SEC Issues Streamlined Guidance for Confidential Treatment Requests

On Dec. 19, 2019, the Division of Corporation Finance of the SEC updated its guidance with respect to the SEC's procedures for confidential treatment applications (CTAs). In April 2019, the SEC adopted a streamlined procedure with respect to confidential treatment that permits registrants to file redacted material contracts pursuant to Regulation S-K without applying for confidential treatment of the redacted information, provided the redacted information (i) is not material and (ii) would be competitively harmful if publicly disclosed. The updated guidance addresses the alternative "old" confidential treatment procedure involving the submission of CTAs. The "old" procedure is the only option for some filings, such as Schedules 13D or filings with exhibits requirements in Item 1016 of Reg M-A, which are not covered by the new streamlined procedure.