33174 Federal Register / Vol. 66, No. 120 / Thursday, June 21, 2001 / Rules and Regulations

routine matter that will only affect air

traffic procedures and air navigation, it

is certified that this rule, will not have

a significant economic impact on a

substantial number of small entities

under the criteria of the Regulatory

Flexibility Act.

List of Subjects in 14 CFR Part 71

Airspace, Incorporation by reference,

Navigation (air).

Adoption of the Amendment

In consideration of the foregoing, the

Federal Aviation Administration

amends 14 CFR part 71 as follows:

PART 71—DESIGNATION OF CLASS A,

CLASS B, CLASS C, CLASS D, AND

CLASS E AIRSPACE AREAS;

AIRWAYS; ROUTES; AND REPORTING

POINTS

1. The authority citation for 14 CFR

part 71 continues to read as follows:

Authority: 49 U.S.C. 106(g), 40103, 40113,

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–

1963 Comp., p. 389.

§ 71.1 [Amended]

2. The incorporation by reference in

14 CFR 71.1 of the Federal Aviation

Administration Order 7400.9H,

Airspace Designations and Reporting

Points, dated September 1, 2000, and

effective September 16, 2000, is

amended as follows:

Paragraph 6005 Class E airspace areas

extending upward from 700 feet or more

above the surface of the earth.

* * * * *

ANM MT E5 Poplar, MT [REVISED]

Poplar Airport, MT

(Lat. 48°06′58′′N., long. 105°10′56′′W.

That airspace extending upward from 700

feet above the surface within 9.1 mile radius

of the Poplar, MT, airport and within 2.5

miles each side of the 285° bearing extending

from the airport to 11.5 miles northwest of

the airport; and within 2.5 miles each side of

the 105° bearing from the airport extending

to 11.5 miles southeast of the airport; and

that airspace extending upward from 1,200

feet above the surface bounded by a line from

lat. 47°53′25′′N., long. 105°52′50′′W.; to lat.

48°18′00′′N., long. 105°52′50′′W.; to lat.

48°18′00′′N., long. 104°30′00′′W.; to lat.

47°53′25′′N., long. 104°30′00′′W.; to the

beginning; excluding that airspace within

Federal Airways and the Wolf Point, MT

Class E airspace.

* * * * *

Issued in Seattle, Washington, on June 14,

2001.

Dan A. Boyle,

Assistant Manager, Air Traffic Division,

Northwest Mountain Region.

[FR Doc. 01–15611 Filed 6–20–01; 8:45 am]

BILLING CODE 4910–13–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Airspace Docket No. 00–ANM–12]

Establishment of Class E Airspace,

Heber City, UT

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Final rule.

SUMMARY: This action establishes the

Heber City, UT, Class E airspace to

accommodate airspace required for the

establishment of a new Area Navigation

(RNAV) Standard Instrument Approach

Procedures (SIAP) to the Heber City

Russ McDonald Field, Heber City, UT.

EFFECTIVE DATE: 0901 UTC, September 6,

2001.

FOR FURTHER INFORMATION CONTACT:

Brian Durham, ANM–520.7, Federal

Aviation Administration, Docket No.

00–ANM–12, 1601 Lind Avenue SW.,

Renton, Washington 98055–4056:

telephone number: (425) 227–2527.

SUPPLEMENTARY INFORMATION:

History

On January 23, 2001, the FAA

proposed to amend Title 14 Code of

Federal Regulations, part 71 (14 CFR

part 71) by establishing Class E airspace

at Heber City, UT, in order to

accommodate a new RNAV SIAP and

Departure Procedure (DP) at Heber City

Russ McDonald Field, Heber City, UT

(66 FR 7435). This amendment provides

Class E5 airspace at Heber City, UT, to

meet current criteria standards

associated with the SIAPs and DP.

Interested parties were invited to

participate in the rulemaking

proceeding by submitting written

comments on the proposal. No

comments were received.

The Rule

This amendment to Title 14 Code of

Federal Regulations, part 71 (14 CFR

part 71) establishes Class E airspace at

Heber City, UT, in order to

accommodate a new SIAP and DP to the

Heber City Russ McDonald Field, Heber

City, UT. This amendment establishes

Class E5 airspace at Heber City, UT, to

meet current criteria standards

associated with the RNAV SIAP and DP.

The FAA establishes Class E airspace

where necessary to contain aircraft

transitioning between the terminal and

en route environments. This rule is

designed to provide for the safe and

efficient use of the navigable airspace

and to promote safe flight operations

under Instrument Flight Rules (IFR) at

the Heber City Russ McDonald Field

and between the terminal and en route

transition stages.

The area will be depicted on

aeronautical charts for pilot reference.

The coordinates for this airspace docket

are based on North American Datum 83.

Class E airspace areas extending upward

from 700 feet or more above the surface

of the earth, are published in Paragraph

6005, of FAA Order 7400.9H dated

September 1, 2000, and effective

September 16, 2000, which is

incorporated by reference in 14 CFR

71.1. The Class E airspace designation

listed in this document will be

published subsequently in the Order.

