SIFMA Statement On The SEC’s Final Rule Amending Electronic Recordkeeping Requirements

SIFMA today issued the following statement from Melissa MacGregor, SIFMA Managing Director and Associate General Counsel, regarding the Securities and Exchange Commission’s approval of amendments to ’34 Act requirements for electronic recordkeeping requirements to provide alternatives to the antiquated “write once, read many” or WORM standard:

“We applaud the SEC for updating this 25-year-old rule to bring electronic recordkeeping requirements into the modern era and to better allow the use of current technology standards while allowing for the inevitable future. Updating these antiquated technology-specific rules will allow securities firms’ quicker adoption of communication technologies and other applications which will allow firms to provide a better investor experience.”