The SEC has denied an institution manager a confidential treatment request related to Form 13F because the request had only conclusory allegations. According to the SEC:

  • The applicant’s argument that the Commission should grant confidential treatment in “every” circumstance where doing so is in the public interest overlooks the prerequisite for confidential treatment that Congress established in section 13(f).
  • Subjective allegations that disclosure might harm the applicant’s clients would undo the entire regime calling for public availability of information about the investment activity of institutional managers.
  • Generalized statements about potential post-disclosure movements in the market price of a reportable security, without data and analysis, are insufficient.