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15 U.S.C. § 78x — Public availability of information

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78x — Public availability of information

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Stable record: federal_law:legal_authorities:record_usc_5ccb21da066de60721a0b58a
Source file: Laws/federal/codes/united-states-code/title-15/section-78x-public-availability-of-information--35e431ae04.md
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Source location: Title 15, Chapter 2B, § 78x; chapter-2b-securities-exchanges.md

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**(a) “Records” defined** For purposes of [section 552 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section552&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section552&num=0&edition=prelim), 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)) 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 (g), 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section552&num=0&edition=prelim), this subsection shall be considered a statute described in subsection (b)(3)(B) of such section 552. **(e) Freedom of Information Act** For purposes of [section 552(b)(8) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section552/b/8&num=0&edition=prelim) (commonly referred to as the Freedom of Information Act)— (1) the Commission is an agency responsible for the regulation or supervision of financial institutions; and (2) any entity for which the Commission is responsible for regulating, supervising, or examining under this chapter is a financial institution. **(f) Sharing privileged information with other authorities** (1) **Privileged information provided by the Commission** — The Commission shall not be deemed to have waived any privilege applicable to any information by transferring that information to or permitting that information to be used by— (A) any agency (as defined in [section 6 of title 18](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title18-section6&num=0&edition=prelim)); (B) the Public Company Accounting Oversight Board; (C) any self-regulatory organization; (D) any foreign securities authority; (E) any foreign law enforcement authority; or (F) any State securities or law enforcement authority. (2) **Nondisclosure of privileged information provided to the Commission** — The Commission shall not be compelled to disclose privileged information obtained from any foreign securities authority, or foreign law enforcement authority, if the authority has in good faith determined and represented to the Commission that the information is privileged. (3) **Nonwaiver of privileged information provided to the Commission** (A) *In general* — Federal agencies, State securities and law enforcement authorities, self-regulatory organizations, and the Public Company Accounting Oversight Board shall not be deemed to have waived any privilege applicable to any information by transferring that information to or permitting that information to be used by the Commission. (B) *Exception* — The provisions of subparagraph (A) shall not apply to a self-regulatory organization or the Public Company Accounting Oversight Board with respect to information used by the Commission in an action against such organization. (4) **Definitions** — For purposes of this subsection— (A) the term “privilege” includes any work-product privilege, attorney-client privilege, governmental privilege, or other privilege recognized under Federal, State, or foreign law; (B) the term “foreign law enforcement authority” means any foreign authority that is empowered under foreign law to detect, investigate or prosecute potential violations of law; and (C) the term “State securities or law enforcement authority” means the authority of any State or territory that is empowered under State or territory law to detect, investigate, or prosecute potential violations of law. **(g) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3401&num=0&edition=prelim) et seq.), as limited by [section 78u(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78u/h&num=0&edition=prelim), 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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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78b — Necessity for regulation

For the reasons hereinafter enumerated, transactions in securities as commonly conducted upon securities exchanges and over-the-counter markets are effected with a national public interest which makes it necessary to provide for regulation and control of such transactions and of practices and matters related thereto, including transactions by officers, directors, and principal security holders, to require appropriate reports, to remove impediments to and perfect the mechanisms of a national market system for securities and a national system for the clearance and settlement of securities transactions and the safeguarding of securities and funds related thereto, and to impose requirements necessary to make such regulation and control reasonably complete and effective, in order to protect interstate commerce, the national credit, the Federal taxing power, to protect and make more effective the national banking system and Federal Reserve System, and to insure the maintenance of fair and honest markets in such transactions: (1) Such transactions (a) are carried on in large volume by the public generally and in large part originate outside the States in which the exchanges and over-the-counter markets are located and/or are effected by means of the mails and instrumentalities of interstate commerce; (b) constitute an important part of the current of interstate commerce; (c) involve in large part the securities of issuers engaged in interstate commerce; (d) involve the use of credit, directly affect the financing of trade, industry, and transportation in interstate commerce, and directly affect and influence the volume of interstate commerce; and affect the national credit. (2) The prices established and offered in such transactions are generally disseminated and quoted thro

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5301 — Regulations

**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter. **(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78a — Short title

This chapter may be cited as the “Securities Exchange Act of 1934.”

