950 CMR, § 14.413 - Nonpublic Records and Information

Certain records are nonpublic, but any reasonably segregable portion of a record shall be provided to any person requesting such records after deletion of the portions which are considered nonpublic under 950 CMR 14.413. Except for such reasonably segregable portions of records, the Division will generally not publish or make available to any person matters that are listed below:

(A) Investigatory materials necessarily received or compiled out of the public view by employees of the Division, the disclosure of which materials would probably so prejudice the possibility of effective law enforcement that such disclosure would not be in the public interest. 950 CMR 14.413(A) restricts the production of such materials which would:

(1) interfere with enforcement activities undertaken or likely to be undertaken by the Division or any federal, state, local or foreign governmental authority, any professional association, or any securities industry self-regulatory organization;

(2) deprive a person of a right to a fair trial or an impartial adjudication;

(3) constitute an unwarranted invasion of personal privacy;

(4) disclose the identity of a confidential source and, in the case of a record compiled by a criminal law enforcement authority in the course of a criminal investigation, confidential information furnished only by the confidential source;

(5) disclose investigative techniques and procedures; or

(6) endanger the life or physical safety of law enforcement personnel.

(B) The term "investigatory materials" as used in 950 CMR 14.413(A) includes, but is not limited to, all documents, records, transcripts, evidentiary materials of any nature, correspondence, related memoranda, or work product concerning any examination, any investigation (whether formal or informal), or any related litigation, which pertains to or may disclose, the possible violation by any person of any provision of any statute, rule, or regulation administered by the Division, by any other federal, state, local or foreign governmental authority, by any professional association, or by any securities industry self-regulatory organization. The term "investigatory materials" also includes all written communications from, or to, any person complaining or otherwise furnishing information respecting such possible violations, as well as all correspondence or memoranda in connection with such complaints or information.

(C) Supplemental materials, filed at the request of the Division, which are deemed to have been filed in confidence or to be confidential at the request of the registrant or person who has filed such materials, including, but not limited to, trade secrets, contracts, commercial information and financial information provided to the Division.

(D) Materials, including, but not limited to, forms, business plans, private placement memoranda, notices and filings made in connection with securities offerings which by the provisions of M.G.L. c. 110A or 950 CMR 14.400 are not permitted for public offering. Such materials shall be nonpublic only so long as the security is being offered in connection with such materials.

Notes

950 CMR, § 14.413

Amended by Mass Register Issue 1284, eff. 4/10/2015. Amended by Mass Register Issue 1387, eff. 3/22/2019. Amended by Mass Register Issue 1524, eff. 3/22/2019.