SEC seeks e-records for investment advisers.

• Position: FINANCIAL - Securities and Exchange Commission - Electronic records - Brief article

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The Securities and Exchange Commission's (SEC) Division of Investment Management is working on rule amendments that will require registered investment advisers to keep all their records in an electronic format.

There is no timeline for when the amendments will be presented for a commission vote, but SEC staff members have said they expect the SEC to vote on the proposed rule update early next year.

The SEC announced a few years ago that it planned to update its books and records rules to include e-mail and the Internet. The Division of Investment Management's work on amendments for Rule 204-2 is part of that move.

The SEC, under Chairman Christopher Cox, has moved toward electronic technologies. For example, the commission adopted eXtensible Business Reporting Language (XBRL) for annual reports and other disclosures for publicly traded stocks, as well as mutual funds. XBRL is a type of interactive...