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Technology Stocks : Discuss Year 2000 Issues
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To: mike devage who wrote (7347)7/27/1999 10:02:00 PM
From: Ken   of 9818
 
<SEC Sets Make-or-Break Y2K Date for Brokerages (Yahoo! News/Reuters)
dailynews.yahoo.com

The Securities and Exchange Commission voted 5-0 to "go to court
starting Dec. 1 to shut down brokerage firms that are not ready for the
Year 2000, under new rules adopted today." A target date of Aug. 31 was
set for brokerage firms to complete their Year 2000 compliance efforts
"but allow additional time for unprepared firms to show that they will
be ready no later than Nov. 15." After that, regulators would "go into
federal courts starting Dec. 1 seeking injunctions forcing the
unprepared brokerage firms to cease operations and notify their
customers." The SEC estimated that about 1% of of 3,900 firms may not be
ready by Nov. 15. "The new rules also apply to transfer agents that are
not banks. Transfer agents are responsible for keeping records of
shareholders of corporations and for issuing or cancelling stock
certificates when shares are bought and sold. The SEC has said failure
of transfer agents to anticipate and fix Year 2000 computer problems
could seriously disrupt corporations' dividend payments and other
transactions with their shareholders. The market watchdog agency also
requires mutual fund companies and publicly traded corporations to
disclose their readiness
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