FOR IMMEDIATE RELEASE                                    2000-112

          Commission Votes to End Selective Disclosure;
  Chairman Arthur Levitt Hails Leveling of Information Playing
                              Field

     Washington, DC, August 10, 2000 - The Securities and
Exchange Commission today approved a new rule that would end the
practice of selective disclosure, whereby officials of public
companies provide important information to Wall Street insiders
prior to making the information available to the general public.
The Commission also approved two new rules to clarify existing
insider trading law.

     SEC Chairman Arthur Levitt said, "High quality and timely
information is the lifeblood of strong, vibrant markets.  It is
at the very core of investor confidence.  Regulation FD will
bring all investors, regardless of the size of their holdings,
into the information loop -- where they belong."

     Chairman Levitt said that the Commission received more than
6,000 comment letters from the public and that most were from
individual investors concerned about fairness in the markets.
The final rule reflects issues raised during the comment process.
The changes are detailed on the attached fact sheet.
     
     Additional information is available:
     --statement by Chairman Arthur Levitt
     --fact sheet on final rule
     
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