15 U.S.C. § 80b–10 — Disclosure of information by Commission

submitted 86 years ago by ch. 686 to r/title-15-COMMERCE-AND-TRADE · 361 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section controls what the SEC must or must not make public about investment advisers. Registration filings are generally public unless the SEC decides otherwise. The SEC must keep investigations and exams confidential, with narrow exceptions, and generally can't force advisers to reveal client identities except to enforce the law or assess systemic risk.

(a) Information available to public. Information in any registration application, report, or amendment filed under this subchapter must be made public. The only exception is if the Commission decides — either through its own rule or by order on someone's request — that keeping it private better serves the public interest or investor protection. Anyone can get photocopies of public filings, for a reasonable fee and under reasonable limits the Commission sets. (b) Disclosure of fact of examination or investigation; exceptions. Subject to sections 80b-9(c) and (d) and section 78x(c), the Commission and its members, officers, and employees must not reveal that an examination or investigation is happening under this subchapter, or reveal its results or facts. No Commission member, officer, or employee may share information from such an exam or investigation with anyone outside the Commission, unless the Commission approves. Two exceptions: (1) hearings that are public under section 80b-12, and (2) a resolution or request from either house of Congress. (c) Disclosure by investment adviser of identity of clients. This subchapter never requires — and never lets the Commission require — an investment adviser providing supervisory services to reveal a client's identity, investments, or affairs. The only exceptions are when disclosure is necessary or appropriate for a specific enforcement proceeding or investigation under this subchapter, or to help assess potential systemic risk.

the actual law source: uscode.house.gov ↗public domain

(a) Information available to public

The information contained in any registration application or report or amendment thereto filed with the Commission pursuant to any provision of this subchapter shall be made available to the public, unless and except insofar as the Commission, by rules and regulations upon its own motion, or by order upon application, finds that public disclosure is neither necessary nor appropriate in the public interest or for the protection of investors. Photostatic or other copies of information contained in documents filed with the Commission under this subchapter and made available to the public shall be furnished to any person at such reasonable charge and under such reasonable limitations as the Commission shall prescribe.

(b) Disclosure of fact of examination or investigation; exceptions

Subject to the provisions of subsections (c) and (d) of section 80b–9 of this title and section 78x(c) of this title, the Commission, or any member, officer, or employee thereof, shall not make public the fact that any examination or investigation under this subchapter is being conducted, or the results of or any facts ascertained during any such examination or investigation; and no member, officer, or employee of the Commission shall disclose to any person other than a member, officer, or employee of the Commission any information obtained as a result of any such examination or investigation except with the approval of the Commission. The provisions of this subsection shall not apply—

(1)

in the case of any hearing which is public under the provisions of section 80b–12 of this title; or

(2)

in the case of a resolution or request from either House of Congress.

No provision of this subchapter shall be construed to require, or to authorize the Commission to require any investment adviser engaged in rendering investment supervisory services to disclose the identity, investments, or affairs of any client of such investment adviser, except insofar as such disclosure may be necessary or appropriate in a particular proceeding or investigation having as its object the enforcement of a provision or provisions of this subchapter or for purposes of assessment of potential systemic risk.

Source credit: (Aug. 22, 1940, ch. 686, title II, § 210, 54 Stat. 854; Pub. L. 86–750, § 13, Sept. 13, 1960, 74 Stat. 887; Pub. L. 101–550, title II, § 202(b)(2), Nov. 15, 1990, 104 Stat. 2715; Pub. L. 111–203, title IV, § 405, title IX, § 929I(c), July 21, 2010, 124 Stat. 1574, 1858; Pub. L. 111–257, § 1(c), Oct. 5, 2010, 124 Stat. 2646.)

history & why it existsrecord from the source credit

1940Enacted · Act of Aug. 22, 1940, ch. 686 · 54 Stat. 854
1960Amended · Pub. L. 86-750 · 74 Stat. 887
1990Amended · Pub. L. 101-550 · 104 Stat. 2715
2010Amended · Pub. L. 111-203 · 124 Stat. 1574, 1858
2010Amended · Pub. L. 111-257 · 124 Stat. 2646

A history note hasn’t been published yet. The record shows enactment by ch. 686 on 1940-08-22.

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