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House Bill 3948
115th Congress(2017-2018)
Protection of Source Code Act
Introduced
Introduced
Introduced in House on Oct 4, 2017
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H. R. 3948 (Introduced-in-House)


115th CONGRESS
1st Session
H. R. 3948


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 HOUSE OF REPRESENTATIVES

October 4, 2017

Mr. Duffy (for himself, Mr. David Scott of Georgia, and Mr. Hultgren) introduced the following bill; which was referred to the Committee on Financial Services

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.—The Commission is not authorized to compel under this title a person to produce or furnish source code, including algorithmic trading source code or similar intellectual property that forms the basis for design of or provides insight to 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.—The Commission is not authorized to compel under this title a person to produce or furnish source code, including algorithmic trading source code or similar intellectual property that forms the basis for design of or provides insight to 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.—The Commission is not authorized to compel under this title 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 or provides insight to 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 adding at the end the following:

“(f) Procedure for obtaining certain intellectual property.—The Commission is not authorized to compel under this title 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 or provides insight to the source code, to the Commission unless the Commission first issues a subpoena.”; and

(2) in the second subsection (d), by striking “(d)” and inserting “(e)”.