Page:United States Statutes at Large Volume 104 Part 4.djvu/399

 PUBLIC LAW 101-550 —NOV. 15, 1990 104 STAT. 2715 SEC. 202. RELEASE OF RECORDS BY THE COMMISSION. (a) IN GENERAL.— Section 24 of the Securities Exchange Act of 1934 (15 U.S.C. 78x) is amended— (1) in subsection (b), by striking "Nothing in this subsection shall authorize the Commission to withhold information from the Congress."; and (2) by adding at the end thereof the following new subsections: "(c) CONFIDENTIAL DISCLOSURES.— The Commission may, in its discretion and upon a showing that such information is needed, provide all 'records' (as defined in subsection (a)) and other information in its possession to such persons, both domestic and foreign, as the Commission by rule deems appropriate if the person receiving such records or information provides such assurances of confidentiality as the Commission deems appropriate. "(d) RECORDS OBTAINED FROM FOREIGN SECURITIES AUTHORITIES. — Except as provided in subsection (e), the Commission shall not be compelled to disclose records obtained from a foreign securities authority if (1) the foreign securities authority has in good faith determined and represented to the Commission that public disclosure of such records would violate the laws applicable to that foreign securities authority, and (2) the Commission obtains such records pursuant to (A) such procedure as the Commission may authorize for use in connection with the administration or enforcement of the securities laws, or (B) a memorandum of understanding. For purposes of section 552 of title 5, United States Code, this subsection shall be considered a statute described in subsection (b)(3)(B) of such section 552. "(e) SAVINGS PROVISIONS.— Nothing in this section shall— "(1) alter the Commission's responsibilities under the Right to Financial Privacy Act (12 U.S.C. 3401 et seq.), as limited by section 21(h) of this Act, with respect to transfers of records covered by such statutes, or "(2) authorize the Commission to withhold information from the Congress or prevent the Commission from complying with an order of a court of the United States in an action commenced by the United States or the Commission.". (b) CONFORMING AMENDMENTS. — (1) INVESTMENT COMPANY ACT OF 1940. — Section 45(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-44) is amended by striking "It shall be unlawful" and inserting "Except as provided in section 24(c) of the Securities Exchange Act of 1934, it shall be unlawful". (2) INVESTMENT ADVISERS ACT OF 1940. —Section 210(b) of the Investment Advisers Act of 1940 (15 U.S.C. 80b -10(b)) is amended by striking "subsections (c) and (e) of section 209" and inserting "subsections (c) and (d) of section 209 of this title and section 24(c) of the Securities Exchange Act of 1934". SEC. 203. SANCTIONS AGAINST BROKER OR DEALER, ASSOCIATED PER- SONS, OR PERSONS SEEKING ASSOCIATION. (a) AUTHORITY OF THE COMMISSION TO SANCTION BROKERS AND DEALERS FOR FOREIGN VIOLATIONS. — Section 15(b) (15 U.S.C. 78o(b)) of the Securities Exchange Act of 1934 is amended— (1) in paragraph (4)(B), by inserting after "misdemeanor" the following: "or of a substantially equivalent crime by a foreign court of competent jurisdiction";

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