNCES AVAILABILITY ON WEBSITE OF
    ANSWERS TO FREQUENTLY ASKED QUESTIONS ABOUT CHANGES IN  
                  INVESTMENT ADVISER REGULATION


     Washington, D.C., April 16, 1997 -- Chairman Arthur Levitt
today announced the creation of a new page on the Commission's
Internet website on which the Commission staff will provide
answers to frequently asked questions about the impending changes
to the regulation of investment advisers brought about by a new
law enacted last fall.  The website address for this page is 

http://www.sec.gov/rules/othern/advfaq.htm

     Last fall, Congress passed the National Securities Markets
Improvement Act of 1996, which included amendments to the
Investment Advisers Act of 1940, the federal statute governing
the conduct of money managers, financial planners and other
investment advisers.  The new law reallocates regulatory
responsibility over these market professionals between the
Commission and state securities regulators.  In December, the
Commission proposed rules to implement the key provisions of this
law and anticipates taking action on the proposals in the near
future. 

     The Commission has received many inquiries from investment
advisers and others regarding the changes brought about by the
new law.  The information on the new page will permit the
Commission to keep the 23,350 advisers that will be affected by
the new law informed as to the latest developments.  The page has
been created and will be updated frequently by the staff of the
Commission's new Task Force on Investment Adviser Regulation in
the Division of Investment Management. 



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