SEC Says New FinReg Law Exempts It From Public Disclosure

[boomerang]

http://www.foxbusiness.com/markets/2010/07/28/sec-says-new-finreg-law-exempts-public-disclosure/

So much for transparency.
Under a little-noticed provision of the recently passed financial-reform legislation, the Securities and Exchange Commission no longer has to comply with virtually all requests for information releases from the public, including those filed under the Freedom of Information Act.
The law, signed last week by President Obama, exempts the SEC from disclosing records or information derived from "surveillance, risk assessments, or other regulatory and oversight activities." Given that the SEC is a regulatory body, the provision covers almost every action by the agency, lawyers say. Congress and federal agencies can request information, but the public cannot.

The shadow government gets stronger. Many are going to wake up one day and wonder, how did all this happen?

 

[Red Dawn]

http://www.foxbusiness.com/markets/2010/07/28/sec-says-new-finreg-law-exempts-public-disclosure/



The shadow government gets stronger. Many are going to wake up one day and wonder, how did all this happen?

It's been happening since the early 80's and will continue to do so no matter which Party is in power as long as we allow it to keep on happening.

 

[boomerang]

It's been happening since the early 80's and will continue to do so no matter which Party is in power as long as we allow it to keep on happening.

I fully agree.

 

[MotF Bane]

Pay no attention to the man behind the curtain?

 

[spidey07]

Most transparent Administration and congress in history!

 

[woolfe9999]

It's been happening since the early 80's and will continue to do so no matter which Party is in power as long as we allow it to keep on happening.

You do realize that the point of this provision is to allow private individuals to turn over evidence of criminal wrongdoings to aid SEC investigations, without fear that their confidence will be breached? Not protecting the confidentiality of sources seriously impedes investigations. It would be like your local police department saying, come on down and supply us with evidence to help solve this crime, and by the way, we're going to disclose your identity to the public if you do.

- wolf

 

[Fern]

You do realize that the point of this provision is to allow private individuals to turn over evidence of criminal wrongdoings to aid SEC investigations, without fear that their confidence will be breached? Not protecting the confidentiality of sources seriously impedes investigations. It would be like your local police department saying, come on down and supply us with evidence to help solve this crime, and by the way, we're going to disclose your identity to the public if you do.

- wolf

Well that^ makes sense.

But if the below is true, isn't the law as written overly broad? If so why?

the Securities and Exchange Commission no longer has to comply with virtually all requests for information releases from the public

Fern

 

[woolfe9999]

Well that^ makes sense.

But if the below is true, isn't the law as written overly broad? If so why?



Fern

Is that language from the bill itself, or was it written by a Fox reporter?

Anyway, I read the text of the law (at section 929i), and the related laws that it amends (because you have to read them to understand the relevant language in 929i.) I think, but am not 100% certain, that it only applies to information obtained from third parties that relates to investigations being conducted by the SEC. It is, however, a bit prolix.

- wolf