FOR IMMEDIATE RELEASE							97-30 PRIVATE  


	CHAIRMAN LEVITT ANNOUNCES CREATION OF 
	INVESTMENT ADVISER TASK FORCE


	Washington, D.C., April 4,  1997 -- Chairman Arthur Levitt today announced the 
creation of a Commission Task Force on Investment Adviser Regulation.  The new task force 
will be staffed with eight lawyers and will be part of the Commission's Division of Investment 
Management.

	Chairman Levitt said, "We are redoubling our efforts to make sure that our rules and 
interpretations protect the millions of investors who today rely on investment advisers.  The 
legislation enacted last year splitting regulatory jurisdiction over advisers between the 
Commission and the states provides a good starting point to take a fresh look at our rules and 
interpretations and clean out any cobwebs that may have grown over the years."     

	The task force is charged with implementing the recent legislation, overseeing 
Commission participation in an electronic filing system for investment advisers, and 
developing a means by which investors can easily obtain information about investment 
advisers.  The task force will also review existing Commission adviser regulations, and 
develop proposals to modernize those regulations in light of developments in the market place, 
the investment advisory industry, and the new legislation.  

	Eight staff positions have been reallocated to the Division of Investment Management, 
which is currently searching for qualified candidates to fill them.  The task force will last for 
18 months after which its members will transition in an Office of Investment Adviser 
Regulation in the Division of Investment Management.  The task force will be headed by 
Robert E. Plaze, an associate director in the Division.