Regulatory Alerts2012-06-11
Periodic Compliance Reports by Broker-Dealers and Investment Advisers
The Securities Commission directs broker-dealers and investment advisers to implement robust IT safeguards, including onsite and offsite physical security for software and hardware alongside documented disaster recovery programs. Licensees must utilize these stipulated back-up methods to ensure accurate data processing and timely submission of periodic compliance reports, as computer breakdowns no longer justify late filings. These mandatory arrangements enable broker-dealers to execute prompt transaction settlements on behalf of investors in accordance with the SEC Compliance Manual.
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