STORY:
SEC Puts Y2K Database on Web

The Securities and Exchange Commission has put a new database on its Web site giving investors access to the Year 2000 readiness reports filed by brokerage firms, mutual funds and other financial companies.

According to a story from the Fox Market Wire, the database now has more than 13,000 reports describing companies' computer readiness for the Year 2000 date change, how much it is costing them to prepare, and their contingency plans in case the systems fail.

The report says the SEC recently charged 37 relatively small brokerage firms and nine stock-transfer agents with failing to fully disclose their Year 2000 readiness.

A check by the SEC chief accountant of financial reports of publicly traded companies shows that many of them are still not complying with Year 2000 disclosure requirements.

According to the story, SEC officials say more than half the companies in an unspecified sample failed to disclose how much it is costing them to get their computer systems ready for the millennial change, while close to half didn't describe their contingency plans.

The SEC's Web site address is www.sec.gov.

Source: Fox Market Wire

DATE: 2/26/99

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