US Code Title 15 Section 78

CITE

    15 USC Sec. 78x                                             01/08/2008

EXPCITE

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

HEAD

    Sec. 78x. Public availability of information

STATUTE

    (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.

SOURCE

    (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".

MISCELLANEOUS

                     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.