To embed, copy and paste the code into your website or blog: On March 9, 2021, the Corporation Finance Division of the Securities and Exchange Commission (SEC) updated its guidance in Disclosure Topic No. 7 for preserving confidential treatment of exhibits redacted pursuant to an SEC confidential treatment order (CTO) that is about to expire. CTOs are becoming more rare. Most companies obtain confidential treatment without a CTO by filing redacted copies of the exhibits in accordance with Regulation S-K Item 601(b)(10)(iv), which allows companies to redact immaterial, competitively harmful information without submitting an explanation in advance to the SEC staff (subject to legending and other requirements, as well as possible future SEC review). For exhibits not covered by Item 601(b) (such as Schedule 13D and Regulation M-A Item 1016 exhibits) filers must obtain a CTO from the SEC.