The Securities and Exchange Commission has adopted much of what the Investment Company Institute of Washington, D.C. had requested in its final rule for electronic record-keeping by investment companies and advisers. The rule, which the SEC released on May 25, went into effect last Thursday.

In April, the ICI sent comments to the SEC on its proposed rule changes to permit investment companies and advisors to preserve required records electronically in line with the Electronic Signatures in Global and National Commerce Act (E-SIGN), enacted by Congress last June. The act is intended to facilitate the commercial use of electronic records and signatures and to establish guidelines on contracts signed electronically.

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