Overview

In connection with the proposals issued on February 17, 1998, Release No. 33-7506 [63 FR 9648] (the "Proposing Release'), the Securities and Exchange Commission ("we' or "Commission') is issuing a new proposal to amend Form S-8. The new proposal is targeted to prevent the abuse of Form S-8 to register offerings to consultants and advisors who act as statutory underwriters, or to register securities issued as compensation to consultants or advisors who promote the registrant's securities. In addition, we are extending the comment period until May 7, 1999 for the proposals and requests for comment in the Proposing Release that we continue to consider.