FOR IMMEDIATE RELEASE                                97-101
                                
                                
                                
                                
                 SEC ANNOUNCES PILOT SECURITIES
           ARBITRATION CLINIC TO HELP SMALL INVESTORS
                                
       LEVITT RESPONDS TO CONCERNS VOICED AT TOWN MEETINGS



     Washington, D.C., November 12, 1997 -- Securities and
Exchange Commission Chairman Arthur Levitt announced today the
start of pilot securities arbitration clinics at two New York law
schools -- Pace University and Fordham University -- to help
small investors who have difficulty obtaining legal
representation.

     The clinics were started in response to concerns expressed
to Chairman Levitt by small investors at several SEC town
meetings.  Because their claims are often not large enough, it is
difficult for small investors to obtain counsel to represent them
in arbitration.  To help solve this problem, the Commission is
working with law schools in the New York City area to set up
pilot arbitration clinics.  Students in the pilot programs will,
under supervision of a lawyer, assist small investors in the
securities arbitration process.

     In announcing this pilot program, Chairman Levitt stated,
"These clinics will help small investors who have nowhere else to
turn by providing them with high quality legal representation.
It's a win-win proposition: small investors get much-needed legal
assistance and students gain valuable learning experience."

     The first pilot program began this fall at Pace University.
Fordham University will start its arbitration clinic in the fall
of 1998 and is actively searching for a director.  Several other
New York law schools are considering joining the pilot program,
and the Commission seeks to expand the program to other schools
across the country.

     The Association of the Bar of the City of New York, which
has a panel of highly experienced securities lawyers, supports
this program and has agreed to screen and refer cases to the
clinics.  Under guidelines established by the Association of the
Bar of the City of New York, it will refer cases directly to the
clinics that are for claims of $15,000 or less.  For larger
claims, the Association of the Bar of the City of New York will
attempt to secure an attorney for the investor and, if
unsuccessful, it will then refer appropriate matters to the
clinic.

     Also, the New York Stock Exchange and the National
Association of Securities Dealers, Inc. will provide speakers to
help educate participating law students on various arbitration
topics.

     Investors who believe that they may benefit from the clinics
should contact the Legal Referral Service, a joint program of the
Association of the Bar of the City of New York and the New York
County Lawyers Association, at (212) 382-6775, or Professor
Barbara Black at Pace University at (914) 422-4333, or toll free
at (800) 836-PACE.
                                
                                
                                
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