SEC Boss Gets Power to Hide Investment Secrets Faster
Published Date: 12/31/2025
Rule
Summary
Starting December 31, 2025, the Director of the Division of Investment Management gets the power to approve or deny requests to keep certain investment info secret. This change helps the SEC work faster and saves resources by letting the Director handle these decisions directly. It mainly affects companies filing investment adviser info and speeds up how confidential info is managed.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Director Can Decide Confidentiality Requests
Starting December 31, 2025, the Director of the SEC's Division of Investment Management can grant, deny, or revoke requests for confidential treatment of information in registration applications or reports filed under the Investment Advisers Act, including information in Form ADV. These orders are issued under delegated authority and become orders of the Commission unless the Commission chooses to review them.
Faster Processing of Confidentiality Requests
The rule delegates authority to the Director to conserve Commission resources and facilitate more efficient consideration of confidential-treatment applications for filings under the Advisers Act. The Commission says this delegation is designed to let the SEC work faster when deciding those applications.
Scope Limited to Advisers Act Requests (Not FOIA)
The delegation applies only to confidential-treatment orders under section 210(a) of the Investment Advisers Act and does not cover other confidential-treatment requests such as those under the Freedom of Information Act (FOIA). Filers seeking FOIA-related confidentiality follow separate procedures in 17 CFR 200.83.
Applicants Keep Notice, Hearing, and Review Rights
If the Director intends to deny or revoke confidential treatment, affected parties will be given appropriate notice and an opportunity for a hearing as required by the Advisers Act. The Commission also retains the discretionary right to review any action the Director takes under this delegation.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in