According to each of the Participant’s CAT compliance rules, information required to be reported to the CAT must be maintained in accordance with SEC Rule 17a-4(b). This rule states that these records must be preserved for at least three years, the first two years in an accessible place. Records are not required to be retained in an electronic format; they may be retained in a paper format. However, with respect to Business Clock synchronization logs, such logs must include synchronization results for a period of not less than five years ending on the then current date, or for the entire period for which the Industry Member has been required to comply with this requirement if less than five years.