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 552 — Public information; agency rules, opinions, orders, records, and proceedings

**(a)** Each agency shall make available to the public information as follows: (1) Each agency shall separately state and currently publish in the Federal Register for the guidance of the public— (A) descriptions of its central and field organization and the established places at which, the employees (and in the case of a uniformed service, the members) from whom, and the methods whereby, the public may obtain information, make submittals or requests, or obtain decisions; (B) statements of the general course and method by which its functions are channeled and determined, including the nature and requirements of all formal and informal procedures available; (C) rules of procedure, descriptions of forms available or the places at which forms may be obtained, and instructions as to the scope and contents of all papers, reports, or examinations; (D) substantive rules of general applicability adopted as authorized by law, and statements of general policy or interpretations of general applicability formulated and adopted by the agency; and (E) each amendment, revision, or repeal of the foregoing. Except to the extent that a person has actual and timely notice of the terms thereof, a person may not in any manner be required to resort to, or be adversely affected by, a matter required to be published in the Federal Register and not so published. For the purpose of this paragraph, matter reasonably available to the class of persons affected thereby is deemed published in the Federal Register when incorporated by reference therein with the approval of the Director of the Federal Register. (2) Each agency, in accordance with published rules, shall make available for public inspection in an electronic format— (A) final opinions, including concurring and dissen

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3401 — Definitions

For the purpose of this chapter, the term— (1) “financial institution”, except as provided in [section 3414 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3414&num=0&edition=prelim), means any office of a bank, savings bank, card issuer as defined in section 1602(n) 11 See References in Text note below. of title 15, industrial loan company, trust company, savings association, building and loan, or homestead association (including cooperative banks), credit union, or consumer finance institution, located in any State or territory of the United States, the District of Columbia, Puerto Rico, Guam, American Samoa, or the Virgin Islands; (2) “financial record” means an original of, a copy of, or information known to have been derived from, any record held by a financial institution pertaining to a customer’s relationship with the financial institution; (3) “Government authority” means any agency or department of the United States, or any officer, employee, or agent thereof; (4) “person” means an individual or a partnership of five or fewer individuals; (5) “customer” means any person or authorized representative of that person who utilized or is utilizing any service of a financial institution, or for whom a financial institution is acting or has acted as a fiduciary, in relation to an account maintained in the person’s name; (6) “holding company” means— (A) any bank holding company (as defined in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim)); and (B) any company described in [section 1843(f)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843/f/1&num=0&edition=prelim); (7) “supervisory

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78q — Records and reports

**(a) Rules and regulations** (1) Every national securities exchange, member thereof, broker or dealer who transacts a business in securities through the medium of any such member, registered securities association, registered broker or dealer, registered municipal securities dealer municipal advisor,,11 So in original. registered securities information processor, registered transfer agent, nationally recognized statistical rating organization, and registered clearing agency and the Municipal Securities Rulemaking Board shall make and keep for prescribed periods such records, furnish such copies thereof, and make and disseminate such reports as the Commission, by rule, prescribes as necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of this chapter. Any report that a nationally recognized statistical rating organization is required by Commission rules under this paragraph to make and disseminate to the Commission shall be deemed furnished to the Commission. (2) Every registered clearing agency shall also make and keep for prescribed periods such records, furnish such copies thereof, and make and disseminate such reports, as the appropriate regulatory agency for such clearing agency, by rule, prescribes as necessary or appropriate for the safeguarding of securities and funds in the custody or control of such clearing agency or for which it is responsible. (3) Every registered transfer agent shall also make and keep for prescribed periods such records, furnish such copies thereof, and make such reports as the appropriate regulatory agency for such transfer agent, by rule, prescribes as necessary or appropriate in furtherance of the purposes of [section 78q–1 of this title](https://uscode.house.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78d — Securities and Exchange Commission

