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SEC to be Y2K-ready in August

SEC to be Y2K-ready in August

Securities and Exchange Commissioner Laura Unger anticipates the agency will be completely Y2K-compliant by Aug. 31. The governmentwide deadline set by the Office of Management and Budget is March 31.

The agency still has some work to do on its Edgar computer system, which is an electronic database of company filings with the SEC, but has largely completed its work on eradicated the bug.

"We are substantially ready now ... and we anticipated that we will be ready by August 31," Unger told reporters following a House Capital Markets and Securities Subcommittee hearing.

The SEC has proposed rules that would allow it to shut down brokers after Aug. 31 if they are not completely Y2K-compliant. Comments on the proposal are due by April 12.