{"id":80006,"date":"2021-11-19T01:37:08","date_gmt":"2021-11-19T06:37:08","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=80006"},"modified":"2021-11-19T01:37:08","modified_gmt":"2021-11-19T06:37:08","slug":"sec-proposes-updates-to-electronic-recordkeeping-requirements","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/11\/2021\/sec-proposes-updates-to-electronic-recordkeeping-requirements.html","title":{"rendered":"SEC Proposes Updates to Electronic Recordkeeping Requirements"},"content":{"rendered":"\n<p>(HedgeCo.Net) The Securities and Exchange Commission has just published proposed amendments to the electronic recordkeeping and prompt production of records requirements applicable to <strong>broker-dealers, security-based swap dealers (SBSDs), and major security-based swap participants (MSBSPs).<\/strong><\/p>\n\n\n\n<p>&#8220;This proposal updates an electronic recordkeeping rule adopted in <strong>1997<\/strong>,&#8221; said SEC Chair Gary Gensler. &#8220;A lot has changed with respect to database management, among other technologies, in the last 24 years. This proposal would bring the Commission\u2019s rule in line with technological innovation, and I am pleased to support it.&#8221;<\/p>\n\n\n\n<p>The SEC\u2019s broker-dealer electronic recordkeeping rule requires firms to preserve electronic records exclusively in a non-rewriteable, non-erasable format (otherwise known as write once, read many). The proposed amendments would add an audit-trail alternative. Under this alternative, electronic records could be preserved in a manner that permits the recreation of an original record if it is altered, over-written, or erased. The audit-trail alternative is designed to provide broker-dealers with greater flexibility in configuring their electronic recordkeeping systems so they more closely align with current technologies and practices while also protecting the authenticity and reliability of original records.<\/p>\n\n\n\n<p>The proposed amendments would require nonbank SBSDs and MSBSPs to preserve electronic records using either of the above alternatives that would be available to broker-dealers. The amendments also would require broker-dealers and all types of SBSDs and MSBSPs to produce electronic records to securities regulators in a reasonably usable electronic format. This proposal is designed to facilitate examinations and make them more efficient.<\/p>\n\n\n\n<p>The proposals will be published on SEC.gov and in the Federal Register. The comment period will remain open for 30 days after publication in the Federal Register.<\/p>\n\n\n\n<p>&#8220;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(HedgeCo.Net) The Securities and Exchange Commission has just published proposed amendments to the electronic recordkeeping and prompt production of records requirements applicable to broker-dealers, security-based swap dealers (SBSDs), and major security-based swap participants (MSBSPs). &#8220;This proposal updates an electronic recordkeeping [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048],"tags":[],"class_list":["post-80006","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/80006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=80006"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/80006\/revisions"}],"predecessor-version":[{"id":80007,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/80006\/revisions\/80007"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=80006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=80006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=80006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}