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Securities Industry Supports SEC FOIA Exemption in Dodd-Frank Against Legislative Assault

By Jim Hamilton

With legislation curtailing the SEC's FOIA exemption in Dodd-Frank being advanced by prominent House and Senate leaders, the securities industry has spoken out in favor of the FOIA exemption in Section 929I of Dodd-Frank. Almost immediately after the passage of Dodd-Frank, a controversy erupted over the scope of the SEC's FOIA exemption in Sec, 929I, The securities industry supports the SEC's position that Sec. 929I addresses serious concerns that had hampered both the regulator and the regulated from openly sharing information that both agree should be accessible to the SEC. Testifying for SIFMA before the House Financial Services Committee, former FINRA enforcement chief Susan Merrill said that Sec, 929I squarely addresses these concerns and fosters a more open and cooperative dialogue between the securities industry and the SEC. With no risk of possible compelled disclosure looming over the production of information, regulated firms will be able to produce information that the SEC should have access to without fear that the SEC will later be compelled to disclose it.

Full post as published by Jim Hamilton's World of Securities Regulation on September 21, 2010 (boomark / email).