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Technology Stocks : Discuss Year 2000 Issues
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To: John Mansfield who wrote (2736)10/20/1998 3:59:00 PM
From: Joseph E. McIsaac  Read Replies (1) of 9818
 
Brokerages Cited for Y2K Reports 10/20/98
Author: Associated Press

WASHINGTON (AP) _ The Securities and Exchange Commission has charged 37 brokerages with failing to fully report on their computer systems' preparedness for conversion to the year 2000, SEC enforcement director Richard Walker said today.

The names of the companies were not immediately available. The cases mark the first time regulators have taken enforcement actions related to the 2000 disclosure requirement.

Brokerages were required to file a 2000 disclosure form with the SEC by Aug. 31.

Those charged failed to file all or part of the form, the SEC said.
Nineteen of the 37 charged have agreed to settlement offers, consisting of a cease-and-desist order, a censure and civil penalty ranging from $5,000 to $25,000. Fines from settled cases total $235,000.

In a related move, NASD Regulation Inc. announced that it has brought actions against 59 member firms for late filing of the necessary information on year 2000 readiness.

Concerns about the date stem from the fact that some computer systems may read only the last two digits of a four-digit year and interpret 2000 as 1900, potentially wreaking havoc on financial transactions.

y2ktoday.com
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