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 title
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.
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.
Records obtained from foreign securities authorities
Except as provided in subsection (e), 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.
Nothing in this section shall--
alter the Commission's responsibilities under the
Right to Financial Privacy Act (12 U.S.C. 3401 et seq.), as limited by
section 21(h), with respect to transfers of
records covered by such statutes, or
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, c. 404, Title I, § 24, 48 Stat. 901; Aug. 23, 1935, c. 614, § 203(a),
49 Stat. 704; June 4, 1975, Pub.L. 94-29, § 19, 89 Stat. 158; Nov. 15, 1990, Pub.L.
101-550, Title II, § 202(a), 104 Stat. 2715.
Notice to Users: The Deskbook is made available
with the understanding that the University of Cincinnati College
of Law is not engaged in rendering legal, accounting or other professional
services. If legal advice or other expert assistance is required,
the services of a competent professional person should be sought. See Terms and Conditions of Use.