SEC Updates its Electronic Records Twenty-four years ago, in 1997, the Securities & Exchange Commission (SEC) established a rule governing electronic recordkeeping. On November 18, 2021, the SEC proposed to make updates to that
Michael Rabinowitz rule Given all the changes in data management and advances in technology since the rule was first published, it’s no surprise that it was finally updated or that the vote to do so was unanimous.
Electronic recordkeeping As described in the rule, is an audit-trail alternative and includes a broad definition. For example, terms listed include modifications or deletions of a record, tracking all those modifications such as the date and time when an operator creates, modifies, or deletes a record plus details about that operator. Of course, there is a plethora of detail around signatures and other data that uphold the authenticity and reliability of the record to permit its recreation in its original form and all subsequent iterations of it.
Three key drivers One, unsurprisingly, is to better facilitate examinations and investigations. Two, to adopt a technology-neutral position that affords the agency with some level of future-proofing. Specifically, it would reduce the need for rule revisions each time that RegTech or data management technology introduces a new format or approach. And three, simply to improve electronic recordkeeping requirements. Cost-savings is a likely outcome for firms. The proposed updates reduce the redundancy of electronic recordkeeping.
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