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Brokers, Transfer Agents Said to be Y2K Ready

All broker/dealers and non-bank transfer agents have notified the SEC that their systems are ready for the date change on Jan. 1, the SEC has announced.

Twenty-three broker/dealers and one non-bank transfer agent certified in SEC filings that they were ready for the year 2000 date change, according to the SEC. The firms faced a Nov. 15 deadline to certify their readiness or face possible SEC legal action which could have led to the shutting down of the firms prior to Jan. 1. By Aug. 31, all other broker/dealers and non-bank transfer agents had notified the SEC that they were Y2K compliant. There are 8,300 broker/dealers and 1,210 non-bank transfer agents registered with the SEC.

The SEC required the Y2K reports and certifications as part of its efforts to insure that entities registered with the commission were taking steps to prepare their systems for Y2K. The SEC is continuing to review the certifications it has received to make sure they are accurate, said Bob Colby, deputy director of the SEC's division of market regulation, in a statement.