[Federal Register Volume 66, Number 43 (Monday, March 5, 2001)]
[Proposed Rules]
[Pages 13273-13274]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-5328]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Chapter II

[Release Nos. 33-7955, 34-44014, 35-27350, IA-1929, IC-24879]
RIN 3235-AI14


Public Information: Advanced Notice of Proposed Rulemaking on 
Electronic Reporting and Recordkeeping and Delayed Effective Date of 
Recordkeeping Provisions in the Electronic Signatures in Global and 
National Commerce Act of 2000

AGENCY: Securities and Exchange Commission.

ACTION: Advance notice of proposed rulemaking.

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SUMMARY: The Securities and Exchange Commission announces several 
upcoming rulemaking activities regarding recordkeeping requirements 
under the federal securities laws consistent with the Electronic 
Signatures in Global and National Commerce Act of 2000. The action 
delays the effective date of certain provisions in the Act that may 
affect certain recordkeeping requirements under the federal securities 
laws.

FOR FURTHER 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, Office of Public Utility Regulation (202) 942-0545; 
Mark Borges, Attorney-Advisor, Office of Rulemaking, Division of 
Corporation Finance, (202) 942-2900, at the Securities and Exchange 
Commission, 450 5th Street, NW., Washington, DC 20549.

SUPPLEMENTARY INFORMATION: The Securities and Exchange Commission 
announces today several upcoming rulemaking activities regarding 
recordkeeping requirements under the federal securities laws consistent 
with the Electronic Signatures in Global and National Commerce Act of 
2000 (Pub. L. 106-229) (``ESign''). Under Section 107(b)(1)(B) of 
ESign, the record retention provisions of Title I of that Act will 
become effective on June 1, 2001.
    Under the federal securities laws, regulated entities, including 
registered broker-dealers, transfer agents, investment companies, 
investment advisers, and public utility holding companies, must keep 
certain records of their activities. The Commission currently allows 
these entities to 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. ESign is intended to remove unnecessary 
impediments to the use of electronic records in commerce, while 
preserving the ability of agencies

[[Page 13274]]

like the Commission to reconcile ESign's policy with the statutes they 
administer. The Commission will act shortly to provide interpretative 
guidance and, where appropriate, propose or adopt rules consistent with 
ESign. These releases will be published separately in the Federal 
Register.
    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.

    Dated: February 28, 2001.

    By the Commission.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-5328 Filed 3-1-01; 11:12 am]
BILLING CODE 8010-01-P