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Enron Mail |
Mark - Is this something you think we need to monitor?
No. 41 Thursday March 1, 2001 Page A-1 ISSN 1523-567X Regulation, Law & Economics Electronic Commerce SEC Planning Rulemaking In Wake of ESign Legislation The Securities and Exchange Commission announced Feb. 28 that it is planning several rulemaking actions with respect to recordkeeping requirements in light of the recently enacted Electronic Signatures in Global and National Commerce Act--ESign. ESign's record retention provisions will become effective June 1, the agency advised. In its release, the SEC noted that under the federal securities laws, regulated entities--including broker-dealers, transfer agents, investment companies, investment advisers, and public utility holding companies, must keep certain records of their activities. According to the SEC, such entities currently may keep certain records electronically, "subject to standards designed to protect investors' interests, the financial stability of regulated entities and generally to further the purposes of the federal securities laws." Remove Impediments "ESign," the SEC continued, "is intended to remove unnecessary impediments to the use of electronic records in commerce, while preserving the ability of agencies like the Commission to reconcile ESign's policy with the statutes they administer." In its release, the agency said it plans shortly to provide interpretive guidance, and, where appropriate, "propose or adopt rules consistent with ESign. These releases will be published separately in the Federal Register," the commission noted. It added that because ESign does not generally apply to information required to be filed with government agencies, the commission is not currently contemplating any changes to its existing filing rules as a result of ESign. "Filers should therefore continue to follow current filing rules," the agency advised. For more information, contact: Michael A. Macchiaroli, Associate Director, (202) 942-0131; Thomas K. McGowan, Assistant Director, (202) 942-4886; Randall W. Roy, Special Counsel, (202) 942-0798, or Mathew Comstock, Attorney, (202) 942-0156, Division of Market Regulation (for broker-dealers); Larry E. Bergmann, Associate Director (202) 942-0770; Jerry Carpenter, Assistant Director; David Karasik, Special Counsel, (202) 942-4187, Division of Market Regulation (for transfer agents); Martha B. Peterson, Special Counsel, Office of Regulatory Policy, Division of Investment Management (202) 942-0690; Victoria J. Adraktas, Attorney-Advisor at the Office of Public Utility Regulation (202) 942-0545; Mark Borges, Attorney-Advisor, Office of Rulemaking, Division of Corporation Finance, (202) 942-2900. Copyright , 2001 by The Bureau of National Affairs, Inc., Washington D.C.
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