A bill to amend the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to provide for certain disclosures under section 552 of title 5, United States Code, (commonly referred to as the Freedom of Information Act), and for other purposes.

Bill: 111-s-3717
Sponsor: Sen. Leahy, Patrick J. [D-VT]
Introduced: 2010-08-05 in the Senate
Policy area: Finance and Financial Sector
Subjects: Business records
Financial services and investments
Freedom of information
Government information and archives
Securities

Summary:
action_date: 2010-08-05
text: 
Amends the Securities Exchange Act of 1934 to repeal the prohibition of the Dodd-Frank Wall Street Reform and Consumer Protection Act against compelling the Securities and Exchange Commission (SEC) to disclose records or information obtained from registered persons pursuant to its regulatory or oversight activities.
 
Declares that for purposes of the Freedom of Information Act (FOIA): (1) the SEC is an agency responsible for the regulation or supervision of financial institutions; and (2) any entity for which the SEC is the responsible regulator, supervisor, or examiner under such Act is a financial institution. (Thus retains the general exemption from FOIA of matters contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of the SEC and any other agency responsible for the regulation or supervision of financial institutions.)
 
Amends the Investment Company Act and the Investment Advisers Act to repeal similar prohibitions against compelling the SEC to disclose records or information provided to it by a registered investment company or investment adviser, or an underwriter, broker, dealer, or investment adviser that is a majority-owned subsidiary of such a company, for SEC use in furtherance of certain purposes, including surveillance, risk assessments, or other regulatory and oversight activities.

action_date: 2010-08-05
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
Amends the Securities Exchange Act of 1934 to repeal the prohibition of the Dodd-Frank Wall Street Reform and Consumer Protection Act against compelling the Securities and Exchange Commission (SEC) to disclose records or information obtained from registered persons pursuant to its regulatory or oversight activities.
 
Declares that for purposes of the Freedom of Information Act (FOIA): (1) the SEC is an agency responsible for the regulation or supervision of financial institutions; and (2) any entity for which the SEC is the responsible regulator, supervisor, or examiner under such Act is a financial institution. (Thus retains the general exemption from FOIA of matters contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of the SEC and any other agency responsible for the regulation or supervision of financial institutions.)
 
Amends the Investment Company Act and the Investment Advisers Act to repeal similar prohibitions against compelling the SEC to disclose records or information provided to it by a registered investment company or investment adviser, or an underwriter, broker, dealer, or investment adviser that is a majority-owned subsidiary of such a company, for SEC use in furtherance of certain purposes, including surveillance, risk assessments, or other regulatory and oversight activities.

action_date: 2010-09-21
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
Amends the Securities Exchange Act of 1934 to repeal the prohibition of the Dodd-Frank Wall Street Reform and Consumer Protection Act against compelling the Securities and Exchange Commission (SEC) to disclose records or information obtained from registered persons pursuant to its regulatory or oversight activities.
 
Declares that for purposes of the Freedom of Information Act (FOIA): (1) the SEC is an agency responsible for the regulation or supervision of financial institutions; and (2) any entity for which the SEC is the responsible regulator, supervisor, or examiner under such Act is a financial institution. (Thus retains the general exemption from FOIA of matters contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of the SEC and any other agency responsible for the regulation or supervision of financial institutions.)
 
Amends the Investment Company Act and the Investment Advisers Act to repeal similar prohibitions against compelling the SEC to disclose records or information provided to it by a registered investment company or investment adviser, or an underwriter, broker, dealer, or investment adviser that is a majority-owned subsidiary of such a company, for SEC use in furtherance of certain purposes, including surveillance, risk assessments, or other regulatory and oversight activities.

action_date: 2010-09-23
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
Amends the Securities Exchange Act of 1934 to repeal the prohibition of the Dodd-Frank Wall Street Reform and Consumer Protection Act against compelling the Securities and Exchange Commission (SEC) to disclose records or information obtained from registered persons pursuant to its regulatory or oversight activities.
 
Declares that for purposes of the Freedom of Information Act (FOIA): (1) the SEC is an agency responsible for the regulation or supervision of financial institutions; and (2) any entity for which the SEC is the responsible regulator, supervisor, or examiner under such Act is a financial institution. (Thus retains the general exemption from FOIA of matters contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of the SEC and any other agency responsible for the regulation or supervision of financial institutions.)
 
Amends the Investment Company Act and the Investment Advisers Act to repeal similar prohibitions against compelling the SEC to disclose records or information provided to it by a registered investment company or investment adviser, or an underwriter, broker, dealer, or investment adviser that is a majority-owned subsidiary of such a company, for SEC use in furtherance of certain purposes, including surveillance, risk assessments, or other regulatory and oversight activities.

action_date: 2010-10-05
text: 

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

 
Amends the Securities Exchange Act of 1934 to repeal the prohibition of the Dodd-Frank Wall Street Reform and Consumer Protection Act against compelling the Securities and Exchange Commission (SEC) to disclose records or information obtained from registered persons pursuant to its regulatory or oversight activities.
 
Declares that for purposes of the Freedom of Information Act (FOIA): (1) the SEC is an agency responsible for the regulation or supervision of financial institutions; and (2) any entity for which the SEC is the responsible regulator, supervisor, or examiner under such Act is a financial institution. (Thus retains the general exemption from FOIA of matters contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of the SEC and any other agency responsible for the regulation or supervision of financial institutions.)
 
Amends the Investment Company Act and the Investment Advisers Act to repeal similar prohibitions against compelling the SEC to disclose records or information provided to it by a registered investment company or investment adviser, or an underwriter, broker, dealer, or investment adviser that is a majority-owned subsidiary of such a company, for SEC use in furtherance of certain purposes, including surveillance, risk assessments, or other regulatory and oversight activities.


Legislative actions:
action_date: 2010-10-05
text: Became Public Law No: 111-257.
action_date: 2010-10-05
text: Became Public Law No: 111-257.
action_date: 2010-10-05
text: Signed by President.
action_date: 2010-10-05
text: Signed by President.
action_date: 2010-09-24
text: Presented to President.
action_date: 2010-09-24
text: Presented to President.
action_date: 2010-09-23
text: Cleared for White House.
action_date: 2010-09-23
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2010-09-23
text: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H6952)
action_date: 2010-09-23
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H6952)
action_date: 2010-09-23
text: DEBATE - The House proceeded with forty minutes of debate on S. 3717.
action_date: 2010-09-23
text: Considered under suspension of the rules. (consideration: CR H6952-6955)
action_date: 2010-09-23
text: Mr. Frank (MA) moved to suspend the rules and pass the bill.
action_date: 2010-09-22
text: Held at the desk.
action_date: 2010-09-22
text: Received in the House.
action_date: 2010-09-22
text: Message on Senate action sent to the House.
action_date: 2010-09-21
text: Passed Senate without amendment by Unanimous Consent. (consideration: CR S7298-7299; text as passed Senate: CR S7299)
action_date: 2010-09-21
text: Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.(consideration: CR S7298-7299; text as passed Senate: CR S7299)
action_date: 2010-09-16
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 567.
action_date: 2010-09-16
text: Committee on the Judiciary. Reported by Senator Leahy without amendment. Without written report.
action_date: 2010-09-16
text: Committee on the Judiciary. Reported by Senator Leahy without amendment. Without written report.
action_date: 2010-09-16
text: Committee on the Judiciary. Ordered to be reported without amendment favorably.
action_date: 2010-08-05
text: Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S6889)
action_date: 2010-08-05
text: Sponsor introductory remarks on measure. (CR S6889, S6889-6890)
action_date: 2010-08-05
text: Introduced in Senate

Enacted as: number: 111-257