Public attendance at meetings

Under 2203.3(a), the public may observe Commission meetings that do not involve adjudication or discussion of cases, because such meetings will be open to the extent practicable. See 2203.3(a).

• The rule assumes most meetings will be closed because the Commission primarily adjudicates cases, but meetings not involving adjudication should be open when practicable.
• Even when meetings are open, the public may observe but is not permitted to participate in the discussion during open meetings, per 2203.3(a).

Under 2203.3(a), members of the public may observe but are not allowed to participate in discussions during open meetings. See 2203.3(a).

• Observation is permitted; active participation (speaking, debating, or making motions) by the public is explicitly disallowed in open meetings.
• This restriction applies even when a meeting is open "to the extent practicable," so plan public outreach through other channels if input is needed.

Under 2203.3(c), regularly-scheduled meetings are expected to be closed to the public. See 2203.3(c) and 2203.3(b).

• The regulation explains that regularly-scheduled meetings are primarily for considering or disposing of particular cases of formal Commission adjudication, so the Commission expects to close them.
• Procedures in 2203.4 apply to announcing and closing these meetings.

Under 2203.3(b), the Commission may close a meeting or withhold information when disclosure is likely to fall into one of the specified categories (e.g., national security, personnel rules, trade secrets, privacy, investigatory records, financial institution reports, premature financial disclosure, or specific legal proceedings). See 2203.3(b).

• The full list of closed-meeting grounds is in 2203.3(b).
• Use these categories to determine whether parts of a meeting should be closed or information withheld; if none apply, the meeting should remain open under 2203.3(a)/(d).

Under 2203.3(b)(1), yes—matters specifically authorized by Executive order to be kept secret for national defense or foreign policy, and properly classified under that order, can justify closing a meeting. See 2203.3(b)(1) and 2203.3(b)(1)(i).

• Both conditions must be met: (i) the matter is authorized under Executive order to be secret and (ii) it is in fact properly classified under that Executive order (2203.3(b)(1)(ii)).
• If either condition is missing, 2203.3(b)(1) should not be used as the basis for closing the meeting.

Under 2203.3(b)(2), yes—the Commission may close a meeting that relates solely to the Commission's internal personnel rules and practices. See 2203.3(b)(2).

• This covers topics that are strictly internal operations and do not affect the public or outside parties.
• If the discussion has public implications or affects external parties, this exception would not apply and the meeting should remain open.

Under 2203.3(b)(4), yes—trade secrets and commercial or financial information obtained from a person that are privileged or confidential can justify closing a meeting or withholding information. See 2203.3(b)(4).

• Use this ground when disclosure would reveal proprietary business information or confidential financial details submitted by a party.
• Make a narrow determination—only close the portion of the meeting necessary to protect the privileged information.

Under 2203.3(b)(5), yes—the Commission may close meetings that involve accusing any person of a crime or formally censuring any person. See 2203.3(b)(5).

• This protects individuals from public airing of allegations before proper proceedings are concluded.
• If the matter does not involve accusation or formal censure, this exception should not be used.

Under 2203.3(b)(6), disclosure of information of a personal nature that would constitute a clearly unwarranted invasion of personal privacy can justify closing a meeting or withholding information. See 2203.3(b)(6).

• Apply this when revealing names, medical details, or other highly personal data would harm privacy interests.
• The invasion must be clearly unwarranted; balance public interest against privacy before deciding to close a meeting.

Under 2203.3(b)(7), the Commission may close meetings to the extent disclosure would produce investigatory records for law enforcement purposes or information contained in such records, but only when production would (i) interfere with enforcement, (ii) deprive someone of fair trial or impartial adjudication, (iii) constitute an unwarranted invasion of privacy, (iv) disclose identity or confidential information from a source, (v) reveal investigative techniques and procedures, or (vi) endanger law enforcement personnