(A) This chapter must be administered by the South Carolina Secretary of State.
(B) The administrator and his employees may not use information filed with or obtained by the administrator which is not public information for personal gain or benefit and may not conduct securities or commodity dealings based upon the information, even though public, if there has not been sufficient time for the securities or commodity markets to assimilate the information.
(C)(1) Except as provided in item (2), all information collected, assembled, or maintained by the administrator is public information and is available for examination by the public.
(2) The following information is confidential and an exception to item (1):
(a) information obtained in private investigations pursuant to Section 39-73-310;
(b) information made confidential by the Freedom of Information Act;
(c) information obtained from federal agencies which must not be disclosed under federal law.
(3) The administrator in his discretion may disclose information made confidential under subsection (C)(2)(a) to persons identified in Section 39-73-335(A).
(4) This chapter does not create or derogate a privilege which exists at common law, by statute, or otherwise when documentary or other evidence is sought under subpoena directed to the administrator or his employees.
HISTORY: 1993 Act No. 68, Section 1, eff 200 days after approval (approved May 14, 1993).