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To: Josef Svejk who wrote (12346)	3/6/1998 10:18:00 PM
From: EyeDrMike	Respond to of 31646

Friday March 6, 7:30 pm Eastern Time SEC proposes broker-dealer scheme for Year 2000 WASHINGTON, March 6 (Reuters) - The U.S. Securities and Exchange Commission wants larger broker-dealer firms to file two reports with the commission, outlining plans to avoid computer chaos expected in the year 2000. The proposal would require firms to hire independent public accountants to give an opinion on whether there is a reasonable basis for the statements about Year 2000 preparations, SEC Chairman Arthur Levitt said Friday in Salt Lake City, Utah. The problem, sometimes called the ''Millennium Bug'', arises because many computer programs record dates using only the last two digits of the year. Such programs could treat the year 2000 as the year 1900, causing miscalculations, unexpected errors or complete system crashes. ''The goal of this proposal is not to second-guess broker-dealers, but to ensure that they are putting strategies in place to address the Year 2000 problem,'' Levitt told the Third Annual Financial Services & Technology Conference. The reports would enable the commission to enlighten Congress in 1998 and 1999 on the industry's preparedness and help increase broker-dealer awareness that they should be taking specific steps now to prepare for the turn of the century. The SEC is soliciting comments on the proposed rule but did not indicate how long the comment period would last. regards, Mike