On March 1st, Reuters reported that the SEC is reviewing its rules governing private offerings of securities and the secondary market for privately placed securities. Private Placements. On February 28th, CNNMoney.com reported that the SEC has denied CNNMoney's FOIA requests for documents related to the agency's examination of the secondary market for private company shares. The Commission cited FOIA exemption 7(C), which shields documents related to open enforcement actions. FOIA.