SIFMA Recommends Changes To SEC-Proposed Electronic Recordkeeping Requirements

SIFMA recommended substantial changes to the SEC's proposed rulemaking on electronic recordkeeping requirements for broker-dealers, security-based swap dealers and major security-based swap participants (see  previous coverage).

In their comments to the proposed rule, SIFMA recommended the following:

• eliminate third-party recordkeeping requirements, since service providers often don't have access to the data if it is encrypted;
• distinguish the term "senior officer" from the "senior officer" term that is found in various other security-based swap regulations;
• explicitly permit entities to designate multiple officers for accessing and producing records;
• permit senior officers to provide only the required records to which the officers have been designated as having access;