President’s Year 2000 Council, SEC, NASD, SIA Team Up To Educate Investors About Y2K Preparations

The President’s Council on
Year 2000 Conversion, the Securities and Exchange
Commission, the National Association of Securities Dealers,
and the Securities Industry Association are teaming up to
help investors prepare for the Year 2000.  At the core of
this effort is a communications kit to help firms, markets,
regulators, and the media provide information to the public
about the Y2K readiness of the financial services industry.
This “Year 2000 Investor Kit” was jointly developed by the
NASD, SEC, and SIA.

“Educating the public about Y2K is our common goal,” said
John Koskinen, chair of the President’s Council on Year 2000
Conversion.  “By joining together, we hope to reach the
greatest number of Americans and answer any questions or
concerns that they may have about how the date change could
affect their financial accounts and transactions.”

“The securities industry has been working diligently to
prepare for the Y2K computer problem, and I am confident
that it will achieve its goal,” said Arthur Levitt, Chairman
of the Securities and Exchange Commission.  “This needed
effort will help to ensure that investors are also prepared.
It is important for investors to educate themselves about
the Y2K preparedness of their securities firms as well as
any other financial companies they deal with.”

“We’re continuing our all-out effort to inform investors
about how the industry has tackled the Y2K bug,” said Frank
G. Zarb, NASD chairman and CEO.  “The ‘Year 2000 Investor
Kit’ gives firms a roadmap to enhance their Y2K
communication efforts so that they can deliver key
information directly to their clients.”

The “Year 2000 Investor Kit” provides a list of tips to help
investors prepare for the Year 2000.  Investors are advised
to:

·    Keep good records (an idea that makes good sense at any
  time);

·    Stay informed about what their financial service
  providers are doing to become Y2K ready;

·    Obtain any Year 2000 literature provided by
  broker/dealers, mutual funds, investment advisers or public
  companies they hold stock in;

·    Invest for the long term and avoid changing their
  trading habits;

·    Not worry about obtaining stock certificates; and,

·    Check the Y2K readiness of personal computers.

The kit also features a concise review of the financial
services industry’s efforts to prevent Y2K computer
problems; a list of frequently asked questions for
investors; a Year 2000 checklist; and information on how to
check personal computers and fax machines for potential Y2K
problems.

“We want investors to have the facts,” said SIA President
Marc Lackritz.  “We’re confident that it will be business as
usual in the year 2000.  That’s why, for example, we’re
stressing that there is no need for investors to obtain
paper certificates for their stock and bond holdings. The
‘Year 2000 Investor Kit’ will go a long way toward helping
the industry build on the strong public trust and confidence
it has earned with the successful industrywide Y2K computer-
testing project.”

The public can access the “Year 2000 Investor Kit” through
the NASD Web site: www.nasd.com.  Printed copies will be
available in early July by calling 1-888-227-1330 or sending
an e-mail to y2k@nasd.com.  The kits will also soon  be
provided to securities firms for distribution to their
clients.

Investors can check on the Y2K preparedness of broker-
dealers, mutual funds, and investment advisors on the SEC
Web site at: www.sec.gov.