CITE

    15 USC Sec. 80b-10                                          01/05/2009

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
    SUBCHAPTER II - INVESTMENT ADVISERS

HEAD

    Sec. 80b-10. Disclosure of information by Commission

STATUTE

    (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.

SOURCE

    (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, required the Securities and Exchange Commission to provide
    for investor access to information concerning disciplinary actions
    involving investment advisers, prior to repeal by Pub. L. 109-290,
    Sec. 7(b)(2), Sept. 29, 2006, 120 Stat. 1321.