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U.S. Code as of:
01/03/05
Section 12. Public disclosure
(a) Investigations respecting operations of boards of trade and
others subject to this chapter; publication of results;
restrictions; information received from foreign futures
authorities; undercover operations; notice of investigations and
enforcement actions
(1) For the efficient execution of the provisions of this
chapter, and in order to provide information for the use of
Congress, the Commission may make such investigations as it deems
necessary to ascertain the facts regarding the operations of boards
of trade and other persons subject to the provisions of this
chapter. The Commission may publish from time to time the results
of any such investigation and such general statistical information
gathered therefrom as it deems of interest to the public: Provided,
That except as otherwise specifically authorized in this chapter,
the Commission may not publish data and information that would
separately disclose the business transactions or market positions
of any person and trade secrets or names of customers: Provided
further, That the Commission may withhold from public disclosure
any data or information concerning or obtained in connection with
any pending investigation of any person. The Commission shall not
be compelled to disclose any information or data obtained from a
foreign futures authority if -
(A) the foreign futures authority has in good faith determined
and represented to the Commission that disclosure of such
information or data by that foreign futures authority would
violate the laws applicable to that foreign futures authority;
and
(B) the Commission obtains such information pursuant to -
(i) such procedure as the Commission may authorize for use in
connection with the administration or enforcement of this
chapter; or
(ii) a memorandum of understanding with that foreign futures
authority;
except that nothing in this subsection shall prevent the Commission
from disclosing publicly any information or data obtained by the
Commission from a foreign futures authority when such disclosure is
made in connection with a congressional proceeding, an
administrative or judicial proceeding commenced by the United
States or the Commission, in any receivership proceeding commenced
involving a receiver appointed in a judicial proceeding by the
United States or the Commission, or in any proceeding under title
11 in which the Commission has intervened or in which the
Commission has the right to appear and be heard. Nothing in this
subsection shall be construed to authorize the Commission to
withhold information or data from Congress. For purposes of section
552 of title 5, this subsection shall be considered a statute
described in subsection (b)(3)(B) of section 552.
(2) In conducting investigations authorized under this subsection
or any other provision of this chapter, the Commission shall
continue, as the Commission determines necessary, to request the
assistance of and cooperate with the appropriate Federal agencies
in the conduct of such investigations, including undercover
operations by such agencies. The Commission and the Department of
Justice shall assess the effectiveness of such undercover
operations and, within two years of October 28, 1992, shall
recommend to Congress any additional undercover or other authority
for the Commission that the Commission or the Department of Justice
believes to be necessary.
(3) The Commission shall provide the Securities and Exchange
Commission with notice of the commencement of any proceeding and a
copy of any order entered by the Commission against any futures
commission merchant or introducing broker registered pursuant to
section 6f(a)(2) of this title, any floor broker or floor trader
exempt from registration pursuant to section 6f(a)(3) of this
title, any associated person exempt from registration pursuant to
section 6k(6) (!1) of this title, or any board of trade designated
as a contract market pursuant to section 7b-1 of this title.
(b) Business matters; congressional, administrative, judicial, and
bankruptcy proceedings
The Commission may disclose publicly any data or information that
would separately disclose the market positions, business
transactions, trade secrets, or names of customers of any person
when such disclosure is made in connection with a congressional
proceeding, in an administrative or judicial proceeding brought
under this chapter, in any receivership proceeding involving a
receiver appointed in a judicial proceeding brought under this
chapter, or in any bankruptcy proceeding in which the Commission
has intervened or in which the Commission has the right to appear
and be heard under title 11. This subsection shall not apply to the
disclosure of data or information obtained by the Commission from a
foreign futures authority.
(c) Reports respecting conduct of registered entities or
transactions of violators; contents
The Commission may make or issue such reports as it deems
necessary, or such opinions or orders as may be required under
other provisions of law, relative to the conduct of any registered
entity or to the transactions of any person found guilty of
violating the provisions of this chapter or the rules, regulations,
or orders of the Commission thereunder in proceedings brought under
sections 8, 9, 9a, 9b, 9c, 13b, and 15 of this title. In any such
report or opinion, the Commission may set forth the facts as to any
actual transaction or any information referred to in subsection (b)
of this section, if such facts or information have previously been
disclosed publicly in connection with a congressional proceeding,
or in an administrative or judicial proceeding brought under this
chapter.
