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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-7231; 34-36337; IC-21395]

Electronic Filing of Forms 3, 4, 5 and 144

October 5, 1995

     The Commission today announced that it intends in the near
future to allow voluntary electronic filing on the Electronic
Data Gathering, Analysis, and Retrieval ("EDGAR") system of
securities ownership and transaction reports filed pursuant to
Section 16(a) of the Securities Exchange Act of 1934 (Forms 3, 4,
and 5), as well as notifications of proposed sale of securities
under Rule 144 under the Securities Act of 1933 (Form 144). 
Because many of these forms are filed by individuals and contain
information presented in a highly structured format, the
Commission excluded them from the mandated electronic filing
requirements.  At the time the rules were promulgated, however,
the Commission indicated that it would revisit the electronic
status of these documents at a later time.  See Release No.
33-6977 (April 26, 1993) [58 FR 14628] (adopting the EDGAR
rules).

     Following two years of successful electronic filing, and
with the phase-in to mandated electronic filing nearly completed
(over 70 percent of all domestic companies filing with the
Commission are now electronic filers), the Commission has
determined that filers of Forms 3, 4, 5 and 144 should have the
option to file them electronically via EDGAR.  This will
facilitate the speedy dissemination of information considered
valuable by many members of the investing public.  The necessary
programming already has been initiated.  It is anticipated that
all required programming and rulemaking will be completed by late
1995 or early 1996, and another public announcement will be made
when the implementation date is determined.  While electronic
filing of these forms will not be mandatory, it will be
encouraged.  Filers who desire to file electronically should
submit their Forms ID early in order to obtain the access codes
they will need to make their filings on EDGAR.  Forms ID are
available in the EDGAR Filer Manual; they also may be obtained
from the Commission's publications unit by calling (202) 942-4046
and asking for Form ID (SEC 2084).

FOR FURTHER INFORMATION, CONTACT:  David T. Copenhafer, Office of
Information Technology at (202) 942-8800.


                                        Jonathan G. Katz
                                        Secretary