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OGC-97-22 1 (1997-02-25)

handle is hein.gao/gaobablpx0001 and id is 1 raw text is: G AO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-276175 February 25, 1997 The Honorable Alfonse M. D'Amato Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Thomas J. Bliley, Jr. Chairman The Honorable John D. Dingell Ranking Minority Member Committee on Commerce House of Representatives Subject: Securities and Exchange Commission: Reporting Requirements for Brokers or Dealers Under the Securities Exchange Act of 1934 Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission), entitled Reporting Requirements for Brokers or Dealers Under the Securities Exchange Act of 1934 (RIN: 3235-AF91). We received the rule on February 7, 1997. It was published in the Federal Register as a final rule on February 12, 1997. 62 Fed. Reg. 6469. The final rule amends the Commission's broker-dealer record preservation rule to allow broker-dealers to employ, under certain conditions, electronic storage media to maintain records required to be retained. The amendments reflect a recognition of technical developments that will provide economic as well as time-saving advantages for broker-dealers by expanding the scope of recordkeeping options while at the same time continuing to require broker-dealers to maintain records in a manner that preserves their integrity. The preamble to the final rule also contains an interpretation of the Commission's record preservation rule relating to the treatment of electronic ally generated communications. GAO/OGC-97-22

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