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.