Date:    03/25/2000  11:13 AM

Subject: S7-31-99 (Insider disclosure)

     
I strongly support adoption of Proposed Rule No. S7-31-99, "Selective Disclosure
and Insider Trading."
     
    As an individual investor, I always seem to be the last to learn of insider
selling.  By the time the information does become public, it is often too late. 
The fact that an elite group of analysts are privy to this information -- long 
before "Joe Q. Investor" -- is an inequity which needs to be addressed.  Rule 
No. S7-31-99 addresses this issue.
     
    I have noticed in the public comments that some opposed to this rule change
have a vested interest in maintaining the status quo, and for good reason.  The 
ability to learn in advance of what may be information of significant material 
interest is a competitive advantage that puts the small investor at a 
disadvantage.  Yes, the Internet has gone a long way towards leveling the 
playing field, and I can understand that the "big boys" want to retain whatever 
edge they have.  
     
    This advantage, however, is an obstacle towards the existence of an informed
and efficient market.  
     
    I would like to point out that not all insider selling is an immediate
indication that a company is about to go under.  It is information nonetheless, 
and equal access to information is necessary for maintaining a fair and informed
market.
     
Thank you,
     
Dr. Martin P. Olsen
individual investor