§ 12.
(a)
Investigations respecting operations of boards of trade and others subject to this chapter; publication of results; restrictions; information received from foreign futures authorities; undercover operations; notice of investigations and enforcement actions
(1)
For the efficient execution of the provisions of this chapter, and in order to provide information for the use of Congress, the Commission may make such investigations as it deems necessary to ascertain the facts regarding the operations of boards of trade and other persons subject to the provisions of this chapter. The Commission may publish from time to time the results of any such investigation and such general statistical information gathered therefrom as it deems of interest to the public: Provided, That except as otherwise specifically authorized in this chapter, the Commission may not publish data and information that would separately disclose the business transactions or market positions of any person and trade secrets or names of customers: Provided further, That the Commission may withhold from public disclosure any data or information concerning or obtained in connection with any pending investigation of any person. The Commission shall not be compelled to disclose any information or data obtained from a foreign futures authority if—
(A)
the foreign futures authority has in good faith determined and represented to the Commission that disclosure of such information or data by that foreign futures authority would violate the laws applicable to that foreign futures authority; and
(B)
the Commission obtains such information pursuant to—
(i)
such procedure as the Commission may authorize for use in connection with the administration or enforcement of this chapter; or
(ii)
a memorandum of understanding with that foreign futures authority;
except that nothing in this subsection shall prevent the Commission from disclosing publicly any information or data obtained by the Commission from a foreign futures authority when such disclosure is made in connection with a congressional proceeding, an administrative or judicial proceeding commenced by the United States or the Commission, in any receivership proceeding involving a receiver appointed in a judicial proceeding commenced by the United States or the Commission, or in any proceeding under title 11 in which the Commission has intervened or in which the Commission has the right to appear and be heard. Nothing in this subsection shall be construed to authorize the Commission to withhold information or data from Congress. For purposes of
section 552 of title 5, this subsection shall be considered a statute described in subsection (b)(3)(B) of section 552.
(2)
In conducting investigations authorized under this subsection or any other provision of this chapter, the Commission shall continue, as the Commission determines necessary, to request the assistance of and cooperate with the appropriate Federal agencies in the conduct of such investigations, including undercover operations by such agencies. The Commission and the Department of Justice shall assess the effectiveness of such undercover operations and, within two years of
(3)
The Commission shall provide the Securities and Exchange Commission with notice of the commencement of any proceeding and a copy of any order entered by the Commission against any futures commission merchant or introducing broker registered pursuant to
section 6f(a)(2) of this title, any floor broker or floor trader exempt from registration pursuant to
section 6f(a)(3) of this title, any associated person exempt from registration pursuant to
section 6k(6) of this title, or any board of trade designated as a contract market pursuant to
section 7b–1 of this title.
(f)
Compliance with subpoena after notice to informant; congressional subpoenas and requests for information excepted
The Commission shall disclose information in its possession pursuant to a subpoena or summons only if—
(1)
a copy of the subpoena or summons has been mailed to the last known home or business address of the person who submitted the information that is the subject of the subpoena or summons, if the address is known to the Commission, or, if such mailing would be unduly burdensome, the Commission provides other appropriate notice of the subpoena or summons to such person, and
(2)
at least fourteen days have expired from the date of such mailing of the subpoena or summons, or such other notice.
This subsection shall not apply to congressional subpoenas or congressional requests for information.
([Sept. 21, 1922, ch. 369, § 8], [42 Stat. 1003]; [June 15, 1936, ch. 545, § 2], [49 Stat. 1491]; [Pub. L. 90–258, § 19(a)], Feb. 19, 1968, [82 Stat. 32]; [Pub. L. 93–463, title I, § 103(a)], (e), Oct. 23, 1974, [88 Stat. 1392]; [Pub. L. 95–405, § 16], Sept. 30, 1978, [92 Stat. 873]; [Pub. L. 97–444, title II, § 222], Jan. 11, 1983, [96 Stat. 2309]; [Pub. L. 102–546, title II, § 205], title III, §§ 304, 305, title IV, § 402(7), Oct. 28, 1992, [106 Stat. 3600], 3623, 3624; [Pub. L. 106–554, § 1(a)(5) [title I, § 123(a)(18), title II, § 253(a)]], Dec. 21, 2000, [114 Stat. 2763], 2763A–410, 2763A–449; [Pub. L. 110–234, title XIII, § 13105(g)], May 22, 2008, [122 Stat. 1434]; [Pub. L. 110–246, § 4(a)], title XIII, § 13105(g), June 18, 2008, [122 Stat. 1664], 2196; [Pub. L. 111–203, title VII, § 725(f)], July 21, 2010, [124 Stat. 1694].)