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Jennifer A. Connors

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Potentially in connection with the recent events rocking the crypto industry, FINRA is conducting a new sweep on “Crypto Asset Communications” by broker-dealers. If they haven’t already received the request, broker-dealers with crypto-related affiliates likely will be contacted. Notably, this is the first announced sweep that FINRA has issued in over a year.

On 18 November 2021, the Securities and Exchange Commission (“SEC”) published for comment proposed amendments to the broker-dealer recordkeeping rules with respect to the use of electronic storage. The principal change would be to eliminate the current requirement that electronic records of broker-dealers be stored solely in a “write once, read many” (WORM) format.