A 4971 - July 19, 1999
P&S 4533

TO: ALL NSCC PARTICIPANTS

ATTENTION: MANAGING PARTNER / OFFICER, OPERATIONS PARTNER / OFFICER, DATA PROCESSING MANAGER, MANAGER MUTUAL FUNDS OPERATIONS, DIRECTOR OF OPERATIONS, YEAR 2000 COORDINATOR

RE: NSCC YEAR 2000 READINESS DISCLOSURE

SUBJECT: NSCC YEAR 2000 POLICY MODIFICATIONS

The purpose of this Notice is to advise participants of important dates in NSCC’s preparation for the Year 2000. This determination has been made to fully prepare for a smooth Y2K transition and to allow NSCC sufficient time to finalize internal Y2K testing. NSCC Participants should review these dates to determine if their business planning efforts and schedules will be impacted.

In order to avoid unreasonable testing demands to both NSCC and its participants, the following conditions are effective September 15, 1999:

• No new participants will be added to NSCC’s products and services after this date.
• The addition of new services for current participants will not be permitted after this date.
• No additional participant numbers will be assigned for existing participants after this date.
• Updates / changes will not be permitted to the Municipal Bond Table or NYSE and AMEX Commission Bill accounts after this date. 

In addition, NSCC has enacted the following policies in regard to the Year 2000:

• NSCC will institute a corporate-wide code freeze on September 30, 1999 with only production related maintenance and/ or emergency systems changes permitted after that time.
• All participant testing must be completed by October 9, 1999 to allow sufficient time to prepare for the Y2K transition period.

NSCC will continue to update participants on its Y2K preparedness in future Y2K Important Notices. Any questions regarding this notice may be directed to NSCC by sending e-mail to Y2000@nscc.com, by contacting the undersigned at (212) 412-8435 or by contacting your NSCC Account Manager.

John Fitzgerald
Managing Director