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Senate Bill 3733
115th Congress(2017-2018)
Protection of Source Code Act
Introduced
Introduced
Introduced in Senate on Dec 10, 2018
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Introduced in Senate 
Dec 10, 2018
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Introduced in Senate(Dec 10, 2018)
Dec 10, 2018
Not Scanned for Linkage
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
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S. 3733 (Introduced-in-Senate)


115th CONGRESS
2d Session
S. 3733


To prohibit the Securities and Exchange Commission from compelling a person to produce or furnish algorithmic trading source code or similar intellectual property to the Commission unless the Commission first issues a subpoena, and for other purposes.

IN THE SENATE OF THE UNITED STATES

December 10, 2018

Mr. Perdue introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To prohibit the Securities and Exchange Commission from compelling a person to produce or furnish algorithmic trading source code or similar intellectual property to the Commission unless the Commission first issues a subpoena, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Protection of Source Code Act”.

SEC. 2. Procedure for obtaining certain intellectual property.

(a) Persons under Securities Act of 1933.—Section 8 of the Securities Act of 1933 (15 U.S.C. 77h) is amended by adding at the end the following:

“(g) Procedure for obtaining certain intellectual property.—Under this title, the Commission may not compel a person to produce or furnish source code, including algorithmic trading source code or similar intellectual property that forms the basis for design of the source code, to the Commission unless the Commission first issues a subpoena.”.

(b) Persons under the Securities Exchange Act of 1934.—Section 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78w) is amended by adding at the end the following:

“(e) Procedure for obtaining certain intellectual property.—Under this title, the Commission may not compel a person to produce or furnish source code, including algorithmic trading source code or similar intellectual property that forms the basis for design of the source code, to the Commission unless the Commission first issues a subpoena.”.

(c) Investment Companies.—Section 31 of the Investment Company Act of 1940 (15 U.S.C. 80a–30) is amended by adding at the end the following:

“(e) Procedure for obtaining certain intellectual property.—Under this title, the Commission may not compel an investment company to produce or furnish source code, including algorithmic trading source code or similar intellectual property that forms the basis for design of the source code, to the Commission unless the Commission first issues a subpoena.”.

(d) Investment Advisers.—Section 204 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–4) is amended—

(1) by redesignating the second subsection (d) (relating to records of persons with custody or use) as subsection (e); and

(2) by adding at the end the following:

“(f) Procedure for obtaining certain intellectual property.—Under this title, the Commission may not compel an investment adviser to produce or furnish source code, including algorithmic trading source code or similar intellectual property that forms the basis for design of the source code, to the Commission unless the Commission first issues a subpoena.”.