SHAD FAVORS SHORTENING DISCLOSURE PERIOD

  Securities and Exchange Commission
  Chairman John Shad said the SEC favors shortening the current
  10-day period for disclosing takeover attempts but opposes
  putting restrictions on the use of so-called junk bonds.
      "We favor shortening the disclosure period to two days,"
  Shad told members of the House Telecommunications and Finance
  subcommittee when asked for his recommendation.
      He said the SEC's responsibility was to provide full
  disclosure for securities, including junk bonds, and not to
  make decisions based on merit. He said junk bonds had some
  value because of their liquidity.
      Shad said he opposes proposals to require those attempting
  takeovers to file a statement on the impact the takeover would
  have on the communities involved.
      "We've opposed it in the past. It goes far beyond investor
  protection," Shad said.
      He said he had no comment on a proposal by House Speaker
  Jim Wright, D- Texas, to tax securities transactions.
  

