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U.S. Securities and Exchange Commission

The SEC and the Year 2000

The Outcome    Industry Response   Investor Education   SEC Objectives
SEC Responses to Congress   Market Regulation   Investment Management
SEC Disclosure    EDGAR System

 

The Outcome –

  • "Securities and Exchange Commission Steps Down Y2K Monitoring as Securities Industry Transition Remains Smooth at Mid-Week" – January 5, 2000. (File name: 2000-1.txt)

  • "As Foreign Markets Experience Millennium Change, It's Business As Usual for U.S. Securities Markets" – December 31, 1999. (File name: 99-177.txt)

  • "Securities Industry Mobilizes for Year 2000 Transition" – December 27, 1999. (File name: 99-176.txt)

 

Industry Response –

  • "President's Year 2000 Council, SEC, NYSE, NASD, ICI, SIA Outline Securities Industry Efforts For Smooth Transition Into Year 2000; 'Tool Kit' Helps Public Learn About Industry's Y2K Readiness" – September 7, 1999. (File name: 99-110.txt)   (Additional materials available regarding this topic: Chairman Levitt's Statement on the Transition Efforts, Fact Sheet: SEC Year 2000 Actions Regarding Securities Industry and Agency Systems.)

  • Searchable Database of Securities Industry Y2K Readiness Information


 

Investor Information for the Year 2000 –

  • You can get the Year 2000 Investor Kit and learn how the securities industry has prepared for Y2K by going to the Office of Investor Education and Assistance Y2K Web page.


 

The SEC's Objectives With Regard to the Year 2000 –

  • Remarks of Chairman Arthur Levitt to the President's Council on Year 2000 Conversion, Financial Sector Group Year 2000 Summit, Washington, D.C., September 17, 1999. (File name: spch297.htm)

  • Chairman Levitt announces all SEC computer systems are Year 2000 compliant." (September 7, 1999) (File name: y2ksecc.htm)

  • Testimony of Chairman Levitt Concerning the Readiness of the United States Securities Industry and Public Companies To Meet the Information Processing Challenges of the Year 2000, Before the Subcommittee on Financial Services and Technology of the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, on July 30, 1997. (File name: tsty1397.txt)

  • Oral Statement of Chairman Arthur Levitt Concerning the Readiness of the United States Securities Industry and Public Companies To Meet the Information Processing Challenges of the Year 2000 (preface to testimony, above), Before the Subcommittee on Financial Services and Technology of the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, on July 30, 1997. (File name: tsty1297.txt)

  • "Chairman Arthur Levitt Sends Letters to Registered Utility Holding Companies Regarding Year 2000 Compliance" - December 8, 1997 (File name: 97-109.txt)


 

The SEC Responses to Congress –

  • "Third Report on the Readiness of the United States Securities Industry and Public Companies To Meet the Information-Processing Challenges of the Year 2000" – This report presents the SEC staff's current findings on the securities industry's state of readiness for the Year 2000, as well as the Commission's position on issuer disclosure obligations, analysis of Year 2000 disclosure to date, and actions that the Commission and its staff are taking to address the Year 2000 problem. (July 1999. File name: yr2000-3.htm)

  • "Second Report on the Readiness of the United States Securities Industry and Public Companies To Meet the Information-Processing Challenges of the Year 2000" – This report presents the SEC staff's earlier findings on the securities industry's state of readiness for the Year 2000, as well as the staff's position on issuer disclosure obligations, a survey of Year 2000 disclosure by public companies to date, and the actions that the Commission and its staff are taking to address the Year 2000 problem. Commission staff will continue to update, supplement, and reassess these findings in the upcoming months. (June 1998. File name: yr2000-2.htm)

  • "Report to the Congress on the Readiness of the United States Securities Industry and Public Companies To Meet the Information Processing Challenges of the Year 2000" – This report presents the staff's findings as to the current state of readiness, their position with respect to corporate disclosure as it relates to the Year 2000 issue, actions they intend to continue to take to reduce the risk associated with the Year 2000 problem, and the staff's plans to meet future reporting requirements. (June 1997. File name: yr2000.htm)

