SEC makes announcement about exhibits containing immaterial, competitively harmful information

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Apr 01, 2019

On April 1, 2019, the U.S. Securities and Exchange Commission (SEC) posted to its website an announcement on the new rules and procedures in the Commission’s recently issued final rule “FAST Act Modernization and Simplification of Regulation S-K.”

The announcement addresses issues related to exhibits containing immaterial and competitively harmful information. Specific topics discussed in the announcement include (1) new rule requirements related to the identification of where information has been omitted from a filed exhibit, (2) the review process for registrant filings for compliance, and (3) transition issues.

The SEC recently adopted new rules that permit registrants to file redacted material contracts 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. Those rules will become effective upon their publication in the Federal Register, which is expected to be on April 2, 2019.

For more information, see the SEC announcement on the SEC’s Web site.

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