I 
111TH CONGRESS 
1ST SESSION 
H. R. 281 
To authorize the Securities and Exchange Commission to permit or require 
persons filing or furnishing information under the securities laws to 
make such information available on internet websites, in addition to 
or instead of including such information in filings with or submissions 
to the Commission, under such conditions as the Commission may specify 
by rule. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 7, 2009 
Mr. ROSKAM introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To authorize the Securities and Exchange Commission to 
permit or require persons filing or furnishing information 
under the securities laws to make such information avail-
able on internet websites, in addition to or instead of 
including such information in filings with or submissions 
to the Commission, under such conditions as the Com-
mission may specify by rule. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Transparency in Cor-
porate Filings Act’’. 
SEC. 2. AUTHORITY TO PERMIT OR REQUIRE SECURITIES 
ACT 
OF 
1933 
FILINGS 
ON 
INTERNET 
WEBSITES. 
(a) REGISTRATION STATEMENTS.—Section 7(a) of 
the Securities Act of 1933 (15 U.S.C. 77g(a)) is amended 
by striking ‘‘any class of issuers or securities if it finds’’ 
and inserting ‘‘any class of issuers or securities either be-
cause the Commission otherwise prescribed a means by 
which the information should be publicly disclosed, or be-
cause the Commission finds’’. 
(b) PROSPECTUSES.—Section 10(a)(4) of the Securi-
ties Act of 1933 (15 U.S.C. 77j(a)(4)) is amended to read 
as follows: 
‘‘(4) there may be omitted from any prospectus 
any of the information required under this sub-
section (a) that the Commission may by rules or reg-
ulations provide may be publicly disclosed by another 
means, or that the Commission may designate as not 
being necessary or appropriate in the public interest 
or for the protection of investors.’’. 
(c) BROADCASTS.—Section 10(f) of the Securities 
Act of 1933 (15 U.S.C. 77j(f)) is amended to read as fol-
lows: 
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‘‘(f) In any case where a prospectus consists of a 
radio or television broadcast, copies thereof shall be filed 
with the Commission or otherwise publicly disclosed under 
such rules and regulations as it shall prescribe.
The 
Commission may by rules and regulations require the fil-
ing with it of forms and prospectuses or other means of 
public disclosure used in connection with the offer or sale 
of securities registered under this title.’’. 
(d) RULES AND REGULATIONS.—Section 19(a) of the 
Securities Act of 1933 (15 U.S.C. 77s(a)) is amended by 
inserting ‘‘or other means of public disclosure’’ after ‘‘pre-
scribe the form or forms’’. 
SEC. 3. AUTHORITY TO PERMIT OR REQUIRE SECURITIES 
EXCHANGE ACT OF 1934 FILINGS ON INTER-
NET WEBSITES. 
(a) PERIODIC REPORTS.—Section 13(a) of the Secu-
rities Exchange Act of 1934 (15 U.S.C. 78m(a)) is amend-
ed by inserting ‘‘or otherwise publicly disclose by means 
prescribed by the Commission,’’ after ‘‘Every issuer of a 
security registered pursuant to section 12 of this title shall 
file with the Commission,’’. 
(b) OTHER MEANS THAN FORMS.—Section 13(b)(1) 
of the Securities Exchange Act of 1934 (15 U.S.C. 
78m(b)(1)) is amended by inserting ‘‘or other means of 
public disclosure’’ after ‘‘the form or forms’’. 
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(c) ADDITIONAL DISCLOSURES.—Section 15(d) of 
the Securities Exchange Act of 1934 (15 U.S.C. 78o(d)) 
is amended by inserting ‘‘or otherwise publicly disclose by 
means prescribed by the Commission,’’ after ‘‘shall file 
with the Commission,’’. 
SEC. 4. AUTHORITY TO PERMIT OR REQUIRE INVESTMENT 
COMPANY ACT OF 1940 FILINGS ON INTERNET 
WEBSITES. 
(a) REGISTRATION STATEMENTS.—Section 8(b)(5) 
of the Investment Company Act of 1940 (15 U.S.C. 80a– 
8(b)(5)) is amended by inserting ‘‘or otherwise publicly 
disclosed by means prescribed by the Commission’’ after 
‘‘required to be filed’’. 
(b) COPIES OF REQUIRED PUBLIC DISCLOSURES.— 
Section 8(c) of the Investment Company Act of 1940 (15 
U.S.C. 80a–8(c)) is amended— 
(1) in paragraph (2), by striking ‘‘and’’; 
(2) by redesignating paragraph (3) as para-
graph (4); 
(3) by inserting after paragraph (2) the fol-
lowing new paragraph: 
‘‘(3) copies of any information that is required 
to be publicly disclosed by the Commission pursuant 
to the Securities Act of 1933 or the Securities Ex-
change Act of 1934; and’’; and 
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(4) in paragraph (4) (as redesignated by para-
graph (2) of this subsection), striking ‘‘and (2)’’ and 
inserting ‘‘, (2), and (3)’’. 
(c) PERIODIC OR OTHER REPORTS.—Section 30(a) 
of the Investment Company Act of 1940 (15 U.S.C. 80a– 
29(a)) is amended by inserting ‘‘or otherwise publicly dis-
close’’ after ‘‘required to file annually’’. 
(d) RULES AND REGULATIONS CONCERNING ALTER-
NATIVE MEANS OF DISCLOSURE.—Section 38 of the In-
vestment Company Act of 1940 (15 U.S.C. 80a–37) is 
amended— 
(1) by redesignating subsection (c) as sub-
section (d); and 
(2) inserting after subsection (b) the following 
new subsection: 
‘‘(c) The Commission, by such rules and regulations 
or orders as it deems necessary or appropriate in the pub-
lic interest or for the protection of investors, may permit 
or require one or more alternative means of public disclo-
sure in lieu of, or in addition to, filing with the Commis-
sion or transmitting to security holders all or any part 
of any registration statement, prospectus, application, re-
port, account, record, or other document under this title 
and may determine whether any information so disclosed 
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shall be deemed filed or transmitted for all or any pur-
poses under this title.’’. 
Æ 
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