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SEC to cut back Y2K monitoring

The Securities and Exchange Commission will step down its Year 2000 monitoring efforts as diverse financial institutions continue to report a smooth transition into the new year.

    The Securities and Exchange Commission today said it will step down its Year 2000 monitoring efforts as diverse financial institutions continue to report a smooth transition into the new year.

    The government agency that overlooks the U.S. securities industry said that market Y2K: The cost of fear exchanges, mutual funds, major broker-dealers, transfer agents and clearing houses have rising confidence that they have overcome any Y2K challenges.

    While minor Y2K-related glitches across disparate industries have cropped up since the new year rolled in, the transition has been fairly smooth. This is the first business week this year.

    The SEC has jointly agreed with the New York Stock Exchange and the NASD to end special data collection efforts after reports are filed today at 6:00 p.m. ET.

    Back to Year 2000 Index Page "The preparation for Y2K involved unprecedented coordination among financial regulators within the U.S. and abroad, and we hope to continue these close working relationships through coordination in other areas in the future," Robert Colby, the deputy director of the SEC's division of market regulation, said in a statement.

    In related news, the Associated Press reported the Federal Reserve's check-clearing and payments systems "have functioned very smoothly," with one exception--a Y2K-related "minor glitch" in the electronic system by which banks transfer federal tax payments from businesses and individuals to the U.S. Treasury.

    The problem occurred Monday at the Federal Reserve Bank of Chicago and involved about $700,000 in tax payments from customers of 60 financial institutions in the region, out of a total of some $15 billion processed nationwide that day. It was repaired by yesterday, he said, the only ramification being that affected payments were being posted yesterday, a day late.