Page:United States Statutes at Large Volume 110 Part 5.djvu/351

 PUBLIC LAW 104-290—OCT. 11, 1996 110 STAT. 3425 "(f) CONSIDERATION OF PROMOTION OF EFFICIENCY, COMPETI- TION, AND CAPITAL FORMATION. — Whenever pursuant to this title the Commission is engaged in rulemaking, or in the review of a rule of a self-regulatory organization, and is required to consider or determine whether an action is necessary or appropriate in the public interest, the Commission shall also consider, in addition to the protection of investors, whether the action will promote efficiency, competition, and capital formation.". (c) INVESTMENT COMPANY ACT of 1940. —Section 2 of the Investment Company Act of 1940 (15 U.S.C. 80a-2) is amended by adding at the end the following new subsection: " (c) CONSIDERATION OF PROMOTION OF EFFICIENCY, COMPETI- TION, AND CAPITAL FORMATION.—Whenever pursuant to this title the Commission is engaged in rulemaking and is required to consider or determine whether an action is consistent with the public interest, the Commission shall also consider, in addition to the protection of investors, whether the action will promote efficiency, competition, and capital formation.". SEC. 107. PRIVATIZATION OF EDGAR. (a) EXAMINATION.—The Commission shall examine proposals for the privatization of the EDGAR system. Such examination shall promote competition in the automation and rapid collection and dissemination of information required to be disclosed. Such examination shall include proposals that maintain free public access to data filings in the EDGAR system. (b) REPORT. — Not later than 180 days after the date of enactment of this Act, the Commission shall submit to the Congress a report on the examination under subsection (a). Such report shall include such recommendations for such legislative action as may be necessary to implement the proposal that the Commission determines most effectively achieves the objectives described in subsection (a). SEC. 108. IMPROVING COORDINATION OF SUPERVISION. Section 17 of the Securities Exchange Act of 1934 (15 U.S.C. 78q) is amended by adding at the end the following new subsection: " (i) COORDINATION OF EXAMINING AUTHORITIES.— "(1) ELIMINATION OF DUPLICATION.—The Commission and the examining authorities, through cooperation and coordination of examination and oversight activities, shall eliminate any unnecessary and burdensome duplication in the examination process. "(2) COORDINATION OF EXAMINATIONS. — The Commission and the examining authorities shall share such information, including reports of examinations, customer complaint information, and other nonpublic regulatory information, as appropriate to foster a coordinated approach to regulatory oversight of brokers and dealers that are subject to examination by more than one examining authority. "(3) EXAMINATIONS FOR CAUSE.—At any time, any examining authority may conduct an examination for cause of any broker or dealer subject to its jurisdiction. " (4) CONFIDENTIALITY.— "(A) IN GENERAL. —Section 24 shall apply to the sharing of information in accordance with this subsection. The Commission shall take appropriate action under section

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