On December 29, 2025, the Securities and Exchange Commission (the “SEC”), through a rule amendment,1 delegated authority to the Director of the Division of Investment Management to authorize the issuance of orders to grant, deny, and revoke confidential treatment for information in Form ADV, as well other filings under the Investment Advisers Act of 1940 (“Advisers Act”), as amended.2 The adopting release states that the amendment is designed to conserve SEC resources and facilitate efficient consideration of applications.
Under Section 210(a) of the Advisers Act, information contained in any registration application or report (or amendment thereto) filed with the SEC pursuant to the Advisers Act is generally made available to the public. However, the SEC may issue an order, upon application, finding that public disclosure of such information is “neither necessary nor appropriate in the public interest or for the protection of investors.” As delegated, the Director of Investment Management may now authorize the issuance of orders granting and denying applications for confidential treatment filed pursuant to Section 210(a), and revoking previously issued orders granting confidential treatment.3
As the SEC recognized, it has not historically acted on applications for confidential treatment. With this new delegation of authority, the SEC appears to be setting up a formalized process for advisers who wish to seek confidential treatment of information in their Form ADV. Although this is a very recent change, we anticipate that this delegation of authority will offer advisers more clarity on how they will be able to keep information confidential on their Form ADV.
1 The final rule becomes effective upon publication in the Federal Register.
2 See 17 CFR 200.30-5.
3 The delegation applies only to confidential treatment applications filed pursuant to Section 210(a). It does not apply to other confidentiality requests, including those made under the Freedom of Information Act (“FOIA”). For more information on confidential treatment procedures under FOIA, see 17 CFR 200.83.
