FOR RELEASE FRIDAY, JUNE 30, 1967-SECURITIES AND EXCHANGE COMMISSION Securities Act of 1933; Release No. 4871. Securities Exchange Act of 1934; Release No. 8114. AMENDMENT TO RULE CONCERNING COMMISSION RECORDS AND INFORMATION The Securities and Exchange Commission has amended section 200.80 of title 17 of the Code of Federal Regulations to reflect its implementation of the recently enacted amendment of section 3 of the Administrative Procedure Act, 5 U.S.C. 552. Both the amendment to the act and the amendment to section 200.80 will become effective on July 4, 1967. Pursuant to the Commission's action, section 200.80 will be redesignated as "Commission Records and Information" and will be significantly expanded to reflect in full the nature of information available from the Commission and the manner in which that information may be obtained. Since the subject matter of rule 25 of the Commission's rules of practice, 17 CFR 201.25, has been incorporated into section 200.80 by this amendment, it has been repealed, and rules 26 and 27 of the Commission's rules of practice, 17 CFR 201.26 and 201.27, have been renumbered rules 25 and 26 respectively, 17 CFR 201.25 and 201.26. As amended, paragraph (a) of section 200.80 describes the matters which the Commission publishes in the Federal Register consistent with 5 U.S.C. 552(a) (1). Paragraph (b) describes generally the public reference facilities maintained by the Commission at its principal office and regional and branch offices. It also enumerates, in subparagraph (2) the materials which will be made available for public inspection and copying in the principal office of the Commission as prescribed by 5 U.S.C. 552(a) (2), and in the regional offices as well. Paragraph (b) (3) states that all other public records of the Commission will be made available upon request as required by 5 U.S.C. 552 (a) (2), at the principal office of the Commission and, as described in paragraphs (b) (4), (5), and (6), discloses that certain records of the Commission will be made available at the regional offices as well. Certain matters, exempted from the provisions of the Public Information Act by 5 U.S.C. 552(b), will not generally be made available by the Commission to any person. They are set forth in paragraph (c) section 200.80. The procedure to be followed by persons who wish to examine public records of the Commission is set forth in paragraph (d). Properly identified records of the Commission will be made available free of charge so long as no more than one-half man-hour of work by members of the Commission's staff is required to comply with a request. In this regard, particular note should be taken of the fact that in order most effectively to perform its regulatory and enforcement responsibilities, the Commission maintains certain records, such as correspondence to and from the Commission, in files which also contain nonpublic materials such as certain intra- and inter-agency memorandums and letters. While the public records contained in such files will be made available upon request as provided in paragraph (b) (3), the particular record required should be specifically identified if the delay and expense of a complete segregation of the public and nonpublic contents of the file in which it is maintained is to be avoided. While public records will generally be made available promptly upon request on a first-come, first-served basis, in certain circumstances, as described in paragraph (e), there may be a delay in making records available or in completing. work on requests which require more than one-half man-hour to fill. Thus, delay may be occasioned by the fact that the record requested is stored in a Federal records center or is in use. In these circumstances, the rule provides that a person. who has requested such a record will be notified when the record requested will be made available to him. When more than one-half man-hour is required to comply with a request, work in excess of one-half man-hour is subject to the payment of appropriate fees and will be contingent upon the availability of personnel and in accordance with an equitable allocation of time to all persons requesting records. Thus, in such circumstances, other persons may be served before additional work is undertaken. If a record requested appears to be lost, notification will be given, upon request, if it is subsequently found. Administrative review will be immediately available to any person to whom a record has not been made available upon request. Pursuant to paragraph (f) (1) he may seek a ruling from the public information officer who is authorized to direct proper compliance with Commission rules with respect to any request properly made. In the event of an adverse ruling, relief may further be sought from the Commission itself by petition made as described in paragraph (f) (2). The petition must be in writing and may attempt not only to show that any rule was improperly applied but also to show good cause why the record requested should be made available to the petitioner even though in accordance with the law it may properly be withheld from public examination by the Commission. In any judicial proceeding brought to compel disclosure of any record of the Commission, the Commission will urge that available administrative remedies were not properly exhausted if no ruling was requested from the public information officer or, upon an adverse ruling, no timely petition was made to the Commission in accordance with paragraph (f). Fees and charges, described in paragraph (g), are imposed by the Commission if more than one-half man-hour of work by members of the Commission's staff is performed to locate and make available records requested and work beyond one-half man-hour has been explicitly authorized by the persons who have made the request, and, as under existing rules, attestations or copies of records are made pursuant to request. In addition, the Commission will collect fees made applicable to records services which it performs by rules or regulations promulgated by the General Services Administration. Paragraph (h) of section 200.80 draws attention to the release and publications generated by the Commission which are available from the Commission or from the Superintendent of Documents. Appendix A to the rule enumerates, in general terms, the documentary materials available from the Commission; appendix B provides a classification of the releases which are available from the Commission. A listing of other publications available from the Commission are set forth in appendix C, and appendix D sets forth the statutes, rules and regulations and miscellaneous publications of the Commission, copies of which may be purchased from the Superintendent of Documents. Accordingly, the Commission amends section 200.80 of title 17 of the Code of Federal Regulations and appendix A thereto to read as set forth below. Former appendixes A, B, and C are redesignated as appendixes B, C, and D respectively under the rule as amended. TEXT OF THE RULE AND APPENDIX A Commission Records and Information (a) Information published in the Federal Register.-Except as provided in paragraph (c) the following materials are published in the Federal Register for the guidance of the public: (1) Description of the Commission's central and field organization and the established places at which, the employees from whom, and the methods whereby the public may obtain information, make submittals or requests, or obtain decisions; (2) Statements of the general course and method by which the Commission's functions are channeled and determined, including the nature and requirements of all formal and informal procedures available; (3) Rules of procedure, descriptions of forms available or the places at which forms may be obtained, and instructions as to the scope and contents of all papers, reports, or examinations; (4) Substantive rules of general applicability adopted as authorized by law, and statements of general policy or interpretations of general applicability formulated and adopted by the Commission; and (5) Each amendment, revision, or repeal of the foregoing. (b) Public reference facilities; materials and records available. (1) The Commission has a specially staffed and equipped public reference room in its principal office at Washington, D.C., and public reference facilities in the New York and Chicago regional offices. Some facilities for public use are also provided in other regional and branch offices. In addition to materials otherwise set forth in this paragraph (b), certain of the materials described in paragraph (a) will be available at the public reference room at the principal office of the Commission and may be available at the regional offices. (2) Except as provided in pragraph (c) the materials hereinafter set forth in this subparagraph (2) are available for public inspection and copying during normal business hours at the public reference room at the principal office of the Commission and at the regional offices of the Commission. To the extent required to prevent a clearly unwarranted invasion of personal privacy, identifying details may be deleted, e.g., (a) apparently defamatory statements made about any person, (b) information received by or given to the Commission in confidence, or (c) any contents of personnel and medical and similar files. In addition, certain materials which are considered to be nonpublic, as described in paragraph (c) may, as authorized by the Commission from time to time, be made available for public inspection and copying in an abridged or summary form or with identifying details deleted (A) final opinions of the Commission, including concurring and dissenting opinions, as well as orders made by the Commission in the adjudication of cases; (B) a record of the final votes of each member of the Commission in every Commission proceeding concluded after July 1, 1967 ; (C) statements of policy and interpretations which have been adopted by the Commission and are not published in the Federal Register; (D) administrative staff manuals and instructions to staff that affect a member of the public; and (E) current indices to the materials made available pursuant to subparagraphs (A), (C), and (D) of this paragraph (b) (2) which have been issued, adopted or promulgated after July 1, 1967, and such other indices as the Commission may determine. (3) Subject to the provisions of paragraphs (c), (e), and (g), all other records and documents retained by the Commission in the performance of its statutory duties will promptly be made available for inspection to any person, and a copy of any record or document will be provided as soon as may be practicable, upon request made pursuant to paragraph (d). A compilation of documentary materials available at the public reference room at the principal office of the Commission appears below as appendix A to this rule. (4) All regional offices have available for public examination copies of prospectuses used in recent offerings of securities registered under the Securities Act; registration statements and recent annual reports filed pursuant to the Securities Exchange Act of companies having their principal office in their respective regions; active broker-dealer and investment adviser applicatons originating in their respective regions; and regulation A letters of notification filled in their respective regions. (5) In the New York