State Issues: Books and Records Requirements
Last Updated: August 14, 2008
Overview:
Under the 2001 amendment to the Securities and Exchange Commission's (SEC) Books and Records Rules, broker-dealers are required to maintain or promptly produce certain records at each office in which the records relate.
Position:
SIFMA strongly supports a uniform federal record keeping standard for broker-dealers. SIFMA opposes efforts in the states to impose additional and inconsistent record keeping requirements.
Status:
In 2007, SIFMA defeated new record keeping requirements contained in proposed rule 21 VAC 5-20-65 issued by the Virginia Division of Securities and Retail Franchising.
