15 USC 80b-10(b): Investment Advisors examinations or investigations

          
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.