I 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘SEC Transparency Act 

5 of 2010’’. 


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1 SEC. 2. REPEAL OF SECTION 929I OF THE DODD-FRANK 

2 WALL STREET REFORM AND CONSUMER PRO3 TECTION ACT. 

4 (a) SECURITIES EXCHANGE ACT OF 1934.—Section 

5 24 of the Securities Exchange Act of 1934 (15 U.S.C. 

6 78x) is amended— 

7 (1) in subsection (d), by striking ‘‘subsection 

8 (f)’’ and inserting ‘‘subsection (e)’’; 

9 (2) by striking subsection (e); and 

10 (3) by redesignating subsection (f) as sub11 section (e). 

12 (b) INVESTMENT COMPANY ACT OF 1940.—Section 

13 31 of the Investment Company Act of 1940 (15 U.S.C. 

14 80a–30) is amended— 

15 (1) by redesignating subsections (d) and (e) as 

16 subsections (e) and (f), respectively; and 

17 (2) by striking subsection (c) and inserting 

18 after subsection (b) the following: 

19 ‘‘(c) LIMITATIONS ON DISCLOSURE BY COMMIS20 SION.—Notwithstanding any other provision of law, the 

21 Commission shall not be compelled to disclose any internal 

22 compliance or audit records, or information contained 

23 therein, provided to the Commission under this section. 

24 Nothing in this subsection shall authorize the Commission 

25 to withhold information from Congress or prevent the 

26 Commission from complying with a request for informaVerDate Mar 15 2010 23:33 Jul 31, 2010 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5970.IH H5970

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1 tion from any other Federal department or agency re2 questing the information for purposes within the scope of 

3 the jurisdiction of that department or agency, or com4 plying with an order of a court of the United States in 

5 an action brought by the United States or the Commis6 sion. For purposes of section 552 of title 5, this section 

7 shall be considered a statute described in subsection 

8 (b)(3)(B) of such section 552. 

9 ‘‘(d) DEFINITIONS.—For purposes of this section— 

10 ‘‘(1) the term ‘internal compliance policies and 

11 procedures’ means policies and procedures designed 

12 by subject persons to promote compliance with the 

13 Federal securities laws; and 

14 ‘‘(2) the term ‘internal compliance and audit 

15 record’ means any record prepared by a subject per16 son in accordance with internal compliance policies 

17 and procedures.’’. 

18 (c) INVESTMENT ADVISERS ACT OF 1940.—Section 

19 210 of the Investment Advisers Act of 1940 (15 U.S.C. 

20 80b–10) is amended by striking subsection (d). 

Æ 


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