§ 532.7 Recordkeeping and audit.
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Title 46—Shipping > CHAPTER IV—FEDERAL MARITIME COMMISSION > SUBCHAPTER B—REGULATIONS AFFECTING OCEAN SHIPPING IN FOREIGN COMMERCE > PART 532—NVOCC NEGOTIATED RATE ARRANGEMENTS > Subpart C—Recordkeeping
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(a) An NVOCC invoking an exemption pursuant to this part must maintain original NRAs in an organized, readily accessible or retrievable manner for 5 years from the completion date of performance of the NRA by an NVOCC, in a format easily produced to the Commission.
(b) NRAs are subject to inspection and reproduction requests by the Commission. An NVOCC shall produce the requested NRAs promptly in response to a Commission request. All records produced must be in English or be accompanied by a certified English translation.
(c) Failure to keep or timely produce original NRAs will disqualify an NVOCC from the operation of the exemption provided pursuant to this part, regardless of whether it has been invoked by notice as set forth above, and may result in a Commission finding of a violation of 46 U.S.C. 41104(a)(1), 41104(a)(2)(A) or other acts prohibited by the Shipping Act.
[77 FR 33972, June 8, 2012, as amended at 78 FR 42889, July 18, 2013; 85 FR 9684, Feb. 20, 2020]
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