==========================================START OF PAGE 1======

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 240

[RELEASE NO. 34-38159; File No. S7-27-96]

RIN 3235-AH04 

Books and Records Requirements for Brokers and Dealers Under the
Securities Exchange Act of 1934

AGENCY:  Securities and Exchange Commission 

ACTION:  Extension of the Comment Period

SUMMARY:  The Securities and Exchange Commission ("Commission")

is extending from December 27, 1996, until March 31, 1997, the

comment period for Securities Exchange Act Release No. 37850

(October 22, 1996), 61 FR 55593 (October 28, 1996).  In the

release the Commission proposed amendments to the broker-dealer

books and records rules.  

DATES:  Comments on the release should be submitted on or before

March 31, 1997.  

ADDRESSES:  Comments should be submitted in triplicate to

Jonathan G. Katz, Secretary, Securities and Exchange Commission,

450 Fifth Street, N.W., Washington D.C. 20549, and should refer

to File No. S7-27-96.  Comments also may be submitted

electronically at the following E-mail address: rule-

comments@sec.gov.  The file number should be included on the

subject line if E-mail is used.  Comment letters will be

available for public inspection and copying at the Commission's

public reference room, 450 Fifth St., N.W., Washington D.C.

20549.  Electronically submitted comment letters will be posted

on the Commission's Internet Web site (http://www.sec.gov).
==========================================START OF PAGE 2======

FOR FURTHER INFORMATION CONTACT:  Michael A. Macchiaroli,

Associate Director at (202) 942-0131; Peter R. Geraghty,

Assistant Director at (202) 942-0177; Matthew G. McGuire,

Attorney at (202) 942-7103; or Michael E. Greene, Attorney at

(202) 942-4169; Office of Risk Management and Control, Division

of Market Regulation, Mail Stop 5-1, Securities and Exchange

Commission, Washington, D.C. 20549.

SUPPLEMENTARY INFORMATION:  On October 22, 1996, the Commission

proposed amendments to Rules 17a-3-[1]- and 17a-4-[2]-,

the broker-dealer books and records rules.  The proposed

amendments clarify, modify, and expand recordkeeping requirements

with respect to purchase and sale documents, customer records,

associated person records, customer complaints, and certain other

matters.  In addition, the proposed amendments specify certain

types of books and records that broker-dealers must make

available in their local offices.  The Commission is proposing

amendments to the books and records rules in response to certain

concerns raised by members of the North American Securities

Administrators Association.  The proposed amendments are intended

to obligate broker-dealers to make and retain certain additional

records that would be available to state regulators during

examination and enforcement proceedings.  The Commission

originally requested that comments on the proposed rulemaking be

received by December 27, 1996.  

---------FOOTNOTES----------
     -[1]- 17 CFR 240.17a-3.

     -[2]- 17 CFR 240.17a-4.
==========================================START OF PAGE 3======

     Based on requests from prospective commenters, including

NASD Regulation, Inc. and the New York Stock Exchange, and the

Commission's desire to consider the views of all interested

persons on the subject, the Commission believes that an extension

of the comment period is appropriate.  Therefore, the comment

period for responding to Securities Exchange Act Release No.

37850 is extended from December 27, 1996, until March 31, 1997.

     By the Commission.




                                             Jonathan G. Katz
                                             Secretary


January 13, 1997