SEC Overhauls Confidential Treatment Request Regime

The U.S. Securities and Exchange Commission (SEC) recently adopted new rules and procedures that permit public companies to file redacted material contracts as exhibits to SEC filings without applying for a confidential treatment request (CTR). These new rules present a major overhaul of the SEC’s prior CTR regime, which proved to be time-consuming, expensive, and uncertain for registrants. The new rules and procedures, primarily amending Regulation S-K Item 601(b), will provide much needed relief to companies by reducing the significant cost and time expended to prepare and process CTRs, without necessarily diminishing the quality of information available to investors. The new rules and procedures became effective on April 2, 2019.