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U.S. Securities and Exchange Commission

SEC Approves Issuance of Auditor Independence Rule Proposal

FOR IMMEDIATE RELEASE

2000-88

Washington, D.C., June 27, 2000 – The Securities and Exchange Commission today approved the issuance of a rule proposal to modernize the rules governing auditor independence. Following publication in the Federal Register, the public is encouraged to submit comments to the Commission in a 75-day comment period, which will include public hearings.

The proposal will be posted on the SEC website as soon as it is finalized. In the meantime, the following explanatory materials are available at www.sec.gov:

Statement by SEC Chairman Arthur Levitt

Fact Sheet

Background Materials

http://www.sec.gov/news/headlines/audind2.htm

Modified:06/27/2000