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Federal Register / Vol. 86, No. 228 / Wednesday, December 1, 2021 / Proposed Rules a record and its audit trail if applicable preserved by means of an electronic recordkeeping system of Name of the Member, Broker, or Dealer into both a human readable format and a reasonably usable electronic format in the event of a failure on the part of Name of the Member, Broker, or Dealer to download a requested record or its audit trail if applicable.
Furthermore, the undersigned hereby undertakes to take reasonable steps to provide access to the information preserved by means of an electronic recordkeeping system of Name of the Member, Broker, or Dealer, including, as appropriate, downloading any record required to be maintained and preserved by Name of the Member, Broker, or Dealer pursuant to 240.17a3 and 240.17a4 in a format acceptable to the staff of the Commission, any self-regulatory organization of which Name of the Member, Broker, or Dealer is a member, or any State securities regulator having jurisdiction over Name of the Member, Broker, or Dealer. Specifically, the undersigned will take reasonable steps that, in the event of a failure on the part of Name of the Member, Broker, or Dealer to download the record into a human readable format or a reasonably usable electronic format and after reasonable notice to Name of the Member, Broker, or Dealer, the undersigned will download the record into a human readable format or a reasonably usable electronic format at the request of the staff of the staffs of the Commission, any selfregulatory organization of which Name of the Member, Broker, or Dealer is a member, or any State securities regulator having jurisdiction over Name of the Member, Broker, or Dealer.

regulatory organizations of which the broker or dealer is a member, and any State securities regulator having jurisdiction over the member, broker or dealer.
B Each index must be duplicated and the duplicate copies must be stored separately from the original copy of each index.
C Original and duplicate indexes must be preserved for the time required for the indexed records.

j Every member, broker and dealer subject to this section must furnish promptly to a representative of the Commission legible, true, complete, and current copies of those records of the member, broker or dealer that are required to be preserved under this section, or any other records of the member, broker or dealer subject to examination under section 17b of the Act 15 U.S.C. 78qb that are requested by the representative of the Commission. The member, broker, or dealer must furnish a record and its audit trail if applicable preserved on an electronic recordkeeping system pursuant to paragraph f of this section in a reasonably usable electronic format, if requested by a representative of the Commission.

3. Amend 240.18a6 by revising paragraphs e and g to read as follows:

4 A broker-dealer using a micrographic media system must:
i At all times have available, for examination by the staffs of the Commission, self-regulatory organizations of which it is a member, and any State securities regulator having jurisdiction over the member, broker or dealer, facilities for immediate, easily readable projection or production of micrographic media and for producing easily readable images;
ii Be ready at all times to provide, and immediately provide, any facsimile enlargement which the staffs of the Commission, any self-regulatory organization of which it is a member, or any State securities regulator having jurisdiction over the member, broker or dealer may request;
iii Store, separately from the original, a duplicate copy of the record stored on any medium acceptable under 240.17a4 for the time required; and iv Organize and index accurately all information maintained on both original and duplicate storage media.
A At all times, a member, broker, or dealer must be able to have such indexes available for examination by the staffs of the Commission, the self-

240.18a6 Records to be preserved by certain security-based swap dealers and major security-based swap participants.

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e The records required to be maintained and preserved pursuant to 240.18a5 and 240.18a6 may be immediately produced or reproduced by means of an electronic recordkeeping system subject to the conditions set forth in this paragraph and be maintained and preserved for the required time in that form.
1 For purposes of this paragraph, the term electronic recordkeeping system means a system that preserves records in a digital format and that requires a computer to access the records.
2 An electronic recordkeeping system of a security-based swap dealer or major security-based swap participant without a prudential regulator must:
iA Preserve the records for the duration of their applicable retention periods in a manner that maintains a complete time-stamped audit trail that includes:
1 All modifications to and deletions of a record or any part thereof;

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2 The date and time of operator entries and actions that create, modify, or delete the record;
3 The individuals creating, modifying, or deleting the record; and 4 Any other information needed to maintain an audit trail of each distinct record in a way that maintains security, signatures, and data to ensure the authenticity and reliability of the record and will permit re-creation of the original record and interim iterations of the record; or B Preserve the records exclusively in a non-rewriteable, non-erasable format;
ii Verify automatically the completeness and accuracy of the processes for storing and retaining records electronically;
iii If applicable, serialize the original and duplicate units of the storage media, and time-date for the required period of retention the information placed on such electronic storage media;
and iv Have the capacity to readily download and transfer copies of a record and its audit trail if applicable in both a human readable format and in a reasonably usable electronic format and to readily download and transfer the information needed to locate the electronic record, as required by the staffs of the Commission, or any State regulator having jurisdiction over the security-based swap dealer or major security-based swap participant.
3 A security-based swap dealer or major security-based swap participant using an electronic recordkeeping system must:
i At all times have available, for examination by the staffs of the Commission or any State regulator having jurisdiction over the securitybased swap dealer or major securitybased swap participant, facilities for immediate production of records preserved by means of the electronic recordkeeping system and for producing copies of those records;
ii Be ready at all times to provide, and immediately provide, any record or information needed to locate records stored by means of the electronic recordkeeping system that the staffs of the Commission or any State regulator having jurisdiction over the securitybased swap dealer or major securitybased swap participant may request;
iii Maintain a backup electronic recordkeeping system that meets the other requirements of this paragraph e, as applicable, and that retains the records required to be maintained and preserved pursuant to 240.18a5 and 240.18a6 in accordance with this section;

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