Section 603.031. Public inspection of records

(a) During the regular business hours of the Commission, members of the public may, upon written request to do so, inspect at the Commission’s Harrisburg Office those documents which are public records. The written request required by this subsection shall set forth the public records to be inspected.

(b) The Commission may withhold from public inspection those records which it determines are excluded from the definition of public records in section 1 of the act of June 21, 1957 (P. L. 390, No. 212) (65 P. S. § 66.1(2)), known as the Right-to-Know Law.

(c) A request for the confidential treatment of information contained in a statement, application, notice or report submitted to the Commission may accompany the statement, application, notice or report and specify the reasons for the request; the material which is the subject of the request should be separated from other parts of the filing. Upon proper showing, the Commission will treat as confidential the material which is the subject of the request.

(d) Nothing in this section may be deemed to make available for public inspection books, papers, correspondence, memoranda, agreements or other documents or records contained in an investigative file maintained by the Commission. In addition, no minutes, documents or other memoranda of the Commission or of the staff which deal with or concern the institution, maintenance or termination of an investigation may be available for public inspection.

(e) Except as set forth in paragraphs (1) and (2), financial statements required to be filed under § § 303.011, 303.012, 304.021 and 304.022 shall be public.

(1) Statements of income required to be filed under § § 303.011 and 304.021 (relating to broker-dealer registration procedures; and broker-dealer required financial reports) and nonrequired statements of income filed under § § 303.011, 303.012, 304.021 and 304.022 shall be confidential if the income statements are bound separately from the accountant’s report, the statement of financial condition and the accompanying notes.

(2) Financial statements which are deemed confidential under paragraph (1) shall be available for official use by an official or employe of the government of the United States or a state, by a National Securities Exchange or registered National securities association of which the person filing the financial statements is a member, and by other persons whom the Commission authorizes disclosure of the information as being in the public interest. Nothing in this subsection may be deemed to be in derogation of the rules of a registered National Securities Exchange or registered National securities association which give customers of a member broker or dealer the right, upon request to the member broker or dealer, to obtain information relative to its financial condition.

(f) The Commission has determined to treat confidential the following information which will not be available for public inspection under any provision of the act and which the Commission deems excluded from the definition of public records in section 1(2) of the Right-to-Know Law:

(1) Social Security number, date of birth and home address of an individual registered or applying for registration as an agent or an investment adviser representative that appears on the uniform application for securities industry registration or transfer (Form U-4) or successor form thereto required to be filed with the Commission under § 303.013 or 303.014 (relating to agent registration procedures; and investment adviser representative registration procedures).

(2) The Social Security number, date of birth and home address of an individual registered or applying for registration as an investment adviser or filing a notice as a Federally covered adviser that appears on the uniform application for investment adviser registration (Form ADV) or successor form thereto required to be filed with the Commission or an investment adviser registration depository designated by order of the Commission under § 303.012 or 303.015 (relating to investment adviser registration procedure; and notice filing for Federally covered advisers).

(3) The Social Security number, date of birth and home address of an individual who is a principal of a person registered or applying for registration as a broker-dealer or investment adviser or filing a notice as a Federally covered adviser that appears on the uniform application for broker-dealer registration (Form BD) or Form ADV or successor forms thereto. For purposes of this section, the term ‘‘principal’’ has the meaning as set forth in § 303.012(e).

The provisions of this § 603.031 amended June 28, 1985, effective June 29, 1985, 15 Pa.B. 2394; corrected November 22, 1985, effective October 26, 1985, 15 Pa.B. 4212; amended January 17, 1992, effective January 18, 1992, 22 Pa.B. 295; amended September 1, 2000, effective September 2, 2000, 30 Pa.B. 4551; transferred and renumbered from 64 Pa. Code § 603.031, December 14, 2012, effective December 15, 2012, 42 Pa.B. 7533. Immediately preceding text appears at serial pages (324456) to (324458).

Notation

Authority

The provisions of this § 603.031 amended under sections 603(c) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P. S. § § 1-603(c) and 1-609(a)).

Cross References

This section cited in 10 Pa. Code § 606.041 (relating to delegation and substitution).