15 U.S.C. § 7004 | Applicability to Federal and State governments

(a)

Filing and access requirements

Subject to subsection (c)(2), nothing in this subchapter limits or supersedes any requirement by a Federal regulatory agency, self-regulatory organization, or State regulatory agency that records be filed with such agency or organization in accordance with specified standards or formats.

(b)

Preservation of existing rulemaking authority

(1)

Use of authority to interpret

section 7001 of this titleSubject to paragraph (2) and subsection (c), a Federal regulatory agency or State regulatory agency that is responsible for rulemaking under any other statute may interpret with respect to such statute through—

(A)

the issuance of regulations pursuant to a statute; or

(B)

to the extent such agency is authorized by statute to issue orders or guidance, the issuance of orders or guidance of general applicability that are publicly available and published (in the Federal Register in the case of an order or guidance issued by a Federal regulatory agency).

This paragraph does not grant any Federal regulatory agency or State regulatory agency authority to issue regulations, orders, or guidance pursuant to any statute that does not authorize such issuance.

(2)

Limitations on interpretation authority

section 7001 of this titleNotwithstanding paragraph (1), a Federal regulatory agency shall not adopt any regulation, order, or guidance described in paragraph (1), and a State regulatory agency is preempted by from adopting any regulation, order, or guidance described in paragraph (1), unless—

(A)

section 7001 of this title such regulation, order, or guidance is consistent with ;

(B)

such regulation, order, or guidance does not add to the requirements of such section; and

(C)

such agency finds, in connection with the issuance of such regulation, order, or guidance, that—

(i)

there is a substantial justification for the regulation, order, or guidance;

(ii)

the methods selected to carry out that purpose—

(I)

are substantially equivalent to the requirements imposed on records that are not electronic records; and

(II)

will not impose unreasonable costs on the acceptance and use of electronic records; and

(iii)

the methods selected to carry out that purpose do not require, or accord greater legal status or effect to, the implementation or application of a specific technology or technical specification for performing the functions of creating, storing, generating, receiving, communicating, or authenticating electronic records or electronic signatures.

(3)

Performance standards

(A)

Accuracy, record integrity, accessibility

section 7001(d) of this title section 7001(d) of this titleNotwithstanding paragraph (2)(C)(iii), a Federal regulatory agency or State regulatory agency may interpret to specify performance standards to assure accuracy, record integrity, and accessibility of records that are required to be retained. Such performance standards may be specified in a manner that imposes a requirement in violation of paragraph (2)(C)(iii) if the requirement (i) serves an important governmental objective; and (ii) is substantially related to the achievement of that objective. Nothing in this paragraph shall be construed to grant any Federal regulatory agency or State regulatory agency authority to require use of a particular type of software or hardware in order to comply with .

(B)

Paper or printed form

section 7001(d) of this titleNotwithstanding subsection (c)(1), a Federal regulatory agency or State regulatory agency may interpret to require retention of a record in a tangible printed or paper form if—

(i)

there is a compelling governmental interest relating to law enforcement or national security for imposing such requirement; and

(ii)

imposing such requirement is essential to attaining such interest.

(4)

Exceptions for actions by government as market participant

Paragraph (2)(C)(iii) shall not apply to the statutes, regulations, or other rules of law governing procurement by the Federal or any State government, or any agency or instrumentality thereof.

(c)

Additional limitations

(1)

Reimposing paper prohibited

Nothing in subsection (b) (other than paragraph (3)(B) thereof) shall be construed to grant any Federal regulatory agency or State regulatory agency authority to impose or reimpose any requirement that a record be in a tangible printed or paper form.

(2)

Continuing obligation under Government Paperwork Elimination Act

Public Law 105–277Nothing in subsection (a) or (b) relieves any Federal regulatory agency of its obligations under the Government Paperwork Elimination Act (title XVII of ).

(d)

Authority to exempt from consent provision

(1)

In general

section 7001(c) of this titleA Federal regulatory agency may, with respect to matter within its jurisdiction, by regulation or order issued after notice and an opportunity for public comment, exempt without condition a specified category or type of record from the requirements relating to consent in if such exemption is necessary to eliminate a substantial burden on electronic commerce and will not increase the material risk of harm to consumers.

(2)

Prospectuses

June 30, 2000section 7001(c) of this title 15 U.S.C. 80a–1 section 77b(a)(10)(A) of this titleWithin 30 days after , the Securities and Exchange Commission shall issue a regulation or order pursuant to paragraph (1) exempting from any records that are required to be provided in order to allow advertising, sales literature, or other information concerning a security issued by an investment company that is registered under the Investment Company Act of 1940 [ et seq.], or concerning the issuer thereof, to be excluded from the definition of a prospectus under .

(e)

Electronic letters of agency

The Federal Communications Commission shall not hold any contract for telecommunications service or letter of agency for a preferred carrier change, that otherwise complies with the Commission’s rules, to be legally ineffective, invalid, or unenforceable solely because an electronic record or electronic signature was used in its formation or authorization.

Pub. L. 106–229, title I, § 104June 30, 2000114 Stat. 469(, , .)

Editorial Notes

References in Text

Pub. L. 105–277, div. COct. 21, 1998112 Stat. 2681–749 section 3504 of Title 44 section 3504 of Title 44The Government Paperwork Elimination Act, referred to in subsec. (c)(2), is title XVII of , , , which amended , Public Printing and Documents, and enacted provisions set out as a note under . For complete classification of this Act to the Code, see Tables.

act Aug. 22, 1940, ch. 686 54 Stat. 789 section 80a–51 of this titleThe Investment Company Act of 1940, referred to in subsec. (d)(2), is title I of , , which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of this title. For complete classification of this Act to the Code, see and Tables.

Statutory Notes and Related Subsidiaries

Effective Date

Oct. 1, 2000section 107 of Pub. L. 106–229 section 7001 of this titleSection effective , with exceptions relating to record retention and certain loans, see , set out as a note under .