Broker-dealers can stop burning records to CD, but they don’t have to, says SEC
"In the 25 years since we last updated these rules, technology has transformed, and not only in the sense that iTunes has shut down."
Quipping about the CD-ROM's write-once/read-many format, Gensler added:"You might say, as Shakespeare once did, that even a worm will turn."The WORM reference is because the current recordkeeping rule – conceived of in 1997 – requires firms to preserve electronic records exclusively in the non-rewriteable, non-erasable format.
With the updates, broker-dealers can now save their records to the cloud along with an audit trail that records any changes in the documents – or contract that work out to a third party. The amendments appear to be an alternative rule, though, meaning brokerages can just stick to burning data onto CD-ROM, should they wish.
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