Stmnt re Regulatory update

RNS Number:2580U
Amvescap PLC
15 January 2004

AMVESCAP PLC
376333
EMBARGOED 07:00 15TH JANUARY 2004
CONTACT: MICHAEL PERMAN  TEL: [phone]


               AMVESCAP Updates Response to Civil Charges

London-January 15, 2004-AIM Investments (AIM) and INVESCO Funds Group (IFG),
U.S. subsidiaries of AMVESCAP PLC, were among a large group of mutual fund
companies that were asked in 2003 by the U.S. Securities and Exchange Commission
(SEC) and the New York State Attorney General (NYAG) to supply information on
market timing and related issues.  In response, AMVESCAP retained outside
counsel to conduct an extensive review of these matters, and on December 2,
while the review was in progress, the SEC, NYAG, and the Colorado Attorney
General filed civil enforcement actions against IFG.

Based on the information available at that time, AMVESCAP concluded these
actions were not merited and would be contested.  Recently, AMVESCAP's ongoing
review found situations in which its procedures designed to protect its funds
and their shareholders from the potential adverse impact of frequent trading and
illegal late trading through intermediaries were not completely effective.
These findings were based, in part, on an extensive economic analysis by outside
experts retained by AMVESCAP to examine the impact of these activities on its
funds.

Based on this new information, the company has informed regulators of its most
recent findings and is seeking to resolve both the pending enforcement actions
against IFG and the ongoing investigations with respect to AIM.

AMVESCAP's Board of Directors and management are committed to taking the
following actions in cooperation, where appropriate, with the Trustees of the
AIM/INVESCO Funds:

*    Any mutual fund or its shareholders harmed by these activities will
     receive full restitution.  We will rely on independent experts to determine 
     the extent of the harm in each situation.

*    AMVESCAP will cooperate fully with regulators and other authorities to 
     resolve all issues related to their enforcement actions and investigations.


                                     (More)


*    While AMVESCAP takes complete responsibility for making full restitution
     to any mutual fund or its shareholders harmed by these activities, legal 
     action on behalf of shareholders may be initiated against any third party 
     found to have facilitated late trading or any other illegal activity.

*    A comprehensive review of our mutual fund policies, procedures, and
     practices will be undertaken by outside counsel to ensure they rank among 
     the strongest and most effective in the industry.

There remains no evidence in our continuing review that AIM or IFG knowingly
permitted late trading in its funds.  As soon as our review is complete,
AMVESCAP will make public its findings.


                                      ###


Contact:   Douglas B. Kidd
Phone:     [phone]
E-Mail:    [e-mail]


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

STRGUUPPGUPCGRC