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Federal Register / Vol. 86, No. 228 / Wednesday, December 1, 2021 / Proposed Rules
1 All modifications to and deletions of a record or any part thereof;
Brokers, Confidential business 2 The date and time of operator information, Fraud, Reporting and entries and actions that create, modify, recordkeeping requirements, Securities.
or delete the record;
3 The individuals creating, Text of Rule Amendments modifying, or deleting the record; and For the reasons set out in the 4 Any other information needed to preamble, the Commission is proposing maintain an audit trail of each distinct to amend title 17, chapter II of the Code record in a way that maintains security, of Federal Regulations as follows:
signatures, and data to ensure the authenticity and reliability of the record PART 240GENERAL RULES AND
and will permit re-creation of the REGULATIONS, SECURITIES
original record and interim iterations of EXCHANGE ACT OF 1934
the record; or B Preserve the records exclusively in 1. The authority citation for part 240
a non-rewriteable, non-erasable format;
continues to read, in part, as follows:
ii Verify automatically the Authority: 15 U.S.C. 77c, 77d, 77g, 77j, completeness and accuracy of the 77s, 77z2, 77z3, 77eee, 77ggg, 77nnn, processes for storing and retaining 77sss, 77ttt, 78c, 78c3, 78c5, 78d, 78e, 78f, records electronically;
78g, 78i, 78j, 78j1, 78k, 78k1, 78l, 78m, iii If applicable, serialize the original 78n, 78n1, 78o, 78o4, 78o10, 78p, 78q, and duplicate units of the storage 78q1, 78s, 78u5, 78w, 78x, 78dd, 78ll, 78mm, 80a20, 80a23, 80a29, 80a37, 80b media, and time-date for the required 3, 80b4, 80b11, and 7201 et seq., and 8302; period of retention the information 7 U.S.C. 2c2E; 12 U.S.C. 5221e3; 18
placed on such electronic storage media;
U.S.C. 1350; Pub. L. 111203, 939A, 124 Stat. and 1376 2010; and Pub. L. 112106, sec. 503
iv Have the capacity to readily and 602, 126 Stat. 326 2012, unless download and transfer copies of a otherwise noted.
record and its audit trail if applicable

in both a human readable format and in Section 240.17a4 also issued under secs.
a reasonably usable electronic format 2, 17, 23a, 48 Stat. 897, as amended; 15
U.S.C. 78a, 78d1, 78d2; sec. 14, Pub. L. 94 and to readily download and transfer the information needed to locate the 29, 89 Stat. 137 15 U.S.C. 78a; sec. 18, Pub.
electronic record, as required by the L. 9429, 89 Stat. 155 15 U.S.C. 78w;
staffs of the Commission, the self

regulatory organizations of which the 2. Amend 240.17a4 by revising member, broker, or dealer is a member, paragraphs f and j to read as follows:
or any State securities regulator having 240.17a4 Records to be preserved by jurisdiction over the member, broker or certain exchange members, brokers and dealer.
dealers.
3 A member, broker, or dealer using

an electronic recordkeeping system f The records required to be must:
i At all times have available, for maintained and preserved pursuant to examination by the staffs of the 240.17a3 and 240.17a4 may be immediately produced or reproduced by Commission, the self-regulatory organizations of which the member, means of an electronic recordkeeping broker, or dealer is a member, or any system or by means of micrographic media subject to the conditions set forth State securities regulator having in this paragraph and be maintained and jurisdiction over the member, broker or dealer facilities for immediate preserved for the required time in that production of records preserved by form.
1 For purposes of this paragraph, means of the electronic recordkeeping i The term micrographic media system and for producing copies of means microfilm or microfiche, or any those records;
ii Be ready at all times to provide, similar medium; and ii The term electronic recordkeeping and immediately provide, any record or system means a system that preserves information needed to locate records records in a digital format and that stored by means of the electronic requires a computer to access the recordkeeping system that the staffs of records.
the Commission, the self-regulatory 2 An electronic recordkeeping organizations of which the member, system must:
broker, or dealer is a member, or any iA Preserve the records for the State securities regulator having duration of their applicable retention jurisdiction over the member, broker or periods in a manner that maintains a dealer may request;
iii Maintain a backup electronic complete time-stamped audit trail that recordkeeping system that meets the includes:

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other requirements of this paragraph f and that retains the records required to be maintained and preserved pursuant to 240.17a3 and 240.17a4 in accordance with this section;
iv Organize and maintain information necessary to locate records maintained by the electronic recordkeeping system;
vA Have in place an auditable system of controls that records, among other things: 1 Each input, alteration, or deletion of a record;
2 The names of individuals inputting, altering, or deleting a record;
and 3 The date and time such individuals input, altered, or deleted the record;
B At all times be able to produce a record of the results of the audit of the system of controls for examination by the staffs of the Commission, the selfregulatory organizations of which the member, broker, or dealer is a member, or any State securities regulator having jurisdiction over the member, broker or dealer; and C Preserve the record of the results of the audit of the system of controls for the retention period required for the associated records;
vi Maintain, keep current, and provide promptly upon request by the staffs of the Commission, the selfregulatory organizations of which the member, broker, or dealer is a member, or any State securities regulator having jurisdiction over the member, broker or dealer all information necessary to access and locate records preserved by means of the electronic recordkeeping system; and vii Have at all times a senior officer of the member, broker, or dealer hereinafter, the undersigned, who has independent access to and the ability to provide records maintained and preserved on the electronic recordkeeping system, file with the designated examining authority for the member, broker or dealer the following undertakings with respect to such records:
The undersigned hereby undertakes to furnish promptly to the U.S. Securities and Exchange Commission Commission, its designees or representatives, 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, upon reasonable request, such information as is deemed necessary by the staff 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, and to download copies of
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