SEC Books and Records Amendments – Effective May 2, 2003

The following contains resource information regarding the Securities and Exchange Commission's (SEC's) amendments to the broker/dealer books and records rules, Rule 17a-3 and Rule 17a-4 under the Securities Exchange Act of 1934. The amendments clarify and expand recordkeeping requirements in connection with purchase and sale documents, customer records, associated person records, customer complaint records, and certain other matters. The amendments also require broker/dealers to maintain or promptly produce certain records at each office to which those records relate.

 

Member Call-In Workshop – April 10, 2003

Transcript of the phone-in workshop

 

Guidance

  • Updated Broker/Dealer Books and Records New and Amended Recordkeeping Requirements Checklist (PDF 139 KB)
     
  • Comparison of the AML Customer Identification Rule and the SEC’s Books & Records Customer Account Records Rule (PDF 135 KB) SEC Interpretive Release: Books and Records Requirements for Brokers and Dealers Under the Securities Exchange Act of 1934 Frequently asked questions (PDF 47 KB) NASD Notice to Members 01-80—Books and Records Rules
     
  • NASD discusses the amendments to the SEC books and records rules.
     
  • NASD Regulatory & Compliance Alert, Summer 2002: Amendments to SEC Books and Records Rules, Compliance Deadline Less than a Year Away: May 2, 2003
     
  • NASD highlights the amendments to the SEC books and records rules and reminds members of the deadline for compliance.
     
  • SEC Releases
    • SEC Release 34-44992 (PDF 212 KB): Books and Records Requirements for Broker and Dealers Under the Securities Exchange Act of 1934, 66 Fed. Reg. 55,818 (Nov. 2, 2001)

      On October 25, 2001, the SEC adopted amendments to Rules 17a-3 and 17a-4 of the Securities Exchange Act of 1934 to clarify and expand record keeping requirements in connection with purchase and sale documents, customer records, associated person records, customer complaint records, and certain other matters. The amendments also require broker/dealers to maintain or promptly produce certain records at each office to which those records relate.
       
  • SEC Release 34-44992A: Correction to a Final Rule: Books and Records Requirements for Brokers and Dealers Under the Securities Exchange Act of 1934

    This document contains corrections to the amendments to the books and records requirements for brokers and dealers under the Securities Exchange Act of 1934 that were published Friday, November 2, 2001 (66 FR 55817). The corrections redesignate two paragraphs that were incorrectly numbered and amend references to those two paragraphs to reflect that change.
     
  • SEC Release 34-47570 (March 26, 2003): Books and Records Requirements for Brokers and Dealers Under the Securities Exchange Act of 1934 (Notice of Office of Management and Budget Approval of Collections of Information)

    Certain provisions of the SEC's Books and Records amendments contain "collection of information" requirements within the meaning of the Paperwork Reduction Act. The SEC submitted the proposed collections of information to OMB for review and OMB has approved the requirements. The Release discusses these "collection of information" requirements. The release also discusses the SEC's estimated burden of complying with the amendments to Rule 17a-3 and Rule 17a-4.
     
  • SEC Staff Speeches
    • Remarks by Mary Ann Gadziala, Associate Director, Securities and Exchange Commission, at Books and Records Compliance Countdown (March 24, 2003)
       
    • The Next Phase: Implementing the Patriot Act by Lori Richards, Director, SEC Office of Compliance Inspections and Examinations (March 27, 2003)
       
  • NASAA Statement on SEC Approval of New Books and Records Rules
    This document includes a link to comments delivered on behalf of NASAA by Don Saxon, director of the Florida Department of Banking and Finance’s Securities Division, at the SEC Open Meeting on October 25, 2001.

 

Questions

 

Please contact SEC Books and Records Amendments.