back to article Broker-dealers can stop burning records to CD, but they don’t have to, says SEC

The world's financial regulators seem to have only become aware of the possibilities of OTT apps like WhatsApp and Signal over the past year or so, and now they have learned about cloud storage too. While jotting down the final rule amendments to its Electronic Recordkeeping Requirements note this week, America's Securities …

  1. Blackjack Silver badge

    Wow they never used DVDs?

    Yeah right cause cloud store means it will always be there, right?

    1. Yet Another Anonymous coward Silver badge

      Writeble DVDs don't last as long, or by the time writeable DVDs became popular we were more worried about the lifetime of all writeble disks


  2. Ken Hagan Gold badge

    is this safer or less safe?

    Cloud storage isn't exactly new. We probably have enough experimental data to estimate how reliable it is compared to traditional backup strategies.

    That's end-to-end reliability, so I'm including the likelihood of the provider going bankrupt, the provider suffering finger trouble and the provider deciding to cease service (for any reason) and telling the customer "You have until next month to pull everything you want back down the wire to your new solution. After that, bye-bye data.".

    So, umm, have there been any studies?

    1. Anonymous Coward
      Anonymous Coward

      Re: is this safer or less safe?

      It's good to know that the USA is always looking out for new opportunities to make corruption safer for everyone.

      Wallstreet: "We're caught with evidence!"

      Wallstreet IT: "Just overwrite or delete it."

      Wallstreet: "Oh right, thanks!"

      I would state that banks will be next but, since they get away with 10,000,000,000,000 dollar corruption anyways, laws only mean +/- profit to them.

    2. oiseau

      Re: is this safer or less safe?

      Hold on while I recover ...

      Chocked on my coffee while reading.

      Cloud storage isn't exactly new safe or reliable.

      We probably already have more than enough experimental data to estimate clearly understand how reliable unreliable it is compared to traditional backup strategies.

      There you go, methinks it now reads better.

      Have a good week-end.


      1. Ken Hagan Gold badge

        Re: is this safer or less safe?

        It reads the same to me: a proposition that may or may not be true followed by a request for evidence.

        ...which you didn't provide.

    3. MachDiamond Silver badge

      Re: is this safer or less safe?

      You left out that the credit card that was charged for the Cloud account had been declined and the email for that ex-employee doesn't exist so the account gets deleted, data and all, since they'd been trying to send out warning eMails for months (snail mail being completely forgotten).

  3. Yet Another Anonymous coward Silver badge

    Cost saving?

    Hey Mr rich banker.

    You know those records that you uploaded to us and legally have to keep for years?

    Well the bill just went up to $1Bn, or there is a $100bn charge to download them.

    See you next year....

  4. M.V. Lipvig Silver badge

    I'm sorry, Mr Auditor

    "The records were stored on a server with our cloud provider but due to an automatic payment failure coupled with no attempts by the cloud provider to contact us, those records no longer exist."

    Gonna have to be regulations to prevent this, like failure to produce records means someone in the C suite is doing hard time, to prevent this from being the next most-used defense in future investigations.

    1. Missing Semicolon Silver badge

      Re: I'm sorry, Mr Auditor

      Same as always. "Cloud outage" - shrug.

  5. Anonymous Coward
    Anonymous Coward

    Yet no mention of bitrot or methods of mitigating against it

    Optical media durability recently discussed on Hacker News:

  6. Anonymous Coward
    Anonymous Coward

    So they need to record stuff that cannot be changed

    Have we finally found an actual use for a blockchain?

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