The Securities and Exchange Commission, on October 12, 2022, adopted amendments to its books and records electronic storage requirements for broker-dealers and certain security-based swap entities (“SBSEs”). The final rule release can be found here. In general, the amendments are intended to modernize those requirements, make them technology neutral, and address the outdated write-once-read-many or “WORM” requirement that has plagued the industry for almost 25 years.
