19 accessible for subsequent reference. Thus language to the effect that an electronic document that is “readily accessible so as to be usable for subsequent reference” is considered to create a functionally equivalent document and meet the requirements of a statute for a written document. 2.3.14 Similarly, because electronic documents can be reproduced in multiples, legislation may provide that a legislative requirement that X number of copies be provided will be functionally satisfied by providing one electronic copy that can be reproduced. There is no point in providing the same electronic file multiple times. 2.3.15 The discussion of digital signatures, below, will provide more detail on how legal or practical signatures may be met. The functional approach of the New Zealand legislation, for example, states that requirements for a signature can be met if: - The electronic signature adequately identifies the signatory and adequately indicates the signatory’s approval of the information to which the signature is attached; - The signature must be as reliable as appropriate given the purpose for which, and the circumstances in which, the signature is required; and - Where information that must be given to a person is required to be signed, the recipient must have consented to receiving the electronic signature rather than a traditional paper-based signature. 2.3.16 The test of whether the signature is as reliable as appropriate in the circumstances, etc. is an evolving one. The UNCITRAL Model Law on Electronic Signatures sets out some guidelines; this would be an appropriate area for elaboration by regulations or guidelines, as well as through court decisions. In Ontario, regulations have been developed describing “reliability” and “prescribed information technology standards” for electronic signatures etc. Similarly, regulations define the equivalency requirements for sealed documents. 2.3.17 In some cases, legislation may be so inter-twined with language that implies a paper-based system, such as the Botswana Stock Exchange Act, that legislation establishing functional equivalency may authorise the use of electronic communication, but only at a cost of confusion and uncertainty. In such a case, it may be better to specifically amend an individual statute and create an electronic regime tailored to that statute. That has been done in some jurisdictions with respect to corporations and securities law, as well as legislation dealing with financial and banking settlement activity.