Justice Department Issues Guidelines in Response to National Security and Public Safety Exemption in SEC Rule

Today, the Department of Justice published guidelines outlining the process that companies subject to the reporting requirements in Section 13 or 15(d) of the Securities Exchange Act of 1934, or U.S. Government agencies in coordination with such companies, may use to request that the Department authorize delays of cyber incident disclosures required by the U.S. Securities and Exchange Commission in Item 1.05 of Form 8-K. Read the guidelines:

A company may delay providing a disclosure required by Item 1.05 of Form 8-K if the Attorney General or the Attorney General’s authorized designees determine that the disclosure poses a substantial risk to national security or public safety.

The Department’s guidelines state that when a registrant believes that disclosure required by Item 1.05 of Form 8-K may pose a substantial risk to national security or public safety, the registrant should, directly or through another U.S. Government agency, immediately contact the FBI consistent with reporting instructions the FBI has issued on its website: FBI Guidance to Victims of Cyber Incidents on SEC Reporting Requirements.