FOR IMMEDIATE RELEASE                                    2000-38

        SEC To Conduct Roundtable on Investment Advisers

     Washington, DC, March 22, 2000 -- The Securities and
Exchange Commission today announced that it will conduct a
roundtable on May 23, 2000, to discuss a variety of issues
relating to investment advisers currently on the Commission's
agenda and to seek industry and public input.  The roundtable,
which is open to the public, will last from 9:00 a.m. to 5:30
p.m.  Seating is limited.  Details on the agenda and speakers
will be released in the coming weeks.

     The Commission has several initiatives on its agenda for
this year that promise to dramatically alter the regulatory
landscape for advisers.  The conference will bring together
investment advisers, legal counsel to advisers, investor
advocates, representatives from state regulatory bodies,
representatives from the NASD, and others to discuss these issues
and offer their views.

     Chairman Levitt said, "The roundtable is a wonderful
opportunity for interested parties to share perspectives with the
Commission as it modernizes and improves the investment adviser
regulatory regime."

  Chairman Levitt will open the roundtable with a keynote
address, to be followed by a series of panel discussions
moderated by officials from the Commission's Division of
Investment Management.  Topics of discussion will include:

*    modernization of adviser regulation;

*    distinctions between advisers and broker-dealers;

*    persons excluded from the definition of investment adviser;

*    adviser trading practices, including the use of soft dollars
     and the obligation to seek best execution;

*    personal trading and other conflict of interest issues;

*    pay-to-play practices;

*    advertising and performance reporting; and

*    technology and adviser regulation, including a new
     electronic filing and registration system for investment advisers.

                             #  #  #