FOR IMMEDIATE RELEASE 99-86 SEC Updates Securities Industry Y2K Readiness Information on Web Updated Searchable Database Includes Year 2000 Reports From Investment Advisers, Mutual Funds, Broker-Dealers and Transfer Agents Washington, DC, July 30, 1999 -- The Securities and Exchange Commission has updated the searchable database on the SEC Website that gives investors instant access to the Y2K readiness reports that members of the securities industry were required to file with the SEC. The site now contains the most recent filings by certain broker-dealers, transfer agents, investment advisers, and mutual funds. The database includes more than 27,000 reports that describe their: * state of Y2K readiness; * costs to address the Y2K problem; * Y2K risks; and * contingency plans. The Commission views the Year 2000 problem as a serious issue that, if not addressed, could disrupt the proper functioning of many of the world's computer systems. The Commission, therefore, has required investment advisers, mutual funds, broker-dealers and transfer agents, to report on their readiness for the Year 2000 computer problem. The Commission required reports to be filed twice, and the current, updated forms are now available on the Commission's Website. # # #