Levitt’s Accomplishments as Chairman of the SEC

Here are some of the significant initiatives by the Securities and Exchange Commission during Arthur Levitt’s 7 1/2 years as chairman of the agency:

Enforcement and Fair Dealing

* Developed order-handling rules and limit-order protections to reduce stock price “spreads” in the Nasdaq market.

* Adopted Regulation FD (for Fair Disclosure), prohibiting disclosure of corporate information to select analysts.

* Boosted enforcement and disclosure in the bond markets, making commissions more transparent.

* Increased scrutiny of rogue brokers and worked with prosecutors to crack down on securities fraud.

* Battled conflicts of interest in the accounting industry to ensure increased accuracy in financial reporting.

Mutual Funds

* Pushed for “plain English” prospectuses and created fund profiles--a short-form disclosure of the main points in the prospectus.

* Adopted rules requiring funds to disclose standardized returns, making it easier to compare funds’ after-tax performance.

* Prohibited mutual funds from using names that mislead investors about a fund’s investments or risks.

* Increased the role of independent directors on mutual fund boards.

Investor Education

* Created the Office of Investor Education and Assistance.

* Launched a mutual fund cost calculator on the SEC Web site (https://www.sec.gov) that helps investors compare the effect of fees on the value of their investments.

* Created a Web site to provide the public with free and prompt access to corporate filings and investor education materials.