The Securities and Exchange Commission voted Tuesday to shut down any broker-dealer or nonbank transfer agent whose computer systems are not year-2000 compliant, beginning Dec. 1.

Firms must report to the SEC on their Y2K readiness by Aug. 31. Those that are not ready at that date may continue operating if they certify that their systems will be ready by Nov. 15.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.