Detailed Summary

Transparency in Corporate Filings Act - Amends the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company Act of 1940, with respect to mandatory public disclosures in either registration statements, prospectuses, reports, or broadcasts, to authorize the Securities and Exchange Commission (SEC) to provide that a disclosure form, periodic report, or document need not be filed if the SEC has otherwise prescribed another means for public disclosure of such information (including, by implication, on an Internet website).

Amends the Investment Company Act of 1940 to authorize the SEC to: (1) permit or require one or more alternative means of public disclosure (including, by implication, on an Internet website) in lieu of, or in addition to, filing with the SEC or transmitting to security holders a registration statement, prospectus, application, report, account, record, or other document; and (2) determine whether any information so disclosed shall be deemed filed or transmitted under the Act.

Status of the Legislation

Latest Major Action: 1/7/2009: Referred to House committee. Status: Referred to the House Committee on Financial Services.

Points in Favor

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Points Against

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