FOR IMMEDIATE RELEASE
2000-66

SEC, CFTC, And Monetary Authority Of Singapore Sign Memorandum Of
                          Understanding
                                
     Washington, DC, May 16, 2000 -- The United States Securities
and Exchange Commission (SEC), the Commodity Futures Trading
Commission (CFTC), and the Monetary Authority of Singapore (MAS)
jointly announced the signing today of a Memorandum of
Understanding (MOU) concerning consultation, cooperation and the
exchange of information.   The MOU establishes a framework for
information sharing, thereby facilitating cooperation in cross-
border investigations of potential violations of securities and
futures laws.  Recent Singapore legislation (issued March 2000)
has granted the MAS the authority to cooperate with foreign
securities and futures authorities.

     SEC Chairman Arthur Levitt, CFTC Chairman William Rainer,
and MAS Deputy Managing Director Tharman Shanmugaratnam signed
the MOU on behalf of their respective Commissions.

     SEC Chairman Levitt said, "The MOU signed today marks
another significant step toward protecting investors and the
integrity of international financial markets.  Markets are
becoming increasingly linked, and the advent of a global
marketplace makes a close partnership among the SEC, CFTC and the
MAS ever more important.  We are pleased that recent legislation
in Singapore enables the MAS to further its commitment to
international cooperation, as symbolized by this MOU.  We look
forward to confronting along with the MAS, the cross border
enforcement challenges presented by the Internet and the global
economy."

     CFTC Chairman Rainer said, "This MOU continues the CFTC's
long tradition of cooperative arrangements with our foreign
counterparts.  As globalization continues to define world
markets, particularly in light of technological advances, we view
our partnerships with the MAS and the SEC as critical to our
ability to protect investors from cross border fraud and abuse.
Cooperative arrangements, such as the one undertaken today, have
become cornerstones in ensuring market integrity and customer
protection."

     MAS Deputy Managing Director Shanmugaratnam said, "We are
happy to participate in the tripartite MOU with the US SEC and
CFTC.  As markets become more globalised, regulators face an
increasing challenge to protect investors' interests and uphold
the integrity of the markets.  The signing of the MOU signifies
an important step in that direction."

     The MOU follows recent changes in Singapore law that permit
the MAS to conduct investigations on behalf of foreign securities
and futures authorities.  Similar authority was granted to the
SEC in 1988 and the CFTC in 1992.  The MOU signed today provides
the "fullest mutual assistance" permitted by U.S. and Singapore
law in response to any request concerning securities and futures
matters, including providing information in the files of the
authorities, taking statements, and obtaining information and
documents.  For further information, please contact Chris Ullman
at (202) 942-0020.

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