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To: Sonny McWilliams who wrote (45686)	1/15/1998 3:52:00 PM
From: Risky Business	Respond to of 186894

Monday January 12, 6:51 pm Eastern Time Note: this article has been superseded by a later article. SEC issues year 2000 computer reporting guide By Nancy Waitz WASHINGTON, Jan 12 (Reuters) - Federal regulators want to make sure investors know what costs and risks companies face as they brace for potential computer chaos expected at the turn of the century. New guidelines issued Monday by the Securities and Exchange Commission aim to spell out how public companies, investment firms and others should make known their efforts and progress in improving their computer systems. ''If Year 2000 issues materially affect a company's products, services, or competitive conditions, companies may need to disclose this,'' the agency said. The guidance is timely, as SEC officials plan to heighten their inquiries into how certain companies are reporting Year 2000 trouble-shooting. The agency has also been under pressure from Congress to make sure companies are keeping investors current on their progress. ''I'm personally gratified to see a more public recognition of this problem,'' said Utah Republican Bob Bennett, who chairs the financial institutions subcommittee of the Senate Banking Committee. Last year, the lawmaker introduced a measure requiring companies to provide more information about their Year 2000 trouble-shooting. The problem -- often called the ''Millennium Bug'' -- arises because many programs record dates using only the last two digits of the year. Such programs could treat the year 2000 as 1900, causing miscalculations, unexpected errors or systems crashes. In its guidelines, the SEC said computer changes affecting a company's products, services or competitive conditions must be disclosed. The SEC also recommended that companies report this information more frequently rather than in quarterly and annual financial statements. It said that when filing public reports, ''companies should be particularly mindful of the accuracy and completeness of the information'' regarding Year 2000 computer efforts. Investment advisers unable or uncertain about their ability to address Year 2000 issues are obligated to inform their clients in a timely manner so they can take steps to protect their interests, the SEC said. ''Disclosure of the Year 2000 issue is necessary if it is materially misleading to shareholders to omit the information,'' the agency warned. Interested parties check out the y2k thread here on the silicon valley investor for more information. Also check the news on SEEC today. Ive been tracking these stocks for two years now and have some good recomendations. Interested parties click on my profile and e-mail me. Regards, Regards, Risky