Page:United States Statutes at Large Volume 110 Part 1.djvu/109

 PUBLIC LAW 104-104—FEB. 8, 1996 110 STAT. 85 "(1) BOOKS AND RECORDS.— (1) Upon written order of a State commission, a State commission may examine the books, accounts, memoranda, contracts, and records of— "(A) a public utility company subject to its regulatory authority under State law; "(B) any exempt telecommunications company selling products or services to such public utility company or to an associate company of such public utility company; and "(C) any associate company or affiliate of an exempt telecommunications company which sells products or services to a public utility company referred to in subparagraph (A), wherever located, if such examination is required for the effective discharge of the State commission's regulatory responsibilities affecting the provision of electric or gas service in connection with the activities of such exempt telecommunications company. "(2) Where a State commission issues an order pursuant to paragraph (1), the State commission shall not publicly disclose trade secrets or sensitive commercial information. "(3) Any United States district court located in the State in which the State commission referred to in paragraph (1) is located shall have jurisdiction to enforce compliance with this subsection. "(4) Nothing in this section shall— "(A) preempt applicable State law concerning the provision of records and other information; or "(B) in any way limit rights to obtain records and other information under Federal law, contracts, or otherwise. " (m) INDEPENDENT AUDIT AUTHORITY FOR STATE COMMIS- SIONS.— "(1) STATE MAY ORDER AUDIT.— Any State commission with jurisdiction over a public utility company that— "(A) is an associate company of a registered holding company; and "(B) transacts business, directly or indirectly, with a subsidiary company, an affiliate or an associate company that is an exempt telecommunications company, may order an independent audit to be performed, no more frequently than on an annual basis, of all matters deemed relevant by the selected auditor that reasonably relate to retail rates: Provided, That such matters relate, directly or indirectly, to transactions or transfers between the public utility company subject to its jurisdiction and such exempt telecommunications company. "(2) SELECTION OF FIRM TO CONDUCT AUDIT. —(A) If a State commission orders an audit in accordance with paragraph (1), the public utility company and the State commission shall jointly select, within 60 days, a firm to perform the audit. The firm selected to perform the audit shall possess demonstrated qualifications relating to— "(i) competency, including adequate technical training and professional proficiency in each discipline necessary to carry out the audit; and "(ii) independence and objectivity, including that the firm be free from personal or external impairments to independence, and should assume an independent position with the State commission and auditee, making certain that the audit is based upon an impartial consideration of all pertinent facts and responsible opinions. Confidentiality. Courts.

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