Institute Files Comment Letter on SEC Securities Offerings Proposal

Washington, DC, June 29, 1999 - The Institute has filed a comment letter on the Securities and Exchange Commission's proposals that would implement major changes to the securities offerings process (also known as the "aircraft carrier proposals"). The rule proposals address several different areas of the securities laws including the securities offering process, communications, periodic reporting, mergers and acquisitions, and the proxy rules. The letter strongly supports the Commission's goals underlying the proposals but expresses concern that several of the proposals could introduce new inefficiencies in the offering process which could defeat the Commission's objectives. To avoid those results, the Institute's letter recommends that the Commission revise certain of the proposals.