This letter directs their attention to the new interpretive release on disclosure of Year 2000 issues passed by the Commission on July 29, 1998. The complete letter follows. Many experts fear that this programming flaw could debilitate computer systems world wide. Today, the Commission itself has spoken on this critical issue. We have just issued an interpretive release that describes, in detail, the type of information we expect to see in companies' periodic reports regarding their Year 2000 readiness.
Time is short.
I urge you to consult this release when preparing your periodic reports, beginning with your very next quarter. The unprecedented growth of our capital markets during the past decade is largely due to the confidence investors have in public companies like yours. Because the lack of information regarding your preparations for the Year 2000 could seriously undermine the confidence investors place in your company, it is imperative that you provide thorough, meaningful disclosure on this topic. I look forward to reading about your company's Year 2000 readiness in the next periodic report you file with us.