Reporting Requirements for Brokers or Dealers Under the Securities Exchange Act of 1934
OGC-97-22: Published: Feb 25, 1997. Publicly Released: Feb 25, 1997.
Pursuant to a legislative requirement, GAO reviewed the Securities and Exchange Commission's (SEC) new rule on reporting requirements for brokers or dealers under the Securities Exchange Act of 1934. GAO noted that: (1) the rule would allow broker-dealers to employ, under certain conditions, electronic storage media to maintain records required to be retained; (2) the preamble to the final rule also contains an interpretation of the Commission's record preservation rule relating to the treatment of electronically generated communications; and (3) SEC complied with applicable requirements in promulgating the rule.