Statement of Investment Company Institute President Paul Schott Stevens on Reproposal of SEC Regulation NMS

Washington, DC, December 15, 2004 - The Investment Company Institute today issued the following statement from ICI President Paul Schott Stevens on the Securities and Exchange Commission’s decision to repropose Regulation NMS.

“Regulation NMS is an important step towards enhancing and modernizing the structure of the U.S. equity markets. Reproposing Regulation NMS will provide an opportunity for additional comments to ensure that there are no unintended consequences for investors resulting from the revised proposal. Regulation NMS is designed to address issues that have concerned investors for years. While we are eager for prompt Commission action on the proposal, we fully support the SEC’s efforts to ensure sufficient comment and consideration.”

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