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 confiden-
tiality of materials submitted to the Securities and Exchange Commis-
sion. 
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 Protec-
tion Act relating to the confidentiality of materials sub-
mitted to the Securities and Exchange Commission. 
Be it enacted by the Senate and House of Representa-
tives 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’’. 
VerDate Mar 15 2010 
22:22 Jul 31, 2010
Jkt 089200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H5970.IH
H5970
sroberts on DSKD5P82C1PROD with BILLS
SEC. 2. REPEAL OF SECTION 929I OF THE DODD-FRANK 
WALL STREET REFORM AND CONSUMER PRO-
TECTION 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 sub-
section (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 COMMIS-
SION.—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 informa-
VerDate Mar 15 2010 
23:33 Jul 31, 2010
Jkt 089200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H5970.IH
H5970
sroberts on DSKD5P82C1PROD with BILLS
tion from any other Federal department or agency re-
questing the information for purposes within the scope of 
the jurisdiction of that department or agency, or com-
plying with an order of a court of the United States in 
an action brought by the United States or the Commis-
sion. 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 per-
son 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). 
Æ 
VerDate Mar 15 2010 
23:33 Jul 31, 2010
Jkt 089200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6301
E:\BILLS\H5970.IH
H5970
sroberts on DSKD5P82C1PROD with BILLS