The commission may send letters to the offending companies reminding them of their responsibilities, he said. Lane's staff also may forward a filing for possible enforcement action if a company is one of the few in its business sector to fail to identify substantial Year 2000 costs, he said. The SEC issued disclosure guidelines in July for public companies, brokerages and municipalities. It threatened possible fines against companies that don't adequately disclose their costs, risks, and Year 2000 readiness. A spokesman for a corporate trade group today focused on the company filings that complied with the SEC directive.
Many computers now use only the last two digits in reading a year.
Some companies have disclosed sizable Year 2000 expenses.