SEC Provides Additional Guidance On Form 13F Confidential Treatment Requests

The SEC Division of Investment Management has issued additional guidance that is meant to assist institutional investment managers that wish to request confidential treatment, or CT requests, for certain information reported on Form 13F.  The guidance elaborates on the types of information that the SEC believes might be relevant in evaluating a confidential treatment request for an Ongoing Acquisition/Disposition Program in a Reportable Security.

In 1998 the SEC provided detailed guidance to Form 13F filers that might be making CT Requests for an Ongoing Acquisition/Disposition Program. In particular, the 1998 letter elaborated on five categories of information that Form 13F requires to be provided in a CT Request for an Ongoing Acquisition/Disposition Program in a Reportable Security, in order for the SEC to be able to make an informed decision about whether delaying or preventing public disclosure is necessary or appropriate in the public interest and for the protection of investors or to maintain fair and orderly markets.

In reviewing CT requests for Ongoing Acquisition/Disposition Programs since issuing the 1998 letter, the SEC staff has further identified information, for each of the five categories, that is particularly helpful in reaching an informed decision on the CT requests.  The new guidance spells out the additional information in detail.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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