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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: C.K. Houston who wrote (2333)	7/31/1998 6:24:00 PM
From: C.K. Houston	Read Replies (2) \| Respond to of 9818

SEC Tightens Year 2000 Disclosure Guidelines By Nancy Waitz WASHINGTON (Reuters) - Federal regulators have clamped down on public companies which failed to give a complete picture of their efforts to solve computer glitches expected to arise at the turn of the century. Unanimous approval of stricter guidelines by the U.S. Securities and Exchange Commission comes in response to congressional criticism that many companies are providing sketchy information under current agency rules. U.S. companies are not providing the kind of meaningful information necessary for even the most sophisticated investors to assess Year 2000 readiness, Bob Bennett, chairman of a Senate Banking subcommittee, said at a hearing last month. Both federal regulators and lawmakers want investors to know what costs and risks companies face as they brace for potential computer chaos expected in 2000. "We believe that full and fair disclosure includes the company's state of readiness, the costs and risks involved in adequately addressing this issue and the company's contingency plans to handle the likely worst-case scenarios," Securities and Exchange Commission Chairman Arthur Levitt said. The guidelines, approved in a form enabling the commission to use them as an enforcement tool, will include information regulatory officials will be looking for in corporate financial documents.