Page:United States Statutes at Large Volume 109 Part 1.djvu/771

 PUBLIC LAW 104-67—DEC. 22, 1995 109 STAT. 755 "(3) AVAILABILITY.— Any document filed with the Commission or generally disseminated shall be deemed to be readily available for purposes of paragraph (2). "(4) EFFECT ON OTHER SAFE HARBORS.— The exemption provided for in paragraph (1) shall be in addition to any exemption that the Commission may establish by rule or regulation under subsection (g). "(d) DUTY TO UPDATE.— Nothing in this section shall impose upon any person a duty to update a forward-looking statement. "(e) DISPOSITIVE MOTION. —On any motion to dismiss based upon subsection (c)(1), the court shall consider any statement cited in the complaint and any cautionary statement accompanying the forward-looking statement, which are not subject to material dispute, cited by the defendant. "(f) STAY PENDING DECISION ON MOTION. — In any private action arising under this title, the court shall stay discovery (other than discovery that is specifically directed to the applicability of the exemption provided for in this section) during the pendency of any motion by a defendant for summary judgment that is based on the grounds that— "(1) the statement or omission upon which the complaint is based is a forward-looking statement within the meaning of this section; and "(2) the exemption provided for in this section precludes a claim for relief. "(g) EXEMPTION AUTHORITY.—In addition to the exemptions provided for in this section, the Commission may, by rule or regulation, provide exemptions from or under any provision of this title, including with respect to liability that is based on a statement or that is based on projections or other forward-looking information, if and to the extent that any such exemption is consistent with the public interest and the protection of investors, as determined by the Commission. " (h) EFFECT ON OTHER AUTHORITY OF COMMISSION. — Nothing in this section limits, either expressly or by implication, the authority of the Commission to exercise similar authority or to adopt similar rules and regulations with respect to forward-looking statements under any other statute under which the Commission exercises rulemaking authority. "(i) DEFINITIONS. —For purposes of this section, the following definitions shall apply: "(1) FORWARD-LOOKING STATEMENT. —The term 'forwardlooking statement' means— "(A) a statement containing a projection of revenues, income (including income loss), earnings (including earnings loss) per share, capital expenditures, dividends, capital structure, or other financial items; "(B) a statement of the plans and objectives of management for future operations, including plans or objectives relating to the products or services of the issuer; "(C) a statement of future economic performance, including any such statement contained in a discussion and analysis of financial condition by the management or in the results of operations included pursuant to the rules and regulations of the Commission;

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