SEC Permits Confidential Treatment Requests For Form ADV Information

On December 29, 2025, the Securities and Exchange Commission (the "SEC") issued a final rule delegating authority to the Director (the "IM Director") of the Division of Investment Management ("IM") to grant, deny, and revoke requests for confidential treatment under Section 210(a) of the Investment Advisers Act of 1940 (the "Advisers Act"), including requests to keep confidential information filed on Form ADV. While the substantive standard for obtaining confidential treatment remains unchanged, this formalizes a process that previously had been unclear and, as a result, may increase advisers' ability to keep information on Form ADV confidential.

Background

Section 210(a) of the Advisers Act generally requires that information contained in registration applications, reports, or amendments filed pursuant to the Advisers Act be made publicly available, unless the SEC determines that public disclosure is neither necessary nor appropriate in the public interest or