I 111th CONGRESS 2d Session H. R. 5970 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.

1.

Short title

This Act may be cited as the SEC Transparency Act of 2010.

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).