The FAA has determined that this

regulation only involves an established

body of technical regulations for which

frequent and routine amendments are

necessary to keep them operationally

current. It, therefore, (1) is not a

‘‘significant regulatory action’’ under

Executive Order 12866; (2) is not a

‘‘significant rule’’ under DOT

Regulatory Policies and Procedures (44

FR 11034; February 26, 1979); and (3)

does not warrant preparation of a

Regulatory Evaluation as the anticipated

impact is so minimal. Since this is a

routine matter that will only affect air

traffic procedures and air navigation, it

is certified that this rule, will not have

a significant economic impact on a

substantial number of small entities

under the criteria of the Regulatory

Flexibility Act.

List of Subjects in 14 CFR Part 71

Airspace, Incorporation by reference,

Navigation (air).

Adoption of the Amendment

In consideration of the foregoing, the

Federal Aviation Administration

amends 14 CFR part 71 as follows:

PART 71—DESIGNATION OF CLASS A,

CLASS B, CLASS C, CLASS D, AND

CLASS E AIRSPACE AREAS;

AIRWAYS; ROUTES; AND REPORTING

POINTS

1. The authority citation for 14 CFR

part 71 continues to read as follows:

Authority: 49 U.S.C. 106(g), 40103, 40113,

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–

1963 Comp., p. 389.

§ 71.1 [Amended]

2. The incorporation by reference in

14 CFR 71.1 of the Federal Aviation

Administration Order 7400.9H,

Airspace Designations and Reporting

Points, dated September 1, 2000, and

effective September 16, 2000, is

amended as follows:

Federal Register / Vol. 66, No. 120 / Thursday, June 21, 2001 / Rules and Regulations 33175

1Except for the discussion in this release about

authentication documents, our views expressed

today do not address record retention requirements

for investment companies and public utility

holding companies. Our views also do not address

record retention requirements for investment

advisers, transfer agents or broker-dealers. These

matters are addressed in separate releases. See

Investment Company Act Release No. 24991 (May

24, 2001) [66 FR 29224 (May 30, 2001)] (investment

companies and investment advisers); Public Utility

Holding Company Act Release No. 27404 (May 24,

2001) [66 FR 29471 (May 31, 2001)] (public utility

holding companies); Exchange Act Release No.

44238 (May 1, 2001) [66 FR 22916 (May 7, 2001)]

(broker-dealers); and Exchange Act Release No.

44227 (Apr. 27, 2001) [66 FR 21648 (May 1, 2001)]

(transfer agents). This release does not in any way

affect the record retention requirements discussed

in those releases.

As we have previously noted (see Securities Act

Release No. 7912 (Oct. 27, 2000) [65 FR 65736 (Nov.

2, 2000)]; Securities Act Release No. 7877 (July 27,

2000) [65 FR 47281 (Aug. 2, 2000)]), we are

considering the broader implications of the

Electronic Signatures in Global and National

Commerce Act on securities transactions.

2Pub. L. No. 106–229, 114 Stat. 464 (2000)

(codified at 15 U.S.C. 7001–7006, 7021, 7031).

3 15 U.S.C. 77a, et seq.

4 15 U.S.C. 78a, et seq.

5 17 CFR 232.10—232.601.

6E-SIGN preamble.

7E-SIGN section 106(13) [15 U.S.C. 7106(13)]

defines the term ‘‘transaction’’ generally to mean

‘‘an action or set of actions relating to the conduct

of business, consumer or commercial affairs

between two or more persons.’’

8E-SIGN section 101(a)(1) [15 U.S.C. 7001(a)(1)].

Note, however, that section 101(e) of E-SIGN [15

U.S.C. 7001(e)] provides that legal effect, validity or

enforceability may be denied to a contract or other

record required to be in writing that is kept in

electronic form if the electronic record is not in a

form that is capable of being retained and

accurately reproduced for later reference by all

involved parties.

9E-SIGN section 101(a)(2) [15 U.S.C. 7001(a)(2)].

10E-SIGN section 101(d)(1) [15 U.S.C. 7001(d)(1)].

With respect to record retention requirements

imposed by a federal statute or agency rule, E-SIGN

became effective on March 1, 2001 unless a federal

regulatory agency had announced, proposed or

initiated rulemaking to establish performance

standards to assure accuracy, record integrity and

accessibility of electronic records on or before that

date. Where a federal regulatory agency announced,

proposed or initiated a rulemaking project on or

before March 1, 2001, the effective date of E-SIGN

was postponed until June 1, 2001 with respect to

those record retention requirements. See E-SIGN

section 107(b)(1) [15 U.S.C. 7007(b)(1)]. On

February 28, 2001, we published notice of our

intention to engage in rulemaking in order to

provide interpretive guidance and, where

appropriate, propose or adopt electronic

performance standards consistent with E-SIGN. See

Securities Act Release No. 7955 (Feb. 28, 2001) [66

FR 13273 (Mar. 5, 2001)]. Accordingly, to the extent

that E-SIGN affects any record retention

requirements under the federal securities laws, ESIGN took effect on June 1, 2001, instead of March

1, 2001.