offices of the Commission other available materials include copies of all recent registration statements and annual reports filed pursuant to the Securities Exchange Act; recent periodic reports made by companies having securities listed on exchanges; and recent periodic reports by many companies which have effective registration statements under the Securities Act of 1933. (6) In the Chicago offices of the Commission other available materials include all recent registration statements and annual reports filed pursuant to the Securities Exchange Act, and other recent periodic reports of many companies which have securities listed on exchanges. (7) In the San Francisco offices of the Commission other available materials include all recent registration statements and annual reports filed pursuant to the Securities Exchange Act. (c) Nonpublic matters.-Certain materials and records are considered to be nonpublic. Thus the Commission will not generally publish or make available to any person matters that are: (1) Specifically required by Executive order to be kept secret in the interest of the national defense or foreign policy. (2) Related solely to the internal personnel rules and practices of the Commission or any other agency of the Government of the United States, including operation rules, guidelines, and manuals of procedure for investigators, auditors, and other employees. (3) Specifically exempted from disclosure by statute, including (A) information contained in any notification, statement, application, declaration, report, or other document or record filed with or received by the Commission as required or permitted by law which is entitled to confidential treatment by operation or application of the provision of clause 30 of schedule A of the Securities Act of 1933 and rule 485 thereunder, section 24 of the Securities Exchange Act of 1934 and rule 24b-2 thereunder, section 22 of the Public Utility Holding Company Act of 1935 and rule 104 (b) thereunder, section 321(b) of the Trust Indenture Act of 1939, section 33 (b) of the Investment Company Act of 1940, section 45 (a) of the Investment Company Act of 1940 and rule 45a-1 thereunder, or section 210 of the Investment Advisers Act of 1940; and (B) information concerning administrative proceedings which are nonpublic pursuant to the provisions of section 22 of the Securities Exchange Act of 1934, section 19 of the Public Utility Holding Company Act of 1935, section 320 of the Trust Indenture Act of 1939, section 41 of the Investment Company Act of 1940, or section 212 of the Investment Advisers Act of 1940. (4) Trade secrets and commercial or financial information obtained from a person and privileged or confidential, including (a) Information obtained in connection with interpretative letters or no-action letters which is deemed to have been submitted in confidence unless the contrary clearly appears; and (b) Information contained in letters of comment in connection with registration statements, applications for registration or other material filed with the Commission, replies thereto, and related material which is deemed to have been submitted to the Commission in confidence or to be confidential at the instance of the registrant or person who has filed such material unless the contrary clearly appears; and (c) Information contained in any document submitted to or required to be filed with the Commission where the Commission has undertaken formally or informally to receive such submission or filing for its use or the use of specified persons only, such as preliminary proxy material filed pursuant to rule 14a-6 under the Securities Exchange Act, reports filed pursuant to rule 322 (c) and (d) under the Securities Act, agreements filed pursuant to rule 320 (e) under the Securities Act or rule 15c3-1 (c) (7) (G) under the Securities Exchange Act and schedules filed pursuant to part II of form X-17A-5 in accordance with rule 17a-5(b) (3) under the Securities Exchange Act; and (d) Information contained in reports, summaries, analyses, letters, or memoranda arising out of, or in connection with an examination or inspection, or other investigation of the books and records of any person. (5) Interagency or intraagency memoranda or letters, including records which reflect discussions between, or consideration by members of the Commission or members of its staff, or both, of any action taken or proposed to be taken by the Commission or by any member of its staff and also reports, summaries, analyses, conclusions, or any other work product of members of the Commission or of attorneys, accountants, analysts, or other members of the Commission's staff prepared in the course of an examination of the books or records of any person whose affairs are regulated by the Commission, or prepared otherwise in the performance of their duties, except those which by law would routinely be made available to a party other than an agency in litigation with the Commission. (6) Personnel and medical files and similar files, the disclosure of which would constitute a clearly unwarranted invasion of personal privacy, including those concerning all employees of the Commission and those concerning persons subject to regulation by the Commission such as personal information about employees of brokers or dealers reported to the Commission pursuant to rule 15b8-1(a) (2) (iii) under the Securities Exchange Act. (7) Investigatory files compiled for law enforcement purposes except to the extent available by law to a party other than an agency, including those concerning or related to inspections, or examinations of the books and records of any person and other investigations as authorized by law, which pertain to, or may disclose the possible violation by any person of any provision of any of the statutes, rules, or regulations administered by the Commission; and all written communications from, or to any person complaining of, or otherwise furnishing information respecting such possible violations, as well as all correspondence and memoranda in connection with such complaint or information. (8) Contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of an agency responsible for the regulation or supervision of financial institutions; and (9) Geological and geophysical information and data, including maps, concerning wells. (d) Requests for Commission records and copies thereof.