**(a) Establishment; composition; limitations on commissioners; terms of office** There is hereby established a Securities and Exchange Commission (hereinafter referred to as the “Commission”) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Senate. Not more than three of such commissioners shall be members of the same political party, and in making appointments members of different political parties shall be appointed alternately as nearly as may be practicable. No commissioner shall engage in any other business, vocation, or employment than that of serving as commissioner, nor shall any commissioner participate, directly or indirectly, in any stock-market operations or transactions of a character subject to regulation by the Commission pursuant to this chapter. Each commissioner shall hold office for a term of five years and until his successor is appointed and has qualified, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except (1) any commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and (2) the terms of office of the commissioners first taking office after June 6, 1934, shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after June 6, 1934. **(b) Appointment and compensation of staff and leasing authority** (1) **Appointment and compensation** — The Commission shall appoint and compensate offic

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Federal law — U.S. Code and appendices · legal_authorities

18 U.S.C. § 6 — Department and agency defined

As used in this title:

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78m — Periodical and other reports

**(a) Reports by issuer of security; contents** Every issuer of a security registered pursuant to section 78l of this title shall file with the Commission, in accordance with such rules and regulations as the Commission may prescribe as necessary or appropriate for the proper protection of investors and to insure fair dealing in the security— (1) such information and documents (and such copies thereof) as the Commission shall require to keep reasonably current the information and documents required to be included in or filed with an application or registration statement filed pursuant to section 78l of this title, except that the Commission may not require the filing of any material contract wholly executed before July 1, 1962. (2) such annual reports (and such copies thereof), certified if required by the rules and regulations of the Commission by independent public accountants, and such quarterly reports (and such copies thereof), as the Commission may prescribe. Every issuer of a security registered on a national securities exchange shall also file a duplicate original of such information, documents, and reports with the exchange. In any registration statement, periodic report, or other reports to be filed with the Commission, an emerging growth company need not present selected financial data in accordance with section 229.301 of title 17, Code of Federal Regulations, for any period prior to the earliest audited period presented in connection with its first registration statement that became effective under this chapter or the Securities Act of 1933 [[15 U.S.C. 77a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77a&num=0&edition=prelim) et seq.] and, with respect to any such statement or reports, an emerging growth company may not be

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 78o–7 — Registration of nationally recognized statistical rating organizations

**(a) Registration procedures** (1) **Application for registration** (A) *In general* — A credit rating agency that elects to be treated as a nationally recognized statistical rating organization for purposes of this chapter (in this section referred to as the “applicant”), shall furnish to the Commission an application for registration, in such form as the Commission shall require, by rule or regulation issued in accordance with subsection (n), and containing the information described in subparagraph (B). (B) *Required information* — An application for registration under this section shall contain information regarding— (i) credit ratings performance measurement statistics over short-term, mid-term, and long-term periods (as applicable) of the applicant; (ii) the procedures and methodologies that the applicant uses in determining credit ratings; (iii) policies or procedures adopted and implemented by the applicant to prevent the misuse, in violation of this chapter (or the rules and regulations hereunder), of material, nonpublic information; (iv) the organizational structure of the applicant; (v) whether or not the applicant has in effect a code of ethics, and if not, the reasons therefor; (vi) any conflict of interest relating to the issuance of credit ratings by the applicant; (vii) the categories described in any of clauses (i) through (v) of [section 78c(a)(62)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/62/B&num=0&edition=prelim) with respect to which the applicant intends to apply for registration under this section; (viii) on a confidential basis, a list of the 20 largest issuers and subscribers that use the credit rating services of the applicant, by amount of

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