§ 78x. — Public availability of information.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC78x]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2B--SECURITIES EXCHANGES
Sec. 78x. Public availability of information
(a) ``Records'' defined
For purposes of section 552 of title 5 the term ``records'' includes
all applications, statements, reports, contracts, correspondence,
notices, and other documents filed with or otherwise obtained by the
Commission pursuant to this chapter or otherwise.
(b) Disclosure or personal use
It shall be unlawful for any member, officer, or employee of the
Commission to disclose to any person other than a member, officer, or
employee of the Commission, or to use for personal benefit, any
information contained in any application, statement, report, contract,
correspondence, notice, or other document filed with or otherwise
obtained by the Commission (1) in contravention of the rules and
regulations of the Commission under section 552 of title 5, or (2) in
circumstances where the Commission has determined pursuant to such rules
to accord confidential treatment to such information.
(c) Confidential disclosures
The Commission may, in its discretion and upon a showing that such
information is needed, provide all ``records'' (as defined in subsection
(a) of this section) and other information in its possession to such
persons, both domestic and foreign, as the Commission by rule deems
appropriate if the person receiving such records or information provides
such assurances of confidentiality as the Commission deems appropriate.
(d) Records obtained from foreign securities authorities
Except as provided in subsection (e) of this section, the Commission
shall not be compelled to disclose records obtained from a foreign
securities authority if (1) the foreign securities authority has in good
faith determined and represented to the Commission that public
disclosure of such records would violate the laws applicable to that
foreign securities authority, and (2) the Commission obtains such
records pursuant to (A) such procedure as the Commission may authorize
for use in connection with the administration or enforcement of the
securities laws, or (B) a memorandum of understanding. For purposes of
section 552 of title 5, this subsection shall be considered a statute
described in subsection (b)(3)(B) of such section 552.
(e) Savings provision
Nothing in this section shall--
(1) alter the Commission's responsibilities under the Right to
Financial Privacy Act (12 U.S.C. 3401 et seq.), as limited by
section 78u(h) of this title, with respect to transfers of records
covered by such statutes, or
(2) authorize the Commission to withhold information from the
Congress or prevent the Commission from complying with an order of a
court of the United States in an action commenced by the United
States or the Commission.
(June 6, 1934, ch. 404, title I, Sec. 24, 48 Stat. 901; Aug. 23, 1935,
ch. 614, Sec. 203(a), 49 Stat. 704; Pub. L. 94-29, Sec. 19, June 4,
1975, 89 Stat. 158; Pub. L. 101-550, title II, Sec. 202(a), Nov. 15,
1990, 104 Stat. 2715.)
References in Text
This chapter, referred to in subsec. (a), was in the original ``this
title''. See References in Text note set out under section 78a of this
title.
The Right to Financial Privacy Act, referred to in subsec. (e)(1),
probably means the Right to Financial Privacy Act of 1978, title XI of
Pub. L. 95-630, Nov. 10, 1978, 92 Stat. 3697, as amended, which is
classified generally to chapter 35 (Sec. 3401 et seq.) of Title 12,
Banks and Banking. For complete classification of this Act to the Code,
see Short Title note set out under section 3401 of Title 12 and Tables.
Amendments
1990--Subsec. (b). Pub. L. 101-550, Sec. 202(a)(1), struck out at
end ``Nothing in this subsection shall authorize the Commission to
withhold information from the Congress.''
Subsecs. (c) to (e). Pub. L. 101-550, Sec. 202(a)(2), added subsecs.
(c) to (e).
1975--Subsec. (a). Pub. L. 94-29 substituted ``For purposes of
section 552 of title 5, the term `records' includes all applications,
statements, reports, contracts, correspondence, notices, and other
documents filed with or otherwise obtained by the Commission pursuant to
this chapter or otherwise'' for ``Nothing in this chapter shall be
construed to require, or to authorize the Commission to require, the
revealing of trade secrets or processes in any application, report, or
document filed with the Commission under this chapter''.
Subsecs. (b), (c). Pub. L. 94-29 redesignated subsec. (c) as (b) and
substituted ``application, statement, report, contract, correspondence,
notice, or other document filed with or otherwise obtained by the
Commission (1) in contravention of the rules and regulations of the
Commission under section 552 of title 5, or (2) in circumstances where
the Commission has determined pursuant to such rules to accord
confidential treatment for such information. Nothing in this subsection
shall authorize the Commission to withhold information from Congress''
for ``application, report, or document filed with the Commission which
is not made available to the public pursuant to subsection (b) of this
section: Provided, That the Commission may make available to the Board
of Governors of the Federal Reserve System any information requested by
the Board for the purpose of enabling it to perform its duties under
this chapter''. Former subsec. (b), providing for written objection to
public disclosure of information, was struck out.
Change of Name
Section 203(a) of act Aug. 23, 1935, substituted ``Board of
Governors of the Federal Reserve System'' for ``Federal Reserve Board''.
Effective Date of 1975 Amendment
Amendment by Pub. L. 94-29 effective June 4, 1975, see section 31(a)
of Pub. L. 94-29, set out as a note under section 78b of this title.
Transfer of Functions
For transfer of functions of Securities and Exchange Commission,
with certain exceptions, to Chairman of such Commission, see Reorg. Plan
No. 10 of 1950, Secs. 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat.
1265, set out under section 78d of this title.
Section Referred to in Other Sections
This section is referred to in sections 78q, 80a-44, 80b-10 of this
title.
