On October 5, 2010, President Obama signed into law Senate Bill 3717, removing the heightened confidentiality provisions added to the federal securities laws by Section 929I of the Dodd-Frank Act which had exempted the SEC from being compelled to disclose records or other information obtained from its regulated entities in response to Freedom of Information Act requests and subpoenas served on the SEC if the information was produced to the SEC in connection with the SEC’s “surveillance, risk assessments, or other regulatory and oversight activities” outlined in the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, and the Investment Company Act of 1940. In repealing Section 929I, the act did not restore Section 31(c) of the 1940 Act, but it did add language clarifying that FOIA Exemption 8 applies to the SEC.

The Dodd-Frank Ac t which had exempted the SEC fr om being compelled to disclose records or other inf orm ation obtained fr om its regulated entities in response to Freedom of Inf orm ation Act requests and subpoenas serv ed on the SEC if the inf orm ation was produced to the SEC in conn ection with the SEC’s “surveillance