SEC: Proposes Updates to Electronic Recordkeeping Requirements
- SEC is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation
- Published proposed amendments to the electronic recordkeeping and prompt production of records requirements
- This proposal would bring the Commission’s rule in line with technological innovation
- Broker-dealer electronic recordkeeping rule requires firms to preserve electronic records exclusively in a non-rewriteable
- The audit-trail alternative is designed to provide broker-dealers with greater flexibility in configuring their electronic recordkeeping
- The proposed amendments would require nonbank SBSDs and MSBSPs to preserve electronic records