-Requests for Commission records may be made in person on form SEC 86 during normal business hours at the public reference room at the principal offices of the Commission in Washington, D.C. Inquiries in general, and orders for copies of Commission records may be made to the public reference room personally, by telephone, or by mail. (1) Each request for a Commission record or copy thereof shall identify the record with sufficient specificity with respect to names, dates, and subject matter to permit it to be located among the records mainatained by or for the Commission. A person who has made a request for a Commission record or copy thereof will be advised if further identifying information must be provided before his request can be filled. (2) A charge will be made for locating and making available for inspection or copying records requested by any one person only if more than one-half manhour of work is required to comply with his request. (3) Certain Commission records, such as correspondence to and from the Commission, are maintained in files which also contain nonpublic materials such as intraagency and interagency memoranda and letters. If undue delay and expense is to be avoided, any person who wishes to examine such a record or to obtain a copy thereof should identify the letter or other similarly filed record with particular specificity. (4) No records will be made available, and no copy of any records will be provided to any person who has failed to pay appropriate fees for records services, as described in paragraph (g), with respect to any current or past records services obtained or requested. (e) Record availability subject to delay.--Records generally will be made available to the public on a first-come, first-served basis. In some circumstances, however, there may be a delay in making records available or in providing copies thereof: (1) Records at Federal Records Centers.-Many records of the Commission are stored in Federal Records Centers in accordance with law (including many of the documents which have been on file with the Commission for more than 2 years) and cannot be made available for several days after a request has been made. Any person who has requested for personal examination a record stored at the Federal Records Center will be notified when the record will be made available to him at the public reference room of the Commission. Any person who has ordered a copy of such a record will be provided with a copy as soon as practicable. rea (2) Records in use. Any record being inspected by or copied for another member of the public will be made available as soon as practicable. Although every effort will be made to make a record in use by a member of the Commission or its staff available when requested, it may occasionally be necessary to delay making such a record available when doing so at the time the request is made seriously interfere with the work of the Commission or its staff. When the r sons stated in this subparagraph (2) it appears that a record cannot be made available on the day it is requested, the person who made the request will then or thereafter be notified when he record will be made available to him at the public reference room of the Commission. Any person who has requested a copy of a record that is in use when the request is received will be provided with a copy as soon as practicable. (3) Missing or lost records. Any person who has requested a record or copy will be notified if the record sought cannot be found. If he so requests, he will be notified if it subsequently is located. (4) Inadequate description; requests for numerous records. If the records clerk finds that more than one-half man-hour will be required on any one day to locate and make available for inspection records requested by a person, whether because of the inadequacy of identifying information provided, because of the aggregate number of records requested by him on that day, or for a similar reason, work in excess of one-half man-hour on that day will be contingent upon the availability of personnel and in accordance with an equitable allocation of time to all persons requesting records. Such additional work will also be subject to payment of fees in accordance with paragraph (g)(1) of this rule. (f) Administrative review.— (1) Rulings on availability or records.-Any person may apply for a ruling by the public information officer of the Commission or his designee with respect to any record which has not been made available upon request and with respect to any copy of a record which has been requested but which has not been provided. Such application shall be in writing and will be given prompt attention. If the public information officer finds that any provision of this rule, or any rule or regulation referred to herein has not been applied properly to the applicant's request he shall direct proper compliance. (2) Petition for Commission action.-Any person who has not received a record requested or a copy requested may, within 30 days after the public informa |