The dealer-broker record retention requirements can be summarized by the Securities and Exchange Commission (SEC). The SEC set rules in 1997 that allowed records of broker-dealers to be stored electronically. This was an achievement for the overall fact that information systems storage was on the rise. Furthermore, the SEC stated that if the records were going to be recorded electronically, that the storage devices are write once, read many times (WORM) devices. The reasoning behind this change is so that data information could not be prohibited, rewrote, tampered, or changed in anyway. Furthermore, a storage system (in this case FinQloud) allows the dealer-broker to input its data, that way the data is prevented from alterations or mishappenings,
