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To: KeepItSimple who wrote (113423)	12/26/2000 11:02:49 PM
From: H James Morris	Read Replies (1) \| Respond to of 164684

Kis, good news for those who fled to the Cayman Islands. >Published: December 26 2000 21:45GMT \| Last Updated: December 27 2000 01:52GMT Phil Gramm, the Republican Senator from Texas and head of the Senate banking committee, has ordered an in-depth review of US securities laws that could lead to substantial reform of financial market regulation. The review could bring about a reduction in the currently far-reaching powers of the Securities and Exchange Commission. Mr Gramm, a well-known opponent of strong regulation, has asked banking committee staff members to review many important securities laws, including the Securities Acts of 1933 and 1934. The SEC was established under the 1934 act. "It is a very comprehensive review and in the very early stages," said Christi Harlan, communications director for the Senate banking committee. "We are just looking and not anywhere close to making proposals but we are looking at all of the securities laws, the whole shebang." One of the issues concerning the senator is that the present securities laws did not foresee newly-emerging technologies such as electronic communications networks. Mr Gramm is also said to favour changes - or possible repeal - of the 1975 law that gave the SEC authority to create a national market system, linking US stock exchanges and requiring them to share price and trading information. The current system of national linkages under the SEC has been widely criticised by market users for being antiquated and slow to adopt new technologies. There is no indication when Mr Gramm will try to introduce a new bill in Congress. But any attempt at a sweeping overhaul is likely to be quickly challenged in the newly elected house, and is also likely to be opposed by some Democrats on the committee. Although some posts on the committee may be reshuffled in the new Congress, Mr Gramm is expected to remain in charge. Any bid to alter securities laws substantially would also trigger a fresh debate about the role of regulators in a time of sweeping technological changes affecting all markets. "The 1933 and 1934 Acts can conceivably be improved but they've served the nation extraordinarily well and should be touched only with the greatest of care," said Harvey Goldschmid, professor at Columbia University School of Law and former general counsel at the SEC. The review comes as the SEC faces widespread changes, led by the forthcoming departure of Arthur Levitt, its interventionist chairman since 1993. Last week Mr Levitt said he would step down by mid-February. President-elect George W. Bush will select his replacement, subject to the approval of the Senate.