(A) Unless otherwise specified in this section, all information filed with the Securities Commissioner shall be available for public inspection pursuant to rules promulgated by the commissioner consistent with state and federal law governing the disclosure of public information.

(B) Except for reasonably segregable portions of information and records that by law would routinely be made available to a party other than an agency in litigation with the commissioner, the commissioner shall not publish or make available:

(1) information contained in reports, summaries, analyses, letters, or memoranda arising out of, in anticipation of, or in connection with an investigation, examination, or inspection of the books and records of a person;

(2) interagency or intra-agency memoranda or letters, including without limitation:

(a) records that reflect discussions between or consideration by the commissioner or members of the commissioner’s staff, or both, of an action taken or proposed to be taken by the commissioner or by a member of the commissioner’s staff; and

(b) reports, summaries, analyses, conclusions, or any other work product of the commissioner or of attorneys, accountants, analysts, or other members of the commissioner’s staff, prepared in the course of an:

(i) inspection of the books or records of a person whose affairs are regulated by the commissioner; or

(ii) examination, investigation, or litigation conducted by or on behalf of the commissioner;

(3) personnel files, medical files, and similar files if disclosure would constitute a clearly unwarranted invasion of personal privacy, including without limitation:

(a) information concerning all employees of the South Carolina Securities Division and all persons subject to regulation by the division; and

(b) personal information reported to the commissioner under the division’s rules concerning registration about employees of applicants, licensees, or their agents;

(4)(a) investigatory records compiled for law enforcement purposes to the extent that production of the records would:

(i) interfere with enforcement proceedings;

(ii) deprive a person of a right to a fair trial or an impartial adjudication; or

(iii) disclose the identity of a confidential source;

(b) the commissioner also may withhold investigatory records that would:

(i) constitute an unwarranted invasion of personal privacy;

(ii) disclose investigative techniques and procedures; or

(iii) endanger the life or physical safety of law enforcement personnel;

(c) as used in this section, "investigatory records" includes:

(i) all documents, records, transcripts, correspondence, and related memoranda and work products concerning examinations and other investigations and related litigation as authorized by law that pertain to or may disclose the possible violation by a person of a provision of the statutes or rules administered by the commissioner; and

(ii) all written communications from or to a person confidentially complaining or otherwise furnishing information about a possible violation, as well as all correspondence and memoranda in connection with the confidential complaint or information;

(5) information contained in or related to examinations, operating reports, or condition reports prepared by, on behalf of, or for the use of an agency responsible for the regulation or supervision of financial institutions, check issuers, money transmitters, money services providers, or money service businesses;

(6)(a) financial records of an applicant, licensee, or the agent of an applicant or licensee obtained during or as a result of an examination by the commissioner;

(b) when a record is required to be filed pursuant to this article with the commissioner as part of an application for license, annual renewal, or otherwise, the record, including financial statements prepared by certified public accountants, must be public information unless sections of the information are bound separately and are marked "confidential" by the applicant, licensee, or agent upon filing;

(c) information pursuant to subitem (b) bound separately and marked "confidential" must be considered nonpublic until ten days after the commissioner has given the applicant, licensee, or agent notice that an order will be entered finding the material public information.

(d) an applicant, licensee, or agent may seek an injunction from the Richland County Circuit Court ordering the commissioner to withhold the information as nonpublic pending a final order from a court of competent jurisdiction if the order of the commissioner pursuant to subitem (c) is appealed under applicable law;

(7) trade secrets obtained from a person; or

(8) another record that is required to be closed to the public and is not considered open to public inspection under other law.

(C) The commissioner may disclose information not otherwise subject to disclosure pursuant to subsection (A) to representatives of state or federal agencies who promise in a record that they will maintain the confidentiality of the information; or the commissioner finds that the release is reasonably necessary for the protection of the public and in the interests of justice, and the licensee has been given previous notice by the commissioner of the commissioner’s intent to release the information.

(D) This section does not prohibit the commissioner from disclosing to the public a list of persons licensed under this chapter or the aggregated financial data concerning those licensees.