South Carolina Code 39-73-330. Secretary of State to administer chapter; confidential or public nature of information; use of information for personal gain
(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.
Terms Used In South Carolina Code 39-73-330
- Administrator: means the South Carolina Secretary of State. See South Carolina Code 39-73-10
- Commodity: means , except as otherwise specified by the administrator, an agricultural, a grain, or a livestock product or by-product, a metal or mineral, including a precious metal, a gem, or gemstone whether characterized as precious, semi-precious, or otherwise, a fuel whether liquid, gaseous, or otherwise, a foreign currency, and other goods, articles, products, or items. See South Carolina Code 39-73-10
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
- Statute: A law passed by a legislature.
- Subpoena: A command to a witness to appear and give testimony.
(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 § 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 § 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.