Release No. 41793 / August 26, 1999

File No. 3-9989

SEC Sues Two Transfer Agents for Failing to File an Updated Form TA-Y2K Making Year 2000 Disclosures

On August 27, 1999, the Commission instituted administrative and cease-and-desist proceedings against two transfer agents for failing to file required reports regarding their Year 2000 preparedness. The two transfer agents are: Peachtree Stock Transfer and Robert J. Crain, Jr., both of Memphis, Tennessee. The Commission's rules required transfer agents to file an updated Form TA-Y2K with the Commission by April 30, 1999, but the staff alleges that the two named transfer agents failed to file all or part of this Form by August 27, 1999. A hearing will be held before an administrative law judge to determine whether the staff's allegations against the respondents are true, and if so, what, if any, remedial action is appropripropriate, and whether civil penalties should be ordered against the respondents. (Rel. No. 34-41793; AP 3-9989 No .)