Just hours after our recent blog post regarding the need to use the traditional process for CTR extensions, the SEC announced the adoption of a new streamlined process for CTR extensions.
This streamlined process requires the submission of a one-page application by which a company can affirm that the most recently considered CTR application continues to be true, complete and accurate regarding the information for which the company continues to seek confidential treatment. In addition, the company must indicate the period of time for which it is requesting an extension of confidential treatment (either three, five or ten years) and provide a brief explanation to support the request. There is no need to refile the unredacted documents with the request nor provide a supporting analysis if the analysis remains the same as presented in the most recent CTR application. Notably, the SEC indicated that if the company determines that certain information has been publicly disclosed since the prior confidential treatment order was issued and eliminates some redactions, it must publicly file the revised redacted version of the contract when it submits the short-form extension application.
The CTR extension application may only be used if the exhibits have already been the subject of an order granting confidential treatment. It may not be used to add new exhibits to the application or make additional redactions that were not previously considered by the staff. Those situations require the filing of a new confidential treatment application containing all of the information required by Rule 406 or 24b-2.
The completed CTR extension application should be emailed to CTExtensions@sec.gov. If the SEC has questions relating to the application, it will contact the applicant. If the SEC does not have any questions but determines to grant the request based on the previously supplied information and the short-form application, the SEC will post the order granting confidential treatment on the applicant's EDGAR page following its normal procedures.
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