FOR IMMEDIATE RELEASE                                     97-98

   CHAIRMAN ARTHUR LEVITT SENDS LETTERS TO BROKER-DEALERS AND
         TRANSFER AGENTS REGARDING YEAR 2000 COMPLIANCE


     Washington, D.C., November 3, 1997 -- Chairman Levitt has
recently sent a letter to all registered transfer agents and
broker-dealers regarding their computer systems' readiness for
the Year 2000.  "Preparing for the Year 2000 should be of the
highest priority for securities firms," Chairman Levitt wrote in
the letter.  In addition, the Chairman stressed the importance
that all securities firms implement plans and devote adequate
resources to modify their computer systems to make them ready for
the Year 2000.  The Chairman further encouraged firms to have all
necessary modifications in place by the end of 1998 to allow for
participation in industry-wide testing scheduled for 1999.  This
letter is part of the Commission's ongoing communication with the
securities industry to make a successful technological transition
to the next millennium.



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