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This Securities & Exchange Commission Report warns businesses of a looming problem, but then the report backs off: no sanctions threatened.
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SUMMARY: The Divisions remind public operating companies, investment advisers, and investment companies to consider their disclosure obligations relating to anticipated costs, problems and uncertainties associated with the Year 2000 issue.
SUPPLEMENTARY INFORMATION: This legal bulletin represents the Divisions’ staff views. This bulletin is not a rule, regulation, or statement of the Securities and Exchange Commission. Further, the Commission has not approved or disapproved its content. . . .
If a company does not successfully address its Year 2000 issues, it may face material adverse consequences. Companies should review, on an ongoing basis, whether they need to disclose anticipated costs, problems and uncertainties associated with Year 2000 consequences, particularly in their filings with the Commission.
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