FOR IMMEDIATE RELEASE                                       98-64
                                
         Unger Enforcement Review Finds Ways To Leverage 
                       Commission Resources
                                
     Washington, DC, July 16, 1998 -- Securities and Exchange
Commission Commissioner Laura S. Unger has concluded her review
of the Commission's Division of Enforcement and conveyed her
findings and recommendations to Chairman Arthur Levitt.  Chairman
Levitt responded, "Commissioner Unger's review will enable the
Commission to more effectively leverage its resources, streamline
the investigative process, and better protect investors."

     Commissioner Unger said, "Having begun my career as an
enforcement attorney at the Commission, I was particularly
pleased to be able to conduct a review of this most important
division.  I am pleased to report that -- despite static funding
and staff size -- the Division of Enforcement has done an
outstanding job during a period of tremendous growth in our
markets.  I am confident that the recommendations I have made
will help the Division use its limited resources to do an even
better job.  I look forward to working with Richard H. Walker,
the Director of the Division of Enforcement, to implement these
changes."

Key Recommendations:

     Commissioner Unger's review made recommendations relating to
most aspects of the Division's operations.  The most significant
recommendations will:

*    Speed up investigations by shortening internal deadlines and
     streamlining internal processes, expediting cases involving
     current industry trends, and ensuring that cases are brought in a
     timely fashion.

*    Encourage the use of more creative remedies and flexible
     sanctions by considering the full range of options available to
     deliver clearly and effectively the Commission's message on a
     particular case.

*    Better coordinate the Division's program with the
     Commission's agenda by making the Commission's agenda clearer,
     particularly in areas of current industry developments -- such as
     Internet fraud -- and better coordinating the Commission's
     regulatory program with its enforcement program.

*    Make the Commission's operations more consistent by
     intensifying coordination with the regional offices to integrate
     the priorities and policies of the Division's Washington and
     regional offices nationwide.

*    Implement a new and expanded staff training program by
     working with the industry and professional groups to provide a
     formal program for attorneys to enhance their legal skills and
     business knowledge to more effectively and efficiently conduct
     investigations.

*    Intensify efforts to coordinate cases with the criminal
     authorities and SROs by working more closely with federal, state,
     and local law enforcement agencies and SROs to coordinate most
     effectively.

     Chairman Arthur Levitt said, "Commissioner Unger's
recommendations are insightful, creative, and will help make an
excellent enforcement program even more effective.  The changes
she has proposed should enhance the Commission's efforts to
combat securities fraud and protect investors."

     Richard H. Walker said, "Commissioner Unger's review has
produced thoughtful and constructive recommendations.  These
changes will make this well-oiled machine run even better."

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