The Securities and Futures Commission yesterday issued its first monthly report on year 2000 compliance in the securities industry. The securities watchdog said its computer system would be year 2000 compliant by the first quarter. The SFC said the stock exchange, futures exchange and Hongkong Clearing have given monthly reports to the commission regarding their system's year 2000 compliance, and all of them would complete the projects by early next year. The SFC requested the Federation of Share Registrars to conduct surveys on its members to assess their year 2000 readiness. It said the majority of its members had been making progress to address the problem. Last month, the SFC threatened to take action against 100 intermediaries which have delayed reporting to the commission on the progress of their year 2000 compliance projects.
