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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion -- Ignore unavailable to you. Want to Upgrade?

To: IVAN1 who wrote (8653)	1/2/1998 10:51:00 AM
From: Jeffrey S. Mitchell	Respond to of 13949

NASD Regulatory & Compliance ALERT National Association of Securities Dealers, Inc. YEAR 2000...Will You Be Ready? As the year 2000 quickly approaches, it is absolutely critical that every introducing and clearing firm ensure that their computer systems are Year 2000 compliant. Firms should proactively seek written assurances and certifications from all automated service providers that the systems they use will work properly in the next millennium. For introducing firms, this includes their clearing firm. When the date changes to January 1, 2000, it is imperative that computers in every industry correctly identify "00" as the year 2000, rather than 1900. Member firms that use automated programs to satisfy their regulatory and compliance responsibilities should ensure that those systems are able to function on and after January 1, 2000. Be aware that computer failures related to Year 2000 problems generally will not be considered a defense to violations of firms' regulatory or compliance responsibilities or a mitigation of sanctions for such violations. If you haven't already done so, your firm should initiate a Year 2000 Project to determine the scope of this problem at your firm; develop a strategy, methodology, and a detailed plan for the correction of the problem; and retire, replace, or convert applications to ensure they are Year 2000 compliant. Your scope should apply to all information technology systems (internal and external) used to conduct a securities business and other business support systems (e.g., telephone, power, elevators). To ensure that members are on a course to make their systems and applications Year 2000 compliant, NASD RegulationSM requires all members to return a completed "Year 2000 Compliance Survey" to NASD Regulation no later than January 31, 1998. Member firms that have returned a completed "Year 2000 Survey" to the New York Stock Exchange are exempt from this requirement at this time. Each member should have received this survey along with NASD Special Notice to Members 97-96. This NASD Regulation survey can also be downloaded off of the Year 2000 Web Pages on the NASDR nasdr.com) and NASD (http://www.nasd.com) Web Sites. Day-by-day, resources are becoming more and more difficult to secure and more costly to obtain. Remember, the deadline is December 31, 1999, and there are no extensions. The time to act is NOW! Complete text: nasdr.com - Jeff (Note: Bold added by me. Everything else, including capitalization, is "as is".)