President’s Year 2000 Council, SEC, NYSE, NASD, ICI, SIA Outline Securities Industry Efforts For Smooth Transition Into Year 2000
‘Tool Kit’ Helps Public Learn About Industry’s Y2K Readiness
Photo: U.S. Securities and Exchange Commission
Washington, D.C., Sept. 7, 2026 —
The President’s Council onYear 2000 Conversion, the Securities and Exchange Commission(SEC), the National Association of Securities Dealers(NASD), the New York Stock Exchange (NYSE), the InvestmentCompany Institute (ICI), and the Securities IndustryAssociation (SIA) joined today in outlining the extensivesteps undertaken by Wall Street, the mutual fund industry,and regulators to ensure that it will be “business as usual”when the year 2000 arrives.
“The securities industry has been a leader in the UnitedStates in preparing for the Year 2000 date change,” saidJohn A. Koskinen, chair of the President’s Council on Year2000 Conversion. “The industry has successfully tested andre-tested its systems for Y2K compliance so that it is well-positioned to continue to provide investors with reliableservice into the new millennium.”
Securities and Exchange Commission Chairman Arthur Levittsaid, “I am pleased to announce that all of the Commission’smission critical and non-mission critical computer systemshave been remediated, tested and are now Year 2000compliant. This is a testament to the dedicated efforts ofa number of SEC employees. As we enter the home stretch tothe Year 2000, investors can rest assured that the SEC isprepared for the new millennium. Also, I commend theindustry for being resolute in its commitment to thoroughlyprepare for the millennium date change. This process hasdemonstrated that protecting investors and maintainingmarket integrity are the securities industry’s toppriorities.”
“From the time any one of 70 million American investorssends an order to our marketplace to the point when thattrade is settled, every link in that sequence has to be Y2K-compatible. Investor confidence in our markets depends onit,” said NYSE Chairman and CEO Richard A. Grasso. “TheNYSE, together with our technology partners at theSecurities Industry Automation Corp., has worked diligentlywith the industry and with SEC and Congressional oversightto ensure, from both an operational and regulatoryperspective, that investors and issuers have reliable andcontinuous access to the marketplace during thistransition.”
“A top priority over the past several years has been toeducate the 5,000-plus member-firms of the NationalAssociation of Securities Dealers about the importance ofYear 2000 readiness, and we have monitored our membershipclosely to ensure compliance,” said Frank G. Zarb, NASDchairman and CEO. “We’ve also worked hard to make sure thatthe internal systems of the Nasdaq Stock Market and AmericanStock Exchange are up to the challenge of the Year 2000transition. We feel confident that the integrity of ourmarkets will be preserved and the investor will beprotected.”
“The mutual fund industry has devoted substantial effort toresolving Year 2000 issues in order to maintain investorconfidence. The industry has been deeply involved in cross-industry compliance, testing, and information sharing. Inaddition, on January 1, 2000 and beyond, mutual fundinvestors and assets will continue to be protected by theunique and stringent regulatory requirements of theInvestment Company Act of 1940,” said ICI President MatthewP. Fink.
“We are confident that trading activity will continueuninterrupted in the New Year,” said Marc E. Lackritz, SIA’spresident. “During the last two years, securities firms,markets, and financial utilities have been checking,testing, and rechecking their computer systems to be readyfor New Year’s Day 2000. We also believe in planning forthe unforeseen. Thousands of industry volunteers aredeveloping comprehensive contingency plans, which includecreating a coordination and communications center for thefinancial services industry and task forces to respondimmediately should problems occur. For investors, ourmessage is simple: Your accounts will remain safe andsound.”
As part of their efforts to educate investors, thePresident’s Council, SEC, NASD, ICI and SIA developed a“Year 2000 Investor Kit.” The kit will help investorsprepare for the Year 2000 and includes tips such as:
* Keep good records (an idea that makes good sense at any time);
* Stay informed about what their financial service providers are doing to become Y2K ready;
* Obtain any Year 2000 literature provided by their broker/dealers, mutual funds, investment advisers or public companies they hold stock in;
* Invest for the long term and avoid changing their trading habits;
* Not worry about obtaining stock certificates; and,
* Check the Y2K readiness of their personal computers.
The kit also features a concise review of industry effortsto prevent Y2K computer problems; a list of frequently askedquestions for investors; a Year 2000 checklist; andinformation on how to check personal computers and faxmachines for potential Y2K problems.
The public can access the “Year 2000 Investor Kit” throughthe NASD Web site:
Printed copies are available by calling 1-888-227-1330 orsending an email to y2k@nasd.com. The kits have also beenprovided to securities firms for distribution to theirclients.
Investors can check on the Y2K preparedness of broker-dealers, mutual funds, and investment advisors on the SECWeb site at: http://www.sec.gov/news/y2k/y2kreps.htm.
Last Reviewed or Updated: Sept. 7, 2026
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