FOR IMMEDIATE RELEASE 99-109 Statement by SEC Chairman Arthur Levitt on NYSE Vote Washington, DC, September 2, 1999 -- Securities and Exchange Commission Chairman Arthur Levitt today issued the following statement: "Today the New York Stock Exchange voted to continue their efforts toward demutualization, and to strengthen the role of corporate audit committees. We look forward to a continued constructive dialogue with the NYSE about important public policy issues presented by demutualization. We share a common interest in ensuring that any future self regulatory structure is consistent with the protection of investors and the maintenance of fair and orderly markets. I would also like to applaud the NYSE's action on the recommendations of the Blue Ribbon Panel on Improving the Effectiveness of Corporate Audit Committees. This action marks another important step in safeguarding the integrity of the financial reporting process." # # #