[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 281 Introduced in House (IH)]







111th CONGRESS
  1st Session
                                H. R. 281

   To authorize the Securities and Exchange Commission to permit or 
 require persons filing or furnishing information under the securities 
   laws to make such information available on internet websites, in 
addition to or instead of including such information in filings with or 
submissions to the Commission, under such conditions as the Commission 
                          may specify by rule.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 7, 2009

  Mr. Roskam introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To authorize the Securities and Exchange Commission to permit or 
 require persons filing or furnishing information under the securities 
   laws to make such information available on internet websites, in 
addition to or instead of including such information in filings with or 
submissions to the Commission, under such conditions as the Commission 
                          may specify by rule.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Transparency in Corporate Filings 
Act''.

SEC. 2. AUTHORITY TO PERMIT OR REQUIRE SECURITIES ACT OF 1933 FILINGS 
              ON INTERNET WEBSITES.

    (a) Registration Statements.--Section 7(a) of the Securities Act of 
1933 (15 U.S.C. 77g(a)) is amended by striking ``any class of issuers 
or securities if it finds'' and inserting ``any class of issuers or 
securities either because the Commission otherwise prescribed a means 
by which the information should be publicly disclosed, or because the 
Commission finds''.
    (b) Prospectuses.--Section 10(a)(4) of the Securities Act of 1933 
(15 U.S.C. 77j(a)(4)) is amended to read as follows:
            ``(4) there may be omitted from any prospectus any of the 
        information required under this subsection (a) that the 
        Commission may by rules or regulations provide may be publicly 
        disclosed by another means, or that the Commission may 
        designate as not being necessary or appropriate in the public 
        interest or for the protection of investors.''.
    (c) Broadcasts.--Section 10(f) of the Securities Act of 1933 (15 
U.S.C. 77j(f)) is amended to read as follows:
    ``(f) In any case where a prospectus consists of a radio or 
television broadcast, copies thereof shall be filed with the Commission 
or otherwise publicly disclosed under such rules and regulations as it 
shall prescribe.   The Commission may by rules and regulations require 
the filing with it of forms and prospectuses or other means of public 
disclosure used in connection with the offer or sale of securities 
registered under this title.''.
    (d) Rules and Regulations.--Section 19(a) of the Securities Act of 
1933 (15 U.S.C. 77s(a)) is amended by inserting ``or other means of 
public disclosure'' after ``prescribe the form or forms''.

SEC. 3. AUTHORITY TO PERMIT OR REQUIRE SECURITIES EXCHANGE ACT OF 1934 
              FILINGS ON INTERNET WEBSITES.

    (a) Periodic Reports.--Section 13(a) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78m(a)) is amended by inserting ``or otherwise 
publicly disclose by means prescribed by the Commission,'' after 
``Every issuer of a security registered pursuant to section 12 of this 
title shall file with the Commission,''.
    (b) Other Means Than Forms.--Section 13(b)(1) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78m(b)(1)) is amended by inserting ``or 
other means of public disclosure'' after ``the form or forms''.
    (c) Additional Disclosures.--Section 15(d) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78o(d)) is amended by inserting ``or 
otherwise publicly disclose by means prescribed by the Commission,'' 
after ``shall file with the Commission,''.

SEC. 4. AUTHORITY TO PERMIT OR REQUIRE INVESTMENT COMPANY ACT OF 1940 
              FILINGS ON INTERNET WEBSITES.

    (a) Registration Statements.--Section 8(b)(5) of the Investment 
Company Act of 1940 (15 U.S.C. 80a-8(b)(5)) is amended by inserting 
``or otherwise publicly disclosed by means prescribed by the 
Commission'' after ``required to be filed''.
    (b) Copies of Required Public Disclosures.--Section 8(c) of the 
Investment Company Act of 1940 (15 U.S.C. 80a-8(c)) is amended--
            (1) in paragraph (2), by striking ``and'';
            (2) by redesignating paragraph (3) as paragraph (4);
            (3) by inserting after paragraph (2) the following new 
        paragraph:
            ``(3) copies of any information that is required to be 
        publicly disclosed by the Commission pursuant to the Securities 
        Act of 1933 or the Securities Exchange Act of 1934; and''; and
            (4) in paragraph (4) (as redesignated by paragraph (2) of 
        this subsection), striking ``and (2)'' and inserting ``, (2), 
        and (3)''.
    (c) Periodic or Other Reports.--Section 30(a) of the Investment 
Company Act of 1940 (15 U.S.C. 80a-29(a)) is amended by inserting ``or 
otherwise publicly disclose'' after ``required to file annually''.
    (d) Rules and Regulations Concerning Alternative Means of 
Disclosure.--Section 38 of the Investment Company Act of 1940 (15 
U.S.C. 80a-37) is amended--
            (1) by redesignating subsection (c) as subsection (d); and
            (2) inserting after subsection (b) the following new 
        subsection:
    ``(c) The Commission, by such rules and regulations or orders as it 
deems necessary or appropriate in the public interest or for the 
protection of investors, may permit or require one or more alternative 
means of public disclosure in lieu of, or in addition to, filing with 
the Commission or transmitting to security holders all or any part of 
any registration statement, prospectus, application, report, account, 
record, or other document under this title and may determine whether 
any information so disclosed shall be deemed filed or transmitted for 
all or any purposes under this title.''.
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