The ATF regs say it must be "conspicuously" placed which is somewhat ambiguous. If you can easily remove the handguard for cleaning (like an AR15 or AK) it's probably ok. I can't say for sure as I've never asked the ATF this question and I've not been able to find any letters from their technical branch regarding this.
You're a very wise man.Also, about the engraving "myth", my SBR will not be a safe queen or a range toy. It will be set up for HD/SD use, but hopefully I'll never have to use it in that role. However, if I do, I would rather have abided by the law, to the very letter of the law, whether necessary or not, so that I can give them one less thing to try to convict me on.
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