In what will probably result in a flood of everything’s under control announcements, the Securities and Exchange Commission has ordered companies and mutual funds to provide detailed information on their year 2000 situation to investors, according to a report in the Wall Street Journal. The SEC has said it will begin looking closely at filings and annual reports for disclosures of significant costs or potential financial risks associated with the year 2000 problem. The new rules will require companies to tell investors about both material risks and general issues concerning Y2K, and those that don’t address the issue will face registration problems and further scrutiny by the SEC.
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