Comments: Mutual Funds - Timestamping

I would mention that the SEC has NOT proposed the USPS/Authentidate solution. The SEC is still examining the overwhelming responses from the market on their proposed rule amendments which advanced the hard 4pm close at the mutual fund. The intermediaries cried foul and sent in alternative proposals to the SEC which include timestamping technology as a point solution in many, if not all, of their proposals. My company, Surety, offers a digital timestamping and notarization solution, and we are taking an active role in influencing the SEC to upgrade the mutual fund industry timestamping standards that were first adopted in 1968 to authenticate paper-based transactions. Our comment letter to the SEC may be found on our website at

Posted by Tom Klaff at May 25, 2004 04:29 PM

FWIW, I told a brokerage client back in 1993 that timestamping orders was necessary, in order to prevent fraudulent paper-trails in electronic trading. I wasn't persuasive enough -- they ignored that recommendation, AFAIK.

Posted by "someone" at May 25, 2004 04:59 PM
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