[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5970 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5970

 To repeal the amendments made by section 929I of the Dodd-Frank Wall 
       Street Reform and Consumer Protection Act relating to the 
 confidentiality of materials submitted to the Securities and Exchange 
                              Commission.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 29, 2010

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

_______________________________________________________________________

                                 A BILL


 
 To repeal the amendments made by section 929I of the Dodd-Frank Wall 
       Street Reform and Consumer Protection Act relating to the 
 confidentiality of materials submitted to the Securities and Exchange 
                              Commission.

    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 ``SEC Transparency Act of 2010''.

SEC. 2. REPEAL OF SECTION 929I OF THE DODD-FRANK WALL STREET REFORM AND 
              CONSUMER PROTECTION ACT.

    (a) Securities Exchange Act of 1934.--Section 24 of the Securities 
Exchange Act of 1934 (15 U.S.C. 78x) is amended--
            (1) in subsection (d), by striking ``subsection (f)'' and 
        inserting ``subsection (e)'';
            (2) by striking subsection (e); and
            (3) by redesignating subsection (f) as subsection (e).
    (b) Investment Company Act of 1940.--Section 31 of the Investment 
Company Act of 1940 (15 U.S.C. 80a-30) is amended--
            (1) by redesignating subsections (d) and (e) as subsections 
        (e) and (f), respectively; and
            (2) by striking subsection (c) and inserting after 
        subsection (b) the following:
    ``(c) Limitations on Disclosure by Commission.--Notwithstanding any 
other provision of law, the Commission shall not be compelled to 
disclose any internal compliance or audit records, or information 
contained therein, provided to the Commission under this section. 
Nothing in this subsection shall authorize the Commission to withhold 
information from Congress or prevent the Commission from complying with 
a request for information from any other Federal department or agency 
requesting the information for purposes within the scope of the 
jurisdiction of that department or agency, or complying with an order 
of a court of the United States in an action brought by the United 
States or the Commission. For purposes of section 552 of title 5, this 
section shall be considered a statute described in subsection (b)(3)(B) 
of such section 552.
    ``(d) Definitions.--For purposes of this section--
            ``(1) the term `internal compliance policies and 
        procedures' means policies and procedures designed by subject 
        persons to promote compliance with the Federal securities laws; 
        and
            ``(2) the term `internal compliance and audit record' means 
        any record prepared by a subject person in accordance with 
        internal compliance policies and procedures.''.
    (c) Investment Advisers Act of 1940.--Section 210 of the Investment 
Advisers Act of 1940 (15 U.S.C. 80b-10) is amended by striking 
subsection (d).
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