Washington, DC, October 12, 2022 – SIFMA today issued the following statement from Melissa MacGregor, SIFMA Managing Director and Associate General Counsel, regarding the Securities and Exchange Commission’s approval of amendments to ’34 Act requirements for electronic recordkeeping requirements to provide alternatives to the antiquated “write once, read many” or WORM standard:

“We applaud the SEC for updating this 25-year-old rule to bring electronic recordkeeping requirements into the modern era and to better allow the use of current technology standards while allowing for the inevitable future. Updating these antiquated technology-specific rules will allow securities firms’ quicker adoption of communication technologies and other applications which will allow firms to provide a better investor experience.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.