Top Summary
This section modernizes recordkeeping requirements by allowing brokers, dealers, transfer agents, national securities exchanges, investment advisers, and investment companies to use blockchain system records, provided they comply with rules to be issued by the Securities and Exchange Commission within 180 days of the Act's enactment.
Original Bill Text:
SEC. 305.Modernization of recordkeeping requirements.
(a) In general.—For purposes of books and records requirements for brokers, dealers, transfer agents, national securities exchanges under the Securities and Exchange Act of 1934 (15 U.S.C. 78a et seq.), investment advisers under the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.), and investment companies under the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.), a person may, consistent with any rules promulgated under subsection (b), utilize records from a blockchain system.
(b) Revision of rules.—Not later than 180 days after the date of enactment of this Act, the Securities and Exchange Commission shall issue and revise such rules as may be necessary to implement this section.