Regulatory Alerts2022-11-03 | 2022-22670Added
Electronic Recordkeeping Requirements for Broker-Dealers, Security-Based Swap Dealers, and Major Security-Based Swap Participants
The Securities and Exchange Commission adopted amendments to Rules 17a-4 and 18a-6 to modernize electronic recordkeeping standards for broker-dealers, security-based swap dealers, and major security-based swap participants. The rules now permit audit-trail systems as an alternative to write-once-read-many formats, introduce alternative undertakings for cloud service providers, and require the prompt production of records in a reasonably usable electronic format. Additionally, the Commission designated broker-dealer examining authorities as designees for certain record maintenance provisions and established compliance deadlines of May 3, 2023, and November 3, 2023.
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