§ 80b-10. — Disclosure of information by Commission.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC80b-10]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER II--INVESTMENT ADVISERS
Sec. 80b-10. Disclosure of information by Commission
(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.
(c) Disclosure by investment adviser of identity of clients
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.
(Aug. 22, 1940, ch. 686, title II, Sec. 210, 54 Stat. 854; Pub. L. 86-
750, Sec. 13, Sept. 13, 1960, 74 Stat. 887; Pub. L. 101-550, title II,
Sec. 202(b)(2), Nov. 15, 1990, 104 Stat. 2715.)
Amendments
1990--Subsec. (b). Pub. L. 101-550 substituted ``subsections (c) and
(d) of section 80b-9 of this title and section 78x(c) of this title''
for ``subsections (c) and (e) of section 80b-9 of this title''.
1960--Subsec. (b). Pub. L. 86-750 inserted ``, or any member,
officer, or employee thereof,'' after ``the Commission'', and inserted
proscription against disclosing information to any person not a member,
officer, or employee of the Commission.
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.
Investor Access to Information
Pub. L. 104-290, title III, Sec. 306, Oct. 11, 1996, 110 Stat. 3439,
provided that: ``The Commission shall--
``(1) provide for the establishment and maintenance of a readily
accessible telephonic or other electronic process to receive
inquiries regarding disciplinary actions and proceedings involving
investment advisers and persons associated with investment advisers;
and
``(2) provide for prompt response to any inquiry described in
paragraph (1).''
