A fictitious regulation supposedly making law enforecement officials unable to persecute you for your collection of pirated videos. Started by internet media 'traders' to protect themselves against being reported to officals, it is now a euphemisim for no one really caring enough about your stash of bootlegged movies to do anything about it.
As Quoted From An Actual Trader's site:
"If you enter this site with intention to use the information herein to prosecute any person affiliated with this site, you are violating Code 341.322.12 of the Internet Privacy Act of 1995 which stipulates that none may threaten my ISP or any other company hosting these pages."
Clueless Person: "Wait, I thought this movie wasn't out on DVD yet."
Trader: "No worries, I'm protected under the Internet Privacy Act of 1995."