SEC Updates Guidance On Confidential Treatment Requests
For the first time since December 2019, the SEC has updated its guidance on the process associated with submitting a confidential treatment request (“CTR”). The March 2019 guidance update was triggered by the passing of the Fixing America’s Surface Transportation Act (“FAST Act”) which allows companies to redact confidential information from most material agreement exhibits without filing a CTR, including omitting schedules and exhibits to exhibits. The FAST Act also allows a company to redact information in material agreements that is both (i) not material, and (ii) competitively harmful if disclosed without the need for a CTR. For a discussion on the December 2019 guidance see HERE. At the end of this blog, I include a refresher on the streamlined, self-executing rules for omitting confidential information from material contract exhibits to SEC filings.
The latest updated guidance flows through the process in general, so the below discussion includes all such updates.
Confidential Treatment Requests Under Rules 406