(d) Investigations respecting marketing conditions of commodities
and commodity products and byproducts; reports
The Commission, upon its own initiative or in cooperation with
existing governmental agencies, shall investigate the marketing
conditions of commodities and commodity products and byproducts,
including supply and demand for these commodities, cost to the
consumer, and handling and transportation charges. It shall also
compile and furnish to producers, consumers, and distributors, by
means of regular or special reports, or by such other methods as it
deems most effective, information respecting the commodity markets,
together with information on supply, demand, prices, and other
conditions in this and other countries that affect the markets.
(e) Names and addresses of traders of boards of trade previously
disclosed; disclosure to Congress and agencies or departments of
States or foreign governments or foreign futures authority
The Commission may disclose and make public, where such
information has previously been disclosed publicly in accordance
with the provisions of this section, the names and addresses of all
traders on the boards of trade on the commodity markets with
respect to whom the Commission has information, and any other
information in the possession of the Commission relating to the
amount of commodities purchased or sold by each such trader. Upon
the request of any committee of either House of Congress, acting
within the scope of its jurisdiction, the Commission shall furnish
to such committee the names and addresses of all traders on such
boards of trade with respect to whom the Commission has
information, and any other information in the possession of the
Commission relating to the amount of any commodity purchased or
sold by each such trader. Upon the request of any department or
agency of the Government of the United States, acting within the
scope of its jurisdiction, the Commission may furnish to such
department or agency any information in the possession of the
Commission obtained in connection with the administration of this
chapter. However, any information furnished under this subsection
to any Federal department or agency shall not be disclosed by such
department or agency except in any action or proceeding under the
laws of the United States to which it, the Commission, or the
United States is a party. Upon the request of any department or
agency of any State or any political subdivision thereof, acting
within the scope of its jurisdiction, any foreign futures
authority, or any department or agency of any foreign government or
any political subdivision thereof, acting within the scope of its
jurisdiction, the Commission may furnish to such foreign futures
authority, department or agency any information in the possession
of the Commission obtained in connection with the administration of
this chapter. Any information furnished to any department or agency
of any State or political subdivision thereof shall not be
disclosed by such department or agency except in connection with an
adjudicatory action or proceeding brought under this chapter or the
laws of such State or political subdivision to which such State or
political subdivision or any department or agency thereof is a
party. The Commission shall not furnish any information to a
foreign futures authority or to a department or agency of a foreign
government or political subdivision thereof unless the Commission
is satisfied that the information will not be disclosed by such
foreign futures authority, department or agency except in
connection with an adjudicatory action or proceeding brought under
the laws of such foreign government or political subdivision to
which such foreign government or political subdivision or any
department or agency thereof, or foreign futures authority.(!2) is
a party.
(f) Compliance with subpoena after notice to informant;
congressional subpoenas and requests for information excepted
The Commission shall disclose information in its possession
pursuant to a subpoena or summons only if -
(1) a copy of the subpoena or summons has been mailed to the
last known home or business address of the person who submitted
the information that is the subject of the subpoena or summons,
if the address is known to the Commission, or, if such mailing
would be unduly burdensome, the Commission provides other
appropriate notice of the subpoena or summons to such person, and
(2) at least fourteen days have expired from the date of such
mailing of the subpoena or summons, or such other notice.
This subsection shall not apply to congressional subpoenas or
congressional requests for information.
(g) Requests for information by State agencies or subdivisions;
volunteering of information by Commission
The Commission shall provide any registration information
maintained by the Commission on any registrant upon reasonable
request made by any department or agency of any State or any
political subdivision thereof. Whenever the Commission determines
that such information may be appropriate for use by any department
or agency of a State or political subdivision thereof, the
Commission shall provide such information without request.
(h) Omitted
(i) Review and audits by Comptroller General
The Comptroller General of the United States shall conduct
reviews and audits of the Commission and make reports thereon. For
the purpose of conducting such reviews and audits, the Comptroller
General shall be furnished such information regarding the powers,
duties, organizations, transactions, operations, and activities of
the Commission as the Comptroller General may require and the
Comptroller General and the duly authorized representatives of the
Comptroller General shall, for the purpose of securing such
information, have access to and the right to examine any books,
documents, papers, or records of the Commission, except that in
reports the Comptroller General shall not include data and
information that would separately disclose the business
transactions of any person and trade secrets or names of customers,
although such data shall be provided upon request by any committee
of either House of Congress acting within the scope of its
jurisdiction.
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