Make your own free website on Tripod.com
Recommended Resources
Cyberhaven.com Offshore havens, asset protection, global investing and other useful techniques.
The Year 2000 Bookshelf Books to help your evaluate the Y2K problems you face.

Gary North's Y2K Links and Forums - Mirror

Summary and Comments

(feel free to mail this page)


Category: 

Stock_Market

Date: 

1997-11-04 23:45:06

Subject: 

SEC Chairman Says Y2K Should Be Top Priority

  Link:

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

Comment: 

The "no big problem" crowd will have trouble with this posting. The Chairman of the Securities & Exchange Commission says y2k must be top priority in the industry.

* * * * * * *

October 27, 1997

Dear Sir/Madam:

I am writing to express my concern about the securities industry's readiness for the Year 2000. As you well know, unless modifications are made, at midnight on December 31, 1999, the vast majority of computer systems may not be able to distinguish the Year 2000 from the Year 1900. Obviously, this could have extremely serious consequences for our financial system. Indeed, as reflected in the recent Statement on the Year 2000 by the International Organization of Securities Commissions, this matter is of global concern.

Preparing for the Year 2000 should be of the highest priority for securities firms. The Commission has been active in communicating with the industry and the public, and we are working closely with numerous securities industry organizations to make a successful transition to the next millennium. While many broker-dealers have already begun to address this issue, I want to stress how important it is that all broker-dealers currently be implementing plans and devoting adequate resources to modify their computers to make them ready for the Year 2000.

I urge you to have all necessary modifications in place by the end of 1998 to allow your firm's participation in industry-wide systems testing scheduled during 1999. I also encourage you to keep the regulatory authorities apprised of your progress and to notify them immediately if you expect any problems.

I sent this letter to your attention as you are the firm's contact person in the Commission's records. Please convey this letter to the chief executive officer of your firm. Thank you for your attention to this critical matter. If you have any questions, please contact Richard R. Lindsey, Director, Division of Market Regulation, 202/942-0090.

Sincerely,

Arthur Levitt

Link: 

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

Return to Category: Stock_Market

Return to Main Categories

Return to Home Page