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U.S. Code as of:
01/19/04
Section 78x. Public availability of information
(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.
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