Moreover, financial institutions, which have a duty to assess and manage the Year 2000 risk, have been seeking Y2K disclosure from major customers and counterparties. If these entities are publicly traded companies, they are required by the SEC to address Y2K readiness in their quarterly filings.
Private-sector groups, such as the Global Year 2000 Co-ordinating Group made up of global banking  BIS Review 103/1999  2  and financial services firms, have been very active in prodding market participants to publish information about their own readiness. The Global 2000 Group has also been instrumental in encouraging countries to produce information about the readiness of key sectors within their borders.