11E-SIGN section 104(b)(3) [15 U.S.C. 7004(b)(3)].

12E-SIGN section 101(d)(1) [15 U.S.C. 7001(d)(1)].

E-SIGN preserves our authority to interpret this

provision. E-SIGN section 104(b)(1) [15 U.S.C.

7004(b)(1)].

13See Office of Management and Budget,

Memorandum for the Heads of Departments and

Agencies from Jacob J. Lew, No. M–00–15, OMB

Guidance on Implementing the Electronic

Signatures in Global and National Commerce Act

(Sept. 25, 2000), Part III, B.1 (‘‘OMB Guidance’’).

Paragraph 6005 Class E airspace areas

extending upward from 700 feet or more

above the surface of the earth.

* * * * *

ANM UT E5 Heber City, UT [NEW]

Heber City Muni-Russ McDonald Field, UT

(Lat. 40°28′55′′N., long. 111°25′44′′W.)

That airspace extending upward from 700

feet above the surface within the 5-mile

radius of the Heber City Muni-Russ

McDonald Field, and within 2 miles each

side of the 010° bearing from the airport

extending to 7.8 miles, and within 2 miles

each side of the 160° bearing extending to 8.9

miles; and that airspace extending upward

from 1,200 feet above the surface bounded by

a line beginning at lat. 41°13′45′′N., long.

111°24′20′′W., to lat. 41°11′34′′N., long.

111°09′28′′W., to lat. 40°09′40′′N., long.

111°15′42′′W., to lat. 40°10′52′′N., long.

111°34′57′′W., to lat. 40°30′00′′N., long.

111°34′57′′W to origin, and excluding that

airspace within Federal airways; the Salt

Lake City, UT; and the Evanston, WY, Class

E airspace areas.

* * * * *

Issued in Seattle, Washington, on June 14,

2001.

Dan A. Boyle,

Assistant Manager, Air Traffic Division,

Northwest Mountain Region.

[FR Doc. 01–15610 Filed 6–20–01; 8:45 am]

BILLING CODE 4910–13–M

SECURITIES AND EXCHANGE

COMMISSION

17 CFR Parts 231, 241, 251 and 271

[Release Nos. 33–7985, 34–44424; 35–

27419; IC–25003]

RIN 3235–AI14

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

AGENCY: Securities and Exchange

Commission.

ACTION: Interpretation.

SUMMARY: We are publishing guidance

on the obligations of issuers to maintain

certain records under the Securities Act

of 1933 (‘‘Securities Act’’), Securities

Exchange Act of 1934 (‘‘Exchange Act’’)

and Regulation S-T in light of the

Electronic Signatures in Global and

National Commerce Act (‘‘E-SIGN’’).

EFFECTIVE DATE: June 21, 2001.

FOR FURTHER INFORMATION CONTACT:

Mark A. Borges, Division of Corporation

Finance, at (202) 942–2910.

SUPPLEMENTARY INFORMATION: We are

publishing guidance 1 on the impact of

E-SIGN 2 on our rules promulgated

under the Securities Act,3 Exchange

Act 4 and Regulation S-T5 that require

issuers to retain signature

authentication documents and certain

other records for specified time periods.

Discussion

I. Background

E-SIGN seeks to promote electronic

commerce by permitting and

encouraging the use of electronic

records and signatures in transactions in

interstate or foreign commerce.6

Generally, E-SIGN provides that, with

respect to any transaction 7 within its

scope, a signature, contract or other

record relating to the transaction may

not be denied legal effect, validity or

enforceability solely because it is in

electronic form.8 Similarly, E-SIGN

provides that a contract relating to such

transaction may not be denied legal

effect, validity or enforceability solely

because an electronic signature or

electronic record was used in its

formation.9

E-SIGN also encourages the electronic

storage of records relating to business,

consumer and commercial

transactions.10 Further, E-SIGN

authorizes federal and state regulatory

agencies to set standards and formats for

the retention of these electronic

records.11

II. E-SIGN’s Record Retention Provision

Under E-SIGN, if a statute, regulation

or other rule of law requires that a

contract or other record relating to a

transaction be retained, that

requirement is met by retaining an

electronic record of the information in

the contract or other record if the

electronic record

• Accurately reflects the information

set forth in the contract or other record;

and

• Remains accessible to all persons

who are entitled to access by statute,

regulation or rule of law, for the period

required by such statute, regulation or

rule of law, in a form that is capable of

being accurately reproduced for later

reference.12

E-SIGN generally supersedes preexisting regulatory agency requirements

that a record be kept on paper if that

record is generated in a business,

consumer or commercial transaction.13

If, however, the record is generated