For Immediate Release                                     99-82


   Corporation Finance Director Brian Lane To Leave Commission
                    After 16 Years of Service

     Washington, DC, July 19, 1999 -- Brian Lane, Director of
the SEC's Division of Corporation Finance, today announced that
he will leave the Commission after 16 years of service to enter
the private sector.  Mr. Lane, 40, has agreed to stay at the
Commission until a successor has been named.

     SEC Chairman Arthur Levitt said, "Brian has been a fierce
advocate of investors, an intelligent proponent of change, and a
real friend.  I will miss his insights, his humor and his
energy.  His legacy at the Commission will be one of creativity,
integrity and accomplishment.  Brian's deep dedication and vast
knowledge of the securities laws will serve him well in any
future endeavor, and on behalf of the Commission, we wish him
the very best."

     Mr. Lane said, "I have been extremely fortunate to serve a
great chairman, a talented staff, and the investing community.
For 16 years I've had the great opportunity to work on an array
of fascinating and cutting edge securities issues.  Now I am
eager to begin to explore my long-standing interest in academia
and business."

     Mr. Lane, who joined the Commission in 1983, was named
Director of the Division of Corporation Finance in March 1996 by
Chairman Levitt.  Prior to that he served in a variety of
positions throughout the Commission, including counsel to
Chairman Levitt, counsel to Commissioner Richard Roberts, and
staff attorney with the Divisions of Corporation Finance and
Market Regulation.

     Throughout his SEC tenure, Mr. Lane made his mark in the
areas of plain English, small business, and regulatory
simplification.  Among Mr. Lane's accomplishments:


  *  Proposed major changes to the way money is raised in the
  U.S., including sweeping proposals to the securities offering
  process (dubbed the "Aircraft Carrier"), mergers and
  acquisitions (Regulation MA), and several small business
  initiatives;

  *  Supervised the Division's accounting aspects of the
  Commission's earnings management initiative;

  *  Led efforts to modernize the EDGAR system;

  *  Created the Small Business Town Meeting Program;

  *  Led the effort to improve disclosure by public companies,
including Year 2000 disclosure;

  *  Led the Staff Task Force on Disclosure Simplification and
  eliminated approximately 50 rules and five forms;

  *  Made it more difficult to engage in microcap fraud
  (Regulation S, Rule 504, Form S-8); and

  *  Made major changes within the Corporation Finance Division,
  including: reorganized the staff to build more industry
  expertise; increased staff training; and developed Staff Legal
  Bulletins to provide more staff guidance to practitioners and
  companies.
                                
                                
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