§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, §210, 54 Stat. 854 ; Pub. L. 86–750, §13, Sept. 13, 1960, 74 Stat. 887 ; Pub. L. 101–550, title II, §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, §§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, §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, §7(b)(2), Sept. 29, 2006, 120 Stat. 1321 .