(1) Use of authority to interpret Subject to paragraph (2) and subsection (c) of this section, 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 Notwithstanding paragraph (2)(C)(iii), a Federal regulatory agency or State regulatory agency may interpret section
7001 (d) of this title to specify performance standards to assure accuracy, record integrity, and accessibility of records that are required to be retained. Such performance standards may be specified in a manner that imposes a requirement in violation of paragraph (2)(C)(iii) if the requirement
(i) serves an important governmental objective; and
(ii) is substantially related to the achievement of that objective. Nothing in this paragraph shall be construed to grant any Federal regulatory agency or State regulatory agency authority to require use of a particular type of software or hardware in order to comply with section
7001 (d) of this title.
(B) Paper or printed form Notwithstanding subsection (c)(1) of this section, 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.
