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New SPeRS Initiative: SPeRS Version 2.0
After studying the current market environment, the Electronic Financial Services Council, which administers SPeRS, has determined there is a desire for an updated version of the SPeRS Manual. Also being considered is an expansion of SPeRS to cover such topics as electronic record retention and data management, electronic recordation and notarization, and privacy and security. Please view the letter below from SPeRS Drafting Committee Chair John Taggart for more information and for instructions on how to submit your feedback on the SPeRS Version 2.0 project. The letter is available here. |
ESIGN and the UETA allow for widespread replacement of paper documents with electronic records. They also enable the broad use of electronic signatures. Many businesses are converting their operations to avail themselves of the enormous advantages offered by electronic records systems.
While the new eCommerce laws permit the use of electronic records and signatures, they also require that electronic systems and processes meet specific standards for:
- Obtaining consent to use electronic records and signatures,
- Presentation of information,
- Execution of signatures and creation of agreements,
- Record retention,
- Printing, and
- Delivery.
Failure to meet those standards may impair the enforceability of electronic records.
SPeRS provides "rules of the road" for all those seeking to realize the opportunities unlocked by ESIGN and UETA, reducing development costs and enhancing business, technological and legal compliance. Learn more.
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Order Your SPeRS Manual |
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New eCommerce laws permit the widespread replacement of paper
documents with electronic records. They also enable the broad use
of electronic signatures.
Published in September 2003 and numbering 450 pages, SPeRS is intended for use by system design teams, including
business managers, IT professionals, and legal counsel. SPeRS
provides concrete, practical, technology-neutral advice and
strategies for:
- Authenticating transaction participants,
- Obtaining consent to use electronic records and signatures,
- Presenting information,
- Creating agreements,
- Executing signatures, and
- Record retention
To order a SPeRS Manual please contact Jennifer Jones at (202) 349-8067 or jjones@buckleykolar.com. |
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- SPeRS Announces Distribution of E-Records, E-Signatures Program to ACLI Members
The SPeRS Drafting Committee, a group comprising financial trade associations and
companies, announced it has reached an agreement to make its electronic records and
signatures program available to member companies of the American Council of Life
Insurers (ACLI). (read press release)
- Technical Report Brings E Signatures Nearer To Reality
Replacing paper documents where a "wet" signature is required with electronic
records is a goal of the financial services industry.
Today the SPeRS Drafting Committee of the Electronic Financial Services
Council (EFSC) and the Accredited Standards Committee X9 (ASC X9) report
the goal is one step closer to reality as Technical Report 4-2004, Standards and
Procedures for Electronic Records and Signatures (TR 4 or SPeRS) was
approved with an official designation as a registered Technical Report with ASC
X9 and the American National Standards Institute. (read press release)
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Electronic Financial
Services Council
For more information on the availability and delivery of financial
services in electronic commerce visit the site of the Electronic Financial
Services Council
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Standards and Procedures For Electronic Records and Signatures
1250 24th Street, NW, Suite 700, Washington, DC 20037
phone: 202-349-8067 | fax: 202-349-8080 |
e-mail: info@spers.org
Copyright © 2002 - 2006, Electronic Financial Services Council.
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