Regulatory Alerts2021-12-01 | 2021-25840Added
Electronic Recordkeeping Requirements for Broker-Dealers, Security-Based Swap Dealers, and Major Security-Based Swap Participants
The Securities and Exchange Commission proposes amendments to Rules 17a-4 and 18a-6 to modernize electronic recordkeeping requirements for broker-dealers, security-based swap dealers, and major security-based swap participants. The proposal introduces an audit-trail alternative to the current write-once-read-many format requirement and mandates that records be produced in a reasonably usable electronic format upon request. Additionally, the amendments replace third-party access obligations with senior officer undertakings and eliminate prior notice requirements for employing electronic storage systems.
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