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SECURITIES AND EXCHANGE COMMISSION

Release Nos. 33-7329; 34-37672

International Series Release No. 1018

File No. S7-19-96 

RIN 3235-AG83

Securities Act Concepts and Their Effects on Capital Formation

AGENCY:   Securities and Exchange Commission

ACTION:   Extension of Comment Period 

SUMMARY:  The expiration date of the comment period with respect

to the Commission's concept release on Securities Act reform,

Release No. 33-7314 (61 FR 40044), is extended from September 30,

1996 to October 31, 1996.   

DATES:    Comments should be received on or before October 31,

1996.

ADDRESSES:   Comments should be submitted in triplicate to

Jonathan G. Katz, Secretary, U.S. Securities and Exchange

Commission, 450 Fifth Street, N.W., Stop 6-9, Washington, D.C.,

20549.  Comments also may be submitted electronically to the

following electronic mail address: rule-comment@sec.gov.  All

comment letters should refer to File No. S7-19-96; this file

number should be included in the subject line if electronic mail

is used.  Comment letters will be available for public inspection

and copying at the Commission's Public Reference Room, 450 Fifth

Street, N.W., Washington, D.C. 20549.  Electronically submitted

comment letters will be posted on the Commission's Internet Web

site (http://www.sec.gov).
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FOR FURTHER INFORMATION CONTACT:  Anita Klein, Office of Chief

Counsel, Division of Corporation Finance, (202) 942-2900.

SUPPLEMENTARY INFORMATION:

     On July 25, 1996, the Commission issued a concept release

(Release No. 33-7314 [61 FR 40044]) to solicit public comment on

the best means of improving the regulation of the capital

formation process while maintaining or enhancing investor

protection.  The Commission is engaged in a broad reexamination

of the regulatory framework for the offer and sale of securities

under the Securities Act of 1933.  Comment was solicited on a

number of possible approaches to improving the registration

process.  Among them are: the recommendation of the Advisory

Committee on the Capital Formation and Regulatory Processes to

implement a "company registration" approach; modifications to the

existing shelf registration system (many of which were

recommended by the Commission's Task Force on Disclosure

Simplification); reforms that would liberalize the treatment of

unregistered securities; and an approach that would involve

deregulation of offers.  The comment period with respect to the

concept release was scheduled to end on September 30, 1996.  In

order to provide additional time for commenters to consider the

issues discussed in the concept release, the Commission has

extended the comment period on the concept release until October

31, 1996.

By the Commission.
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                                   Jonathan G. Katz
                                   Secretary

September 12, 1996