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Comment: |
There are no agreed-upon standards to make the y2k repairs. Some of the repairs may not work. The Securities & Exchange Commission admitted this in its June, 1997, report to Congress.
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The Commission's examinations are not designed to test the efficacy of registrants' corrective actions or plans. In fact, Commission staff do not purport to pass judgment on the various approaches to the problem being developed by registrants, consultants and vendors. The examination staff is not equipped to make such judgments, and attempting to do so could chill development of the creative market-based solutions that are now being made available. However, as in any market-based system, some solutions can be expected to work better than others, and some may not work at all. Thus, high levels of industry awareness, and the active response apparently underway, do not guarantee that the problem will be universally solved.
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