[Code of Federal Regulations]
[Title 12, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR261.16]

[Page 706-707]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 261--RULES REGARDING AVAILABILITY OF INFORMATION--Table of Contents
 
   Subpart B--Published Information and Records Available to Public; 
                         Procedures for Requests
 
Sec. 261.16  Request for access to confidential commercial or financial information.

    (a) Request for confidential information. A request by a submitter 
for confidential treatment of any information shall be considered in 
connection with a request for access to that information. At their 
discretion, appropriate Board or staff members (including Federal 
Reserve Bank staff) may act on the request for confidentiality prior to 
any request for access to the documents.
    (b) Notice to the submitter. When a request for access is received 
pursuant to the Freedom of Information Act (5 U.S.C. 552):
    (1) The Secretary shall notify a submitter of the request, if:
    (i) The submitter requested confidential treatment of the 
information pursuant to 5 U.S.C. 552(b)(4); and
    (ii) The request by the submitter for confidential treatment was 
made within 10 years preceding the date of the request for access.
    (2) Absent a request for confidential treatment, the Secretary may 
notify a submitter of a request for access to information provided by 
the submitter if the Secretary reasonably believes that disclosure of 
the information may cause substantial competitive harm to the submitter.
    (3) The notice given to the submitter shall:
    (i) Be given as soon as practicable after receipt of the request for 
access;

[[Page 707]]

    (ii) Describe the request; and
    (iii) Give the submitter a reasonable opportunity, not to exceed ten 
working days from the date of notice, to submit written objections to 
disclosure of the information.
    (c) Exceptions to notice to submitter. Notice to the submitter need 
not be given if:
    (1) The Secretary determines that the request for access should be 
denied;
    (2) The requested information lawfully has been made available to 
the public;
    (3) Disclosure of the information is required by law (other than 5 
U.S.C. 552); or
    (4) The submitter's claim of confidentiality under 5 U.S.C. 
552(b)(4) appears obviously frivolous or has already been denied by the 
Secretary, except that in this last instance the Secretary shall give 
the submitter written notice of the determination to disclose the 
information at least five working days prior to disclosure.
    (d) Notice to requester. At the same time the Secretary notifies the 
submitter, the Secretary also shall notify the requester that the 
request is subject to the provisions of this section.
    (e) Written objections by submitter. Upon receipt of notice of a 
request for access to its information, the submitter may provide written 
objections to release of the information. Such objections shall state 
whether the information was provided voluntarily or involuntarily to the 
Board.
    (1) If the information was voluntarily provided to the Board, the 
submitter shall provide detailed facts showing that the information is 
customarily withheld from the public.
    (2) If the information was not provided voluntarily to the Board, 
the submitter shall provide detailed facts and arguments showing:
    (i) The likelihood of substantial harm that would be caused to the 
submitter's competitive position; or
    (ii) That release of the information would impair the Board's 
ability to obtain necessary information in the future.
    (f) Determination by Secretary. The Secretary's determination 
whether or not to disclose any information for which confidential 
treatment has been requested pursuant to this section shall be 
communicated to the submitter and the requester immediately. If the 
Secretary determines to disclose the information and the submitter has 
objected to such disclosure pursuant to paragraph (e) of this section, 
the Secretary shall provide the submitter with the reasons for 
disclosure, and shall delay disclosure for ten working days from the 
date of the determination.
    (g) Notice of lawsuit. (1) The Secretary shall promptly notify any 
submitter of information covered by this section of the filing of any 
suit against the Board to compel disclosure of such information.
    (2) The Secretary shall promptly notify the requester of any suit 
filed against the Board to enjoin the disclosure of any documents 
requested by the requester.