SEC Seeks Comments on Extending Broker Record-Keeping Rules
Published Date: 7/30/2025
Notice
Summary
The SEC wants to keep the rules that make broker-dealers keep important business records so regulators can check they’re playing fair and following the law. About 3,300 broker-dealers spend lots of time and money—over 9.8 million hours and $138 million yearly—on these record-keeping tasks. The SEC is asking for public comments before extending this rule, so now’s the time to speak up!
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Broker‑Dealers Must Keep Business Records
If you are a broker‑dealer registered with the SEC, Rule 17a-3 requires you to make and keep current minimum business records so SEC, self‑regulatory organizations (SROs), and state examiners can review them. As of December 31, 2024, there were 3,342 broker‑dealers subject to this rule. The rule makes the recordkeeping mandatory.
Large Annual Time and Cost Burden
The SEC estimates that broker‑dealers spend about 9,818,416 hours per year complying with Rule 17a-3 and incur approximately $138,852,510 per year in ongoing operation and maintenance costs. These totals are the SEC's estimate of the annual industry burden to keep and maintain the required records.
Records Enable Regulatory Examinations
The records required by Rule 17a-3 let the SEC, SROs, and state examiners conduct effective examinations to determine whether broker‑dealers comply with antifraud, anti‑manipulation, financial responsibility, and other rules. The SEC states these standardized records are necessary for effective and efficient oversight.
Record Collections Are Mandatory and Confidential
The SEC states the collection of information under Rule 17a-3 is mandatory and that the records are confidential under the Freedom of Information Act (5 U.S.C. 552). This means the required records are not freely public under FOIA procedures.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-12252 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Establish Fees for the Trade-by-Trade Report
MIAX Pearl Options Exchange is adding new fees for their Trade-by-Trade Report starting now. Traders and firms who want this detailed report will pay a monthly subscription or a fee for one-time historical data requests, with discounts if they also buy related reports. This change helps the Exchange cover costs and keeps data access clear and fair.
2026-12260 — Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend its Rules Related to Market Makers
The Long-Term Stock Exchange (LTSE) wants to update its rules for Market Makers—those who help keep trading smooth and steady. They’re adding clear definitions, setting up a new registration system, and creating fresh responsibilities for Market Makers and their traders. These changes aim to make trading fairer and more organized, with no big cost changes expected, and they’re open for public comments now.
Previous / Next Documents
Previous: 2025-14350 — Administrative Declaration of an Economic Injury Disaster for the State of California
California businesses hit by a vehicle explosion terror attack can now apply for special disaster loans to help recover. This declaration means extra financial support is available starting July 23, 2025, to cover economic losses and keep businesses running. If you’re a small business owner in California, now’s the time to act and get the help you need!
Next: 2025-14352 — Notice of Petition for Waiver of Compliance
Sandersville Railroad Company asked for a break from some bridge safety rules to make their work easier. This affects the railroad and anyone who cares about safe train bridges. The decision could change how and when inspections happen, but won’t cost extra money right now.