SEC Proposes Rules Related to the Securities Lending Market and Electronic Recordkeeping Requirements
November 19, 2021
The SEC has issued two proposed rules:
- Reporting of Securities Loans — Would require “lenders of securities to provide the material terms of securities lending transactions to a registered national securities association, such as the Financial Industry Regulatory Authority.” For more information, see the press release, fact sheet, and statement by SEC Chair Gary Gensler on the SEC’s Web site.
- Electronic Recordkeeping Requirements for Broker-Dealers, Security-Based Swap Dealers, and Major Security-Based Swap Participants — Would add an audit-trail alternative in which “electronic records could be preserved in a manner that permits the recreation of an original record if it is altered, over-written, or erased.” In addition, the proposal would “require broker-dealers and all types of SBSDs and MSBSPs to produce electronic records to securities regulators in a reasonably usable electronic format.” For more information, see the press release, fact sheet, and statement by SEC Chair Gary Gensler on the SEC’s Web site