 

Market Regulation and the Year 2000 –

  • Year 2000 Notices and Certifications Filed by Broker-Dealers Pursuant to Rule 15b7-3T – Operational Capability in a Year 2000 Environment (September 23, 1999)

  • Year 2000 Notices and Certifications Filed by Non-Bank Transfer Agents Pursuant to Rule 17Ad-21T – Operational Capability in a Year 2000 Environment. (September 23, 1999)

  • Year 2000 Operational Capability Requirements for Registered Broker-Dealers and Transfer Agents. July 29, 1999. Effective Date: August 30, 1999. [Release No. 34-41661; File No. S7-8-99] (File name: 34-41661.htm)

  • Self-Regulatory Organizations; Emerging Markets Clearing Corporation; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change Regarding Year 2000 Policies. August 20, 1999. [Release No. 34-41770; File No. SR-EMCC-99-09] (File name: em9909n.htm)

  • Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change Regarding Year 2000 Policies. August 19, 1999. [Release No. 34-41768; File No. SR-NSCC-99-11] (File name: ns9911n.htm)

  • "SEC Chairman Levitt Commends Industry on Successful Y2K Test; Positive Sign That Industry Y2K Preparation Is On-Track" – April 29, 1999. (File name: 99-41.txt)

  • Self-Regulatory Organizations; Government Securities Clearing Corporation; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change Regarding Year 2000 Testing. March 10, 1999. [Release No. 34-41153; File No. SR-GSCC-99-02] (File name: gs9902o.htm)

  • Operational Capability Requirements of Registered Broker-Dealers and Transfer Agents and Year 2000 Compliance (Comments due 30 days after publication in Federal Register.) March 8, 1999 [Release No. 34-41142; File No. S7-8-99] (File name: 34-41142.txt) (Comments received electronically are available for this proposal.)

  • Self-Regulatory Organizations; MBS Clearing Corporation; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change Regarding Year 2000 Testing. January 6, 1999. [Release No. 34-40889; File No. SR-MBSCC-98-04] (File name: mc9804o.htm)

  • Reports to be Made by Certain Brokers and Dealers. October 28, 1998. Effective Date: 60 days after publication in Federal Register. [Release No. 34-40608; File No. S7-7-98] (File name: 34-40608.htm)

  • Year 2000 Readiness Reports to be Made by Certain Non-Bank Transfer Agents. October 22, 1998. Effective Date: December 2, 1998. [Release No. 34-40587; File No. S7-8-98] (File name: 34-40587.htm)

  • Commission Statement of Policy on Regulatory Moratorium to Facilitate the Year 2000 Conversion. August 27, 1998. [Release No. 33-7568] (File name: 33-7568.htm)

  • Year 2000 Readiness Reports To Be Made by Certain Transfer Agents (Final Rule). July 2, 1998. Effective Date: August 12, 1998. [Release No. 34-40163; File No. S7-8-98] (File name: 34-40163.htm)

  • Reports to be Made by Certain Brokers and Dealers (Final Rule). July 2, 1998. Effective Date: August 12, 1998. [Release No. 34-40162; File No. S7-7-98] (File name: 34-40162.htm)

  • Year 2000 Readiness Reports To Be Made by Certain Transfer Agents (Further Proposal) (Comments due August 12, 1998.) July 2, 1998. [Rel. No. 34-40165; File No. S7-8-98] (File name: 34-40165.htm)

  • Reports to be Made by Certain Brokers and Dealers (Further Proposal) (Comments due August 12, 1998.) July 2, 1998. [Rel. No. 34-40164; File No. S7-7-98] (File name: 34-40164.htm)

  • Year 2000 Readiness Reports To Be Made by Transfer Agents. (Comments due 30 days after publication in the Federal Register.) March 5, 1998. [Rel. No. 34-39726; File No. S7-8-98] (File name: 34-39726.txt)

  • Reports To Be Made by Certain Brokers and Dealers. (Comments due 30 days after publication in the Federal Register.) March 5, 1998. [Rel. No. 34-39724; File No. S7-7-98] (File name: 34-39724.txt)

  • Division of Market Regulation Year 2000 ("Y2K") Work Program (File name: mktwplan.htm)

  • "Chairman Arthur Levitt Sends Letters to Investment Advisers Regarding Year 2000 Compliance" - November 13, 1997 (File name: 97-102.txt)

  • "Chairman Levitt Sends Letters to Broker-Dealers and Transfer Agents Regarding Year 2000 Compliance" – November 3, 1997 (File name: 97-98.txt) (Additional materials available: Letter to Broker-Dealers and Letter to Transfer Agents)


 

Investment Management and the Year 2000 –

  • Investment Adviser Year 2000 Reports. October 1, 1998. Effective date: November 13, 1998. [Release No. IA-1769; File No. S7-20-98] (File name: ia1769.htm)

  • Investment Advisers and the Year 2000: General information. October 1, 1998. (File name: adv2000.htm)

  • FAQs About Investment Advisers and the Year 2000: Help with filing Form ADV-Y2K. May 1, 1999. (File name: faqs2000.htm)

  • Testimony of Commissioner Laura S. Unger Before the Senate Special Committee on the Year 2000 Technology Problem re: The Effect of the Year 2000 on Mutual Funds, on September 17, 1998. (File name: tsty1298.txt)

  • Investment Adviser Year 2000 Reports (Proposal) (Comments due August 10, 1998.) June 30, 1998. [Rel. No. IA-1728; File No. S7-20-98] (File name: ia-1728.htm)


 

SEC Disclosure and the Year 2000 –

  • Interpretation; Frequently Asked Questions About the Statement of the Commission Regarding Disclosure of Year 2000 Issues and Consequences by Public Companies. Effective date of interpretation: November 9, 1998. Release No. 33-7609 (File name: 33-7609.htm)

  • Chairman Levitt Sends Letter to Public Companies re Year 2000 Disclosure   (news story)

  • Interpretation; Statement of the Commission Regarding Disclosure of Year 2000 Issues and Consequences by Public Companies, Investment Advisers, Investment Companies, and Municipal Securities Issuers. July 30, 1998. Effective date of interpretation: August 4, 1998. Release No. 33-7558 (File name: 33-7558.htm)

  • From the July 29, 1998, SEC Open Meeting re: Whether to Issue an Interpretive Release on Year 2000 Disclosure: Information Sheet

  • Testimony of Commissioner Laura S. Unger Before the Senate Subcommittee on Financial Service and Technology, Concerning Disclosure of Year 2000 Readiness, on June 10, 1998. (File name: tsty0798.htm)

  • Division of Corporation Finance Year 2000 Disclosure Task Force Survey (accompanies Commissioner Unger's June 10, 1998, testimony, above)   (File name: y2kcfty.htm)

  • Staff Legal Bulletin from the Division of Corporation Finance and the Division of Investment Management re: A reminder to public operating companies, investment advisors, and investment companies to consider their disclosure obligations relating to anticipated costs, problems and uncertainties associated with the Year 2000 issue. REVISED!  January 12, 1998. [Staff Legal Bulletin No. 5 (CF/IM)] (File name: slbcf5.htm)

  • Testimony of Brian Lane, Director of the Division of Corporation Finance, before the Senate Banking Subcommittee on Financial Services and Technology re: The Disclosure Obligations of Public Companies Presented by the Year 2000, on October 22, 1997. (File name: tsty1897.txt)


 

EDGAR and the Year 2000 –

  • Letter re EDGAR and Year 2000 Compliance.  REVISED!  September 24, 1999. Parties inquiring as to the status of the Year 2000 compliance of the SEC's EDGAR system are referred to the following: (File name: y2kedltr.htm)

  • "SEC EDGAR System Certified Y2K Compliant" – August 2, 1999. (File name: 99-89.txt)


http://www.sec.gov/news/extra/home2000.htm


Modified:07/25/2000