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U.S. Code as of:
01/19/04
Section 7004. Applicability to Federal and State governments
(a) Filing and access requirements
Subject to subsection (c)(2) of this section, 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
Subject to paragraph (2) and subsection (c) of this section, a
Federal regulatory agency or State regulatory agency that is
responsible for rulemaking under any other statute may interpret
section 7001 of this title 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
Notwithstanding 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
section 7001 of this title from adopting any regulation, order,
or guidance described in paragraph (1), unless -
(A) such regulation, order, or guidance is consistent with
section 7001 of this title;
(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
Notwithstanding paragraph (2)(C)(iii), a Federal regulatory
agency or State regulatory agency may interpret section 7001(d)
of this title 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
section 7001(d) of this title.
(B) Paper or printed form
Notwithstanding subsection (c)(1) of this section, a Federal
regulatory agency or State regulatory agency may interpret
section 7001(d) of this title 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) of this section (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
Nothing in subsection (a) or (b) of this section relieves any
Federal regulatory agency of its obligations under the Government
Paperwork Elimination Act (title XVII of Public Law 105-277).
(d) Authority to exempt from consent provision
(1) In general
A 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 section 7001(c) of this title 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
Within 30 days after June 30, 2000, the Securities and Exchange
Commission shall issue a regulation or order pursuant to
paragraph (1) exempting from section 7001(c) of this title 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 [15 U.S.C. 80a-1 et seq.], or
concerning the issuer thereof, to be excluded from the definition
of a prospectus under section 77b(a)(10)(A) of this title.
(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.
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