UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES ACT OF 1933 Release No. 7368 / December 4, 1996 SECURITIES EXCHANGE ACT OF 1934 Release No. 38019 / December 4, 1996 ADMINISTRATIVE PROCEEDING File No. 3-9033 : In the Matter of : : ORDER EXTENDING TIME : FOR INDEPENDENT PORTFOLIO MANAGEMENT : ACCOUNTANT TO DELIVER CONSULTANTS, INC., : PLAN OF ADMINISTRATION : AND DISTRIBUTION Respondent. : : On June 27, 1996, the Securities and Exchange Commission ("Commission"), instituted public administrative proceedings against Portfolio Management Consultants, Inc. ("PMC") and accepted PMC's Offer of Settlement pursuant to the Order Instituting Public Administrative Proceedings, Making Findings, Imposing Remedial Sanctions and Penalties and Cease and Desist Order (Rel. Nos. 33-7308, 34-37376, 40-1568, File No. 3-9033 (June 27, 1996)) ("Order"). Pursuant to section IV.A.2. of the Order, the Commission ordered PMC to retain an independent accountant. Under Section IV.A.2. of the Order, PMC must require the independent accountant, within ninety days of appointment of the accountant, to deliver a Plan of Administration and Distribution ("Plan") to Commission staff, and authorize the independent accountant to provide a copy of the Plan to PMC. The independent accountant has requested that the deadline for submission of the Plan be extended by sixty days. The Commission deems it appropriate and in the public interest to extend the deadline for the independent accountant to deliver its Plan by sixty days. ==========================================START OF PAGE 2====== Accordingly, IT IS HEREBY ORDERED THAT PMC shall require the independent accountant, as required by Sections IV.A.2. of the Order, to deliver its Plan within 150 days of the date of the appointment of the independent accountant. By the Commission. Jonathan G. Katz Secretary