ALABAMA SECURITIES COMMISSION

770 WASHINGTON AVE, SUITE 570

MONTGOMERY, ALABAMA 36130-4700

TELEPHONE (334) 242-2984

1-800-222-1253

FAX (334) 242-0240

E-MAIL asc@asc.state.al.us

FOR IMMEDIATE RELEASE

SEC, State Regulators Launch

Investment Adviser Information Website

Washington, DC, September 25, 2001 – The Securities and Exchange Commission and the North American Securities Administrators Association (NASAA) today announced the launch of a website that will allow investors to electronically access information about money managers, financial planners and other investment advisers.

The Investment Adviser Public Disclosure (IAPD) website provides instant access to registration documents filed by more than 9,000 registered investment advisers. The documents, filed electronically with the SEC or state securities administrators, provide information about each adviser’s business, advisory services and fees. The registration documents also disclose any disciplinary problems an adviser or its employees may have had during the last ten years.

SEC Chairman Harvey L. Pitt said, “The IAPD website underscores the SEC’s commitment to full public disclosure by giving investors a valuable new tool to help them compare the qualifications and services of thousands of investment advisers.”

NASAA President Joseph Borg concurred. “Investors need to know who they’re dealing with and IAPD will help them do just that, with just a click of a mouse. IAPD will become an increasingly useful tool for investors as more and more state investment advisers come on the system in the months ahead.”

Currently more than 9,000 investment advisers nationwide file and update their registration documents electronically, including all 7,300 SEC-registered advisers and more than 1,700 state-registered advisers. Additional state-registered advisers are joining the system daily.

The IAPD website, www.adviserinfo.sec.gov, will be available 24 hours a day, free of charge. Investors without Internet access can get copies of investment adviser registration statements by calling the SEC Public Reference Room at (202) 942-8090 or their state securities regulator.

For further information about this news release, contact the SEC Office of Public Affairs at (202) 942‑0020 or contact Ashley Baker of NASAA at (202) 737-0901, ext. 105.

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Contact the Alabama Securities Commission for information regarding securities broker-dealers, agents, investment advisors, and investment advisor representatives, the registration status of securities, to report suspected fraud, or obtain consumer information:

Joseph P. Borg

Director

Daniel G. Lord

Education and Public Affairs Manager

Call: 1-800-222-1253 Fax: 1-334-242-0240.

Email: asc@asc.state.al.us.

Write:

Alabama Securities Commission,

770 Washington Ave., Suite 570,

Montgomery, Alabama 36130-4700