Developments Of Note
SEC Says E-SIGN Does Not Pre-empt SEC Signature And Record-keeping Requirements For Electronic Filings
The SEC has published a release (Application of the Electronic Signatures in Global and National Commerce Act to Record Retention Requirements Pertaining to Issuers under the Securities Act of 1933, Securities Exchange Act of 1934 and Regulation S -T, Release Nos. 33-7985, 34-44424; 35-27419; IC-25003 (June 14, 2001)) stating its view that the recently-enacted Electronic Signatures in Global and National Commerce Act (known as "E-SIGN") does not affect the record-keeping obligations of issuers under the Securities Act of 1933, the Securities Exchange Act of 1934 and related SEC rules and regulations. The principal effect is that issuers will remain obligated under Regulation S-T, which governs electronic filing via EDGAR, to retain paper-and-ink signature copies of filed documents and other records for the time periods specified in SEC rules.
