The North American Securities Administrators Association (NASAA) has released for public comment proposed amendments to the Uniform Securities Act and the NASAA Model Rules concerning state implementation of the WEB Investment Adviser Registration Depository (WEB IARD). The comment period will remain open through August 21, 2000.

The SEC, in conjunction with NASAA, has contracted with the NASD Regulation, Inc. (NASDR) to create an electronic filing system for investment advisers -- Web IARD. This system will permit investment advisers and investment adviser representatives to make their federal and state filings with a single electronic filing via the Internet. The WEB IARD will also provide pubic access to information about investment advisers and their employees.

To implement the Web IARD, the SEC has proposed new rules under the Investment Advisers Act of 1940 and proposed to amend other rules. The new rules will require advisers to submit their filings electronically. Form ADV and Form U-4 will be substantially updated and revised to accommodate electronic filing. Also, the SEC amendments require advisers to provide clients with a narrative brochure written in plain English. Comments on the SEC proposals were due June 13, 2000.

The NASAA's proposed amendments are designed to coordinate with the SEC proposals and to accommodate a transition from the current paper-filing scheme to an electronic filing system.

� The NASAA proposal may be found at: http://www.nasaa.org/bluesky/proposals/IARDModelRules.pdf �

� The SEC's proposing release may be found at: http://www..sec.gov/rules/proposed/34-42620.htm. �