Maritime Regulatory Reform Act of 1994

Maritime Regulatory Reform Act of 1994 - Amends Federal maritime law to authorize the Secretary of the department in which the Coast Guard operates, in order to implement the International Management Code for the Safe Operation of Ships and for Pollution Prevention adopted by the International Maritime Organization and to establish alternative compliance programs, to: (1) prescribe regulations governing the U.S. merchant marine, merchant marine personnel, and shore-based management of vessels that affect the safety of vessels and personnel and marine pollution prevention; and (2) establish optional regulatory requirements commensurate with the level of quality control adopted by the shipowner or operator, provided that an equivalent level of safety is maintained.

(Sec. 3) Authorizes the Secretary to utilize reports, documents, and certificates issued by persons who may be relied upon with regard to marine safety, security, and environmental protection.

(Sec. 4) Authorizes the Secretary to accept approvals of fire and life safety equipment and materials by foreign governments which utilize design and testing standards that meet the requirements of the International Convention for the Safety of Life at Sea, and its associated International Maritime Organization guidance documents.

(Sec. 5) Requires each in service small passenger vessel carrying more than 12 passengers on an international voyage to be inspected annually. Requires any other vessel to be inspected at least once every five years (currently, every two years). Extends from two to five years the effective validation period of certificates of inspection issued to U.S. vessels that carry oil or hazardous material in bulk.

(Sec. 6) Requires the owner or individual in charge of a vessel to submit certain inspection related notices to the Secretary at least 30 days (currently, at least 30 days but not more than 60 days) before the current certificate of inspection issued to a vessel expires.

(Sec. 7) Revises provisions regarding the recognition of U.S. classification societies.