For Immediate Release                        95-248

          SECURITIES AND EXCHANGE COMMISSION ANNOUNCES
     AGREEMENT TO PROMOTE COORDINATED INDUSTRY EXAMINATIONS

Washington, D.C., November 30, 1995 --  The Securities and
Exchange Commission today released a Memorandum of Understanding,
signed by all regulators responsible for conducting examinations
of broker-dealers, which lays the groundwork for more efficient
and effective industry oversight.  The MOU was signed at the
first Planning Summit held on November 28, 1995, between the SEC,
the examining self-regulatory organizations and the North
American Securities Administrators Association (NASAA).

The purpose of the Memorandum of Understanding is to promote
cooperation and coordination among the examining authorities as
well as to eliminate unnecessary and burdensome duplication in
the examination process.  The MOU signators include the SEC, the
American Stock Exchange (AMEX), the Chicago Board Options
Exchange (CBOE), the National Association of Securities Dealers
(NASD), the New York Stock Exchange (NYSE) and on behalf of its
members, NASAA.

The key provisions of the Memorandum provide for:

*    Annual National and Regional Planning Summits among the
     SEC, AMEX, CBOE, NASD, NYSE, NASAA and each state
     securities regulatory authority, to discuss
     coordination of examination schedules and examination
     priorities, review broker-dealers' examination
     histories, and discuss other areas of related interest,
     with the goal of encouraging information-sharing to
     avoid necessary duplication of examinations;

*    A Coordinated Computerized Tracking System for all
     broker-dealer examinations performed by the SEC, AMEX,
     CBOE, NASD and NYSE, to be maintained by the SEC.

*    Coordination of Broker-Dealer Examinations by the AMEX,
     CBOE, NASD and NYSE by:

          1)   sharing among them such information,
          including reports of examination, customer
          complaint information and other non-public
          regulatory information as appropriate to
          foster a coordinated approach to regulatory
          oversight of broker-dealers subject to
          examination by more than one SRO; and

          2)   to the extent practical, inquiring of
          each broker-dealer subject to examination by
          more than one SRO whether such broker-dealer
          requests coordinated, on-site exams and for
          each broker-dealer that so requests, to the
          extent practicable, the SRO's will conduct
          simultaneous on-site examinations.

*    NASAA will encourage state examination authorities to
     utilize examination resources where they are most
     needed, particularly with respect to broker-dealer
     branch offices and smaller investment advisers.  To
     assist securities regulators in coordinating exams of
     smaller advisers, the SEC will periodically provide
     each state securities regulator with the identity of
     each federally registered adviser within the state, and
     will continue to provide training and other assistance
     to state examiners.

     Chairman Levitt said, "I applaud the work of all the parties
in seeking creative ways to coordinate their examinations.  By
signing the MOU, they have taken the first step in eliminating
any unnecessary duplication in the examination process." 

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