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Technology Stocks : Discuss Year 2000 Issues
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To: Cheeky Kid who wrote (4261)3/2/1999 7:41:00 PM
From: NickSE  Read Replies (1) of 9818
 
SEC warns brokers on Y2K
March 2, 1999: 2:10 p.m. ET

WASHINGTON (Reuters) - Federal regulators Tuesday stepped up pressure on securities brokers who have not taken steps to fix the Year 2000 problem in their computers, warning that regulators may start closing firms in October.

In the proposal, the Securities and Exchange Commission called for brokerages to provide evidence of their progress on compliance or face closure. The agency set a 30-day comment period for the proposal.

Major securities markets, firms and clearing houses have already begun preparing for 2000, which threatens to cause miscalculations, unexpected errors or system crashes, by conducting tests of their systems.

The securities industry is "clearly on track," said SEC chairman Arthur Levitt. "The firms and exchanges are actively testing their systems and are also developing detailed plans to address unforeseen issues.

The rules proposal would codify a broker-dealer's existing obligation to be operationally capable and ensure that the Commission has the tools necessary to find and close any gaps in readiness that may still exist at the end of the year.

Only a very few firms are expected to be shut down, primarily those already "out of the game," said Bob Colby, deputy director for the division of market regulation.

cnnfn.com
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