FOR IMMEDIATE RELEASE                                    2000-1

  Securities and Exchange Commission Steps Down Y2K Monitoring
  As Securities Industry Transition Remains Smooth at Mid-Week
                                
     Washington, DC, January 5, 2000 --  As the first business
week of the year 2000 reaches its midpoint, U.S. securities
markets, clearing agencies, major broker-dealers, transfer
agents, and mutual funds continue to report a smooth transition
into the new year.  With confidence rising that the securities
industry has conquered the Y2K challenge, the Securities and
Exchange Commission will today step down its Y2K monitoring
efforts.  The SEC has jointly agreed with the New York Stock
Exchange and the NASD to cease special data collection efforts
after reports are filed at 6:00 p.m. on Wednesday, January 5,
2000.  In the event a material Y2K problem arises after 6:00 p.m.
on Wednesday, the entity experiencing the problem will report it
through regular channels.

     "We are very pleased that the securities industry has
transitioned smoothly into the year 2000," said Robert Colby,
Deputy Director of the SEC's Division of Market Regulation.  "We
are grateful to the NYSE, Nasdaq, the Securities Industry
Association, the Investment Company Institute, and a broad
spectrum of industry participants for sharing information and
coordinating efforts during the transition period."  Mr. Colby
concluded, "The preparation for Y2K involved unprecedented
coordination among financial regulators within the U.S. and
abroad, and we hope to continue these close working relationships
through coordination in other areas in the future."

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