In September 2010, the Senate and House of Representatives each passed legislation amidst criticism that Section 929I of the Dodd-Frank Act undermines the goal of enhancing transparency and accountability in the financial system. As adopted, Section 929I modified the 1940 Act and the Advisers Act to generally provide that, with certain exceptions, the SEC shall not be compelled by a request under the Freedom of Information Act (“FOIA”) to disclose any records or information it obtained in connection with its examination and surveillance efforts. The SEC had contended that such confidentiality provisions were necessary as regulated entities have refused to provide certain requested information that may not be protected by a FOIA exemption. The SEC’s position failed to sway Congress and, as drafted, the current version of the legislation removes the confidentiality provisions in their entirety from the Acts.