FOR IMMEDIATE RELEASE                                       97-54


       COMMUNIQUE ON RESULTS OF COSRA 1997 ANNUAL MEETING


     Washington, D.C., June 30, 1997 -- The Securities and Exchange
Commission released a communique describing the results of the
sixth annual meeting of the Council of Securities Regulators
(COSRA) of the Americas, held in Santiago, Chile, June 26-27, 1997. 
COSRA adopted principles for oversight of independent auditors and
developed plans for an investor education campaign to be launched
on a hemisphere wide basis in early 1998.

     COSRA also agreed upon a future work program that will
establish ways to enhance investor protection in and facilitate the
safe custody of collective investment scheme assets.

     SEC Chairman Arthur Levitt said, "COSRA's efforts to improve
the effective oversight of independent auditors ehances the
reliability of financial information used by investors to make
investment decisions.  Moreover, its work in investor education
will further strengthen investors' abilities to make informed
decisions, and encourage widespread participation in the region's
capital markets.  Through these efforts, COSRA continues its
commitment to investor protection and market integrity throughout
the Americas."




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