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

To: Josef Svejk who wrote (12755)	8/27/1998 10:58:00 PM
From: Risky Business	Respond to of 13949

Reuters - Thu 10:17pm: SEC issues moratorium on its new year 2000 rules WASHINGTON, Aug 27 (Reuters) - The Securities and Exchange Commission announced Thursday a moratorium on implementation of its new rules requiring the securities industry to undergo major year 2000 reprogramming of its computer systems. The commission is taking the action because it views the year 2000 issue as an ''extremely serious'' one, a statement said. Under the regulatory moratorium, no new SEC rules requiring the reprogramming will be made effective between June 1, 1999 and March 31, 2000, the market watchdog agency said. The moratorium is intended to ''facilitate and encourage'' the industry to allocate ''significant time and resources'' to addressing the potential problems caused by the year 2000 computer technology conversion. Wall Street is ''working just fine on Y2K so this is not because there's any specific concern,'' Richard Lindsey, head of the SEC's division of market regulation, said of the action. The SEC will refrain from putting into effect changes to its rules having a major impact on computer systems during this ''critical transition period,'' its statement said. Problems may arise because many older computer systems record dates using only the last two digits of the year. If left uncorrected, such systems could treat the year 2000 as the year 1900, generating errors or system crashes. The agency said its action is limited to its rulemaking powers only and will not apply to rule changes by self-regulatory organizations like the National Association of Securities Dealers Inc and the New York Stock Exchange.