((a)) ** Rulemaking** Not later than 90 days after the effective date of this part, the Commission shall issue a final rule to exempt from the requirements of (relating to Federal access to books and records) any person that is a holding company, solely with respect to one or more—

((1)) qualifying facilities under the Public Utility Regulatory Policies Act of 1978 ( et seq.);

((2)) exempt wholesale generators; or

((3)) foreign utility companies.

((b)) ** Other authority** The Commission shall exempt a person or transaction from the requirements of (relating to Federal access to books and records) if, upon application or upon the motion of the Commission—

((1)) the Commission finds that the books, accounts, memoranda, and other records of any person are not relevant to the jurisdictional rates of a public utility or natural gas company; or

((2)) the Commission finds that any class of transactions is not relevant to the jurisdictional rates of a public utility or natural gas company.