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15 U.S.C. § 78ll — Requirements for the EDGAR system

submitted 92 years ago by Pub. L. 100-181 to r/title-15-COMMERCE-AND-TRADE · 188 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law tells the SEC to set rules for its EDGAR filing system. It must make sure the company running EDGAR sells required information fairly and openly to everyone. It also requires certain filers to submit documents in a format EDGAR can accept.

The SEC must make rules covering two things about the EDGAR system — the SEC's electronic filing system. (1) Information that must be shared through EDGAR. The company that runs EDGAR (the "contractor") can only sell or share this required information using a fee schedule the SEC sets for everyone. A buyer must be able to get the information by connecting directly to EDGAR. The information must be equally available to everyone on equal terms. And anyone who legally got the information can use it, resell it, or redistribute it freely, without extra fees or royalties. (2) Filing through EDGAR. The SEC must require people, or groups of people, who must file documents with it to submit those filings in a form and manner that EDGAR can accept, and must say when that requirement starts for each person or group. But the SEC can exempt people, groups, filings, or types of filings from this rule to avoid hardship, avoid unreasonable burdens, or for other reasons it decides are necessary or appropriate.
the actual law source: uscode.house.gov ↗public domain

The Commission, by rule or regulation—

(1)

shall provide that any information in the EDGAR system that is required to be disseminated by the contractor—

(A)

may be sold or disseminated by the contractor only pursuant to a uniform schedule of fees prescribed by the Commission;

(B)

may be obtained by a purchaser by direct interconnection with the EDGAR system;

(C)

shall be equally available on equal terms to all persons; and

(D)

may be used, resold, or redisseminated by any person who has lawfully obtained such information without restriction and without payment of additional fees or royalties; and

(2)

shall require that persons, or classes of persons, required to make filings with the Commission submit such filings in a form and manner suitable for entry into the EDGAR system and shall specify the date that such requirement is effective with respect to that person or class; except that the Commission may exempt persons or classes of persons, or filings or classes of filings, from such rules or regulations in order to prevent hardships or to avoid imposing unreasonable burdens or as otherwise may be necessary or appropriate.

Source credit: (June 6, 1934, ch. 404, title I, § 35A, as added Pub. L. 100–181, title I, § 102, Dec. 4, 1987, 101 Stat. 1249; amended Pub. L. 105–353, title II, § 202, Nov. 3, 1998, 112 Stat. 3234.)

history & why it existsrecord from the source credit
  • 1934Enacted · Pub. L. 100-181 · 101 Stat. 1249
  • 1998Amended · Pub. L. 105-353 · 112 Stat. 3234

A history note hasn’t been published yet. The record shows enactment by Pub. L. 100-181 on 1934-06-06.

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