15 USC 80b-10(b): Investment Advisors examinations or investigations
About This Project
This project uses data compiled by the Sunshine in Government initiative, a coalition of journalism and transparency groups. SGI compiled data from federal agency annual FOIA reports to track how often b(3) exemptions were used. SGI also standardized the exemptions since some agencies used slightly different citations of the same laws. In some cases, agencies listed general laws without specifying a section under which information was withheld. This project does not include information from agencies that use no b(3) exemptions in 2008 or 2009. ProPublica compiled information about FOIA denials.
TITLE 15--COMMERCE AND TRADE CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS SUBCHAPTER II--INVESTMENT ADVISERS
Sec. 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, 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.