FOR IMMEDIATE RELEASE                                  99-125

  SEC Adopts New Disclosure Requirements for Foreign Companies

     Washington, DC, September 29, 1999 -- Yesterday, the
Commission adopted rule changes that will reduce the barriers
foreign companies face when raising capital or listing their
securities in more than one country.  The rule changes bring SEC
disclosure requirements for foreign companies closer to the
international standards endorsed late last year by the
International Organization of Securities Commissions (IOSCO), the
global association of securities regulators.

     The IOSCO standards were negotiated over several years among
securities regulators in the major developed capital markets.
These standard items of disclosure cover basic topics such as the
description of the company's business, results of operations and
management and the securities it plans to offer or list.
Companies could use these international standards to prepare a
core disclosure document that, with a minimum of tailoring to fit
national requirements, would be accepted in many countries.

     The rule changes adopted today incorporate these standards
into Form 20-F, the basic disclosure form for foreign private
issuers.  The new requirements become effective next year,
beginning September 30, 2000.  The rule changes do not affect any
of the accounting requirements for financial statements.  The SEC
will continue to require disclosure on topics not covered by the
IOSCO standards, such as market risk disclosure and disclosure
for specialized industries such as banking and insurance.  The
SEC staff also will continue its normal review and comment
procedures for filings under the new disclosure requirements.

     In adopting the rule changes, the Commission noted its long-
standing support for initiatives that reduce barriers to cross-
border offerings and listings in the United States, if they are
consistent with the SEC's investor protection mandate.  The IOSCO
standards represent a strong international consensus on
fundamental disclosure topics, and the Commission believes they
are comparable, in terms of investor protection, to the SEC's
traditional disclosure requirements.

     Corporation Finance Division Director Brian Lane today said,
"We think the IOSCO disclosure standards are a good first step
toward creating a framework for an "international passport" to
the world's capital markets.  We expect the IOSCO standards to
gain global support, and we're pleased we can use these standards
in our disclosure forms without compromising the quality of
information investors receive." The full text of the rule changes
can be found on the SEC's website at: www.sec.gov/rules/final/33-
7745.txt.

                         #      #      #