CITE

    15 USC Sec. 78ll                                            01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2B - SECURITIES EXCHANGES

HEAD

    Sec. 78ll. Requirements for the EDGAR system

STATUTE

      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

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

CODIFICATION

      Pub. L. 100-181, which directed amendment of the Securities
    Exchange Act of 1934 by adding this section after section 35 of the
    Act, is reflected in the source credit above as adding this section
    to title I of the Securities Exchange Act of 1934, to reflect the
    probable intent of Congress. See Codification note set out under
    section 78kk of this title.

AMENDMENTS

      1998 - Subsecs. (a) to (c). Pub. L. 105-353, Sec. 202(1), struck
    out subsecs. (a) to (c) which: in subsec. (a) required
    certifications and reports as prerequisite to obligation or
    expenditure of funds for establishment or operation of EDGAR
    system, and provided that former section 78kk(b) amounts were to be
    exclusive source of funds for systems procurement and operation; in
    subsec. (b) required report on status of EDGAR development,
    implementation, and progress to certain Congressional committees at
    six-month intervals; and in subsec. (c) required certification to
    Congressional committees of total costs, cost/benefit analysis,
    assurances of compliance, capabilities of system, competence of
    personnel, and review of test group filings prior to entering into
    contract for EDGAR system.
      Subsec. (d). Pub. L. 105-353, Sec. 202(2), struck out "(d)"
    before "The Commission" in introductory provisions, in par. (2)
    substituted period for "; and" at end, and struck out par. (3)
    which read as follows: "shall require all persons who make any
    filing with the Commission, in addition to complying with such
    other rules concerning the form and manner of filing as the
    Commission may prescribe, to submit such filings in written or
    printed form -
        "(A) for a period of at least one year after the effective date
      specified for such person or class under paragraph (2); or
        "(B) for a shorter period if the Commission determines that the
      EDGAR system (i) is reliable, (ii) provides a suitable
      alternative to such written and printed filings, and (iii)
      assures that the provision of information through the EDGAR
      system is as effective and efficient for filers, users, and
      disseminators as provision of such information in written or
      printed form."
      Subsec. (e). Pub. L. 105-353, Sec. 202(1), struck out subsec. (e)
    which read as follows: "For the purposes of carrying out its
    responsibilities under subsection (d)(3) of this section, the
    Commission shall consult with representatives of persons filing,
    disseminating, and using information contained in filings with the
    Commission."