Securities Law Updates | New Proposed Legislation
August 13, 2010
Senators Leahy, Cornyn, Kaufman, and Grassley Introduce Bill to Strike SEC FOIA Exemptions
Freedom of Information Act Amendments to the Securities and Exchange Act, Investment Company Act and Investment Advisers Act
S._____, 8/5/2010
Leading members of the Senate Judiciary Committee has introduced legislation to strike Freedom of Information Act (FOIA) exemptions for the Securities and Exchange Commission that were included in the recently enacted Wall Street Reform bill.
The bipartisan legislation is sponsored by Senators Patrick Leahy (D-Vt.), John Cornyn (R-Texas), Ted Kaufman (D-Del.), and Chuck Grassley (R-Iowa).
The bill will eliminate the FOIA exemption for certain records provided to the Securities and Exchange Commission (SEC) in the Wall Street Reform and Consumer Protection Act, which was signed into law on July 21, 2010.
The bill also clarifies that hedge funds and other new…
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