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SEC Rule 17a

In 1934, to protect investors from fraudulent or misleading claims, the SEC enacted the Securities Exchange Act, a set of laws that required keeping records for reviewing and auditing securities transactions. SEC Rule 17a amends that law to allow broker-dealers to store records electronically, including electronic communications such as email and instant messages.

  • Who must comply: Broker-dealers and those individuals who trade securities or act as brokers for traders, including enterprises such as banks, securities firms, stock brokerage firms, any financial institutions that trade any type of security governed by the SEC, and any entities under the jurisdiction of the National Association of Securities Dealers (NASD).
  • What it covers: Electronic records and communications relating to traded securities governed by the SEC.
  • Pertinent requirements:
  1. Records retention on compliant media from the time of creation to final disposition.
  2. Written and enforceable retention policies.
  3. Storage of data on indelible, non-rewriteable media.
  4. Readily retrievable and viewable data.
  • Penalties for non-compliance: Suspension and potential fines up to $1 million.

How LiveVault and Connected Backup Solutions Can Help

Although SEC Rule 17a does not explicitly require storing data off-site, off-site storage complies with the rule, and makes good business sense because it ensures that both copies of a record cannot be destroyed in the same disaster. LiveVault (for servers) and Connected Backup (for PCs and Macs) solutions provide effective, efficient solutions for keeping critical information off-site and protected. The data is encrypted, making it unreadable to unauthorized people, yet easily accessible when needed.

Protection of data should continue as long as regulations or litigation requires, or until deliberate destruction as part of an end-of-life cycle. LiveVault and Connected Backup solutions can retain stored data for as long as the customer requires (typically seven years).

Backup and archiving are different processes and should remain distinct. Digital archiving solutions address the necessity for quick retrieval and provide audit trails of inactive data stored for specified retention periods for regulations and litigation.

LiveVault and Connected Backup solutions ensure that the task of data protection happens automatically. It is critical to deal with the many sources of sensitive data distributed throughout an enterprise. Otherwise, this data might be unprotected because of its remote location or lack of manual backup resources. LiveVault and Connected Backup solutions ensure that secure backup and protection include all areas of the business and all sensitive data.

For more information, please call us (+1 416-4BACKUP) or use our contact form.


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