15 USC 7004 - Applicability to Federal and State governments

U.S Code last checked for updates: Nov 22, 2024

§ 7004.

Applicability to Federal and State governments

(a)

Filing and access requirements

(b)

Preservation of existing rulemaking authority

(1)

Use of authority to interpret

Subject 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 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

(B)

Paper or printed form

Notwithstanding subsection (c)(1), 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

(c)

Additional limitations

(1)

Reimposing paper prohibited

(2)

Continuing obligation under Government Paperwork Elimination Act

(d)

Authority to exempt from consent provision

(1)

In general

(2)

Prospectuses

(e)

Electronic letters of agency

(Pub. L. 106–229, title I, § 104, June 30, 2000, 114 Stat. 469.)

cite as: 15 USC 7004