Year 2000 Readiness Reports To Be Made by Transfer Agents

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 240

[Release No. 34-39859; File No. S7-8-98]

RIN 3235-AH42

Year 2000 Readiness Reports To Be Made by Transfer Agents

AGENCY: Securities and Exchange Commission.

ACTION: Proposed rule; extension of the comment period.

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SUMMARY: The Securities and Exchange Commission is extending from April

13, 1998, until April 27, 1998, the comment period for Securities

Exchange Act Release No. 39726 (March 5, 1998), 63 FR 12062 (March 12,

1998). In the release the Commission proposed a rule that would require

non-bank transfer agents to provide at least one report to the

Commission regarding its preparations for Year 2000 problems.

DATES: Comments should be received on or before April 27, 1998.

ADDRESSES: Comments should be submitted in triplicate to Jonathan G.

Katz, Secretary, Securities and Exchange Commission (``Commission''),

450 Fifth Street, N.W., Washington, D.C. 20549.

[[Page 19431]]

Comments also may be submitted electronically at the following E-

mail address: [email protected]. Comment letters should refer to

File No. S7-8-98; this file number should be included on the subject

line if E-mail is used. All comments received will be available for

public inspection and copying at the Commission's Public Reference

Room, 450 Fifth Street, N.W., Washington, D.C. 20549. Electronically

submitted comment letters will be posted on the Commission's Internet

web site (http://www.sec.gov).

FOR FURTHER INFORMATION CONTACT: Jerry W. Carpenter, Assistant

Director, 202/942-4187; Thomas C. Etter, Jr., Special Counsel, 202/942-

0178; or Jeffrey S. Mooney, Special Counsel, 202/942-4174, Division of

Market Regulation, Securities and Exchange Commission, 450 Fifth

Street, N.W., Mail Stop 10-1, Washington, D.C. 20549.

SUPPLEMENTARY INFORMATION: On March 5, 1998, the Commission proposed

temporary Rule 17Ad-18 under the Securities Exchange Act of 1934. Rule

17Ad-18 would require all non-bank registered transfer agents to file

with the Commission at least one report regarding its Year 2000

readiness. The initial report would be due no later than 45 days after

the Commission adopts this rule. The follow-up reports, which would be

due on August 31, 1998, and on August 31, 1999, would include an

attestation by an independent public accountant that would give the

independent public accountant's opinion whether there is a reasonable

basis for the transfer agent's assertions in the reports. Additionally,

the release contains a Commission advisory notice on its transfer agent

record retention and recordkeeping requirements relating to the Year

2000.

The Commission has recently received requests from interested

persons to extend the comment period for this release. The Commission

believes that extending the comment period is appropriate in order to

give the public additional time to comment on the matters the release

addresses. Therefore, the comment period is extended until April 27,

1998.

By the Commission.

Dated: April 14, 1998.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98-10336 Filed 4-17-98; 8:45 am]

BILLING CODE 8010-01-P