FOR IMMEDIATE RELEASE                                      97-92


SEC AND GERMAN BAWe SIGN MEMORANDUM OF UNDERSTANDING


Washington, D.C., October 17, 1997 --  The U.S. Securities and
Exchange Commission and the Bundesaufsichtsamt f�r den
Wertpapierhandel (BAWe) (Germany's securities regulator) jointly
announced the signing today of a Memorandum of Understanding
(MOU).  The MOU sets forth a pragmatic approach for cooperating
and sharing information in enforcing U.S. and German securities
laws.

SEC Chairman Arthur Levitt and BAWe President Georg Wittich
signed the MOU on behalf of their respective Commissions.

Commenting on the MOU, SEC Chairman Levitt said:

  "Sharing information between financial regulators is
  essential to ensure market integrity and investor protection.
  The SEC and the BAWe are close partners in developing high
  standards for regulation and cooperation in the international
  financial community."

BAWe President Wittich commented:

  "This MOU memorializes the partnership between the BAWe and
  the SEC, and lays a solid framework for our continued work in
  addressing tomorrow's challenges."


The formal name of the document is: Memorandum of Understanding
Concerning Consultation and Cooperation in the Administration and
Enforcement of Securities Laws.


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