From the NFA Handbook:
Section 12.1 Maintaining proof of registration. The NFA requires that a person possessing a firearm registered in the National Firearms Registration and Transfer Record (NFRTR) retain proof of registration which must be made available to the Attorney General, specifically an ATF agent or investigator, upon request. Proof of registration would be on a Form 1 registering a firearm to its maker, Form 2 registering a firearm to an importer or manufacturer, or a Form 3, 4, or 5 showing registration of a firearm to a transferee.
Section 6.4 Approval of Form 1. Non-FFL/SOT’s may seek approval to manufacture an NFA firearm (e.g., short-barreled rifles, short-barreled, shotguns, wallet guns, etc.) via submission of an ATF Form 1. Upon receipt of the completed Form 1, ATF will process the application and, if approved, a tax stamp will be affixed to the original of the form and the approved application will be returned to the applicant. Approval by ATF will effect registration of the firearm to the applicant. Upon receipt of the approved application, the applicant may make the firearm described on the approved Form 1. The approved form must be retained by the applicant and made available at all times for inspection by ATF officers or investigators.
If you run into an ATF agent, you must be able to show proof of legal registration. A photocopy is acceptable. The big question, however, is how they define "investigator" since this likely includes LE, any Federal agent with the power to arrest, and could include other groups as well. Unfortunately I don't know how "investigator" is specifically defined.
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