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US SEC is protecting some documents
The US regulator had taken a note of an updated reading of deliberative process privilege. Such a process protects a firm’s document related to a specific decision-making process. Indeed, the privilege protects the documents even in the courtroom. Following the situation, the US SEC used an interpretation to explain why the documents that the FinTech firm is asking for an in-camera or a private review should be protected.
According to the SEC’s letter by Counsel Ladan F.Stewart, as all the withheld documents are connected to an identified decision or decision making process, the DPP protects them all from disclosure. Moreover, the Natural Resources Defense Council (NRDC) underscores that the regulator’s internal communications regarding the content of speeches and other public-facing communications are messaging records. Hence, that information is safeguarded by the DPP.
EPA did not have show policy documents of Ripple
Regarding the case between the NRDC and the US Environmental Protection Agency (EPA) the US Court of Appeals for the Second Circuit ruled that the EPA did not have to show some policy documents. Moreover the Court also ruled that DPP applied to staff messages regarding communicating.
And now the financial regulator is usinged such readings to defend the right to protect its communications regarding the Hinman Speech which has been a source of debate during the lawsuit.
Following the protected messaging records, the regulator also highlighted that these documents consist of draft talking points and Q&A for future speeches by the former SEC director of the agency’s Division of Corporation Finance. Moreover, the agency underscored NRDC vs EPA to stress what the circuit Court reportedly observed regarding candor within an agency. Hence, claimed that the deliberations reflected in the withheld documents are precisely the type of frank and open discussions.
SEC should identify a specific decision making process
Ripple, in its own filing, claimed that the US financial regulator had failed to identify a specific decision-making process for each paperwork. According to Ripple, the lawsuit confirms that the SEC must identify a specific decision making process and explains in its privilege logs how each withheld document connects to that process. Indeed, this is a burden where the regulator has plainly failed to meet.