For Immediate Release                             2000-127



   SEC Approves Electronic Filing for Investment Advisers,
                   Amendments to Form ADV
                              
                              
     Washington, DC, September 12, 2000 -- The Securities
and Exchange Commission today adopted new rules that will
bring one-stop electronic filing to investment advisers.
Beginning in January 2001, advisers registered with the
Commission will submit their registration forms (and other
filings) electronically through the "IARD" -- the Investment
Adviser Registration Depository.

The IARD is a web-based filing system that will permit
advisers to make filings with the SEC and state regulators
electronically from personal computers in their offices.
Information advisers file through the IARD will form a
database on investment advisers that will be available free
of charge to investors through the Internet.  Investors will
be able to search the database to get current information
about advisers, including the services they provide, fees
they charge, their conflicts of interest and disciplinary
history (if any).

The Commission also voted to update Form ADV, the investment
adviser registration form.  The Commission decided to defer
further action on its proposal to amend the requirements for
the brochures that all advisers are required to provide to
clients.
     
The rules and rule amendments take effect on October 10,
2000.  A pilot group of approximately 100 volunteer advisory
firms will begin filing through the IARD in October 2000.
Advisers currently registered with the SEC must transition
to electronic filing, by amending their Form ADVs
electronically through the IARD, between January 1 - April
31, 2001.  New applicants for SEC adviser registration must
file electronically after January 1, 2001.

Information about the IARD system, including the rules and
rule amendments the Commission has adopted, is available at
www.sec.gov/iard.