• Controversial Dodd-Frank FOIA Provision Repealed, Revised
  • October 18, 2010 | Authors: Kevin J. Harnisch; Paul H. Pashkoff; Brian T. Sumner; Michael A. Umayam
  • Law Firm: Fried, Frank, Harris, Shriver & Jacobson LLP - Washington Office
  • Investment advisers, broker-dealers, and other regulated entities should be aware that the documents they provide to the United States Securities and Exchange Commission (the “SEC” or “Commission”) during examinations now have less protection from public disclosure than initially provided for under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”). On October 4, 2010, President Obama signed into law a bill amending Section 929I of the Act, which provided expansive protections from public disclosure of information produced to the SEC by regulated entities. Recently, Section 929I was the focal point of a controversy regarding the extent to which the Act exempted the SEC from compliance with the Freedom of Information Act (“FOIA”), which we called to your attention in a prior SecMail. The amended law narrows, but does not eliminate, the SEC’s ability to protect certain documents from public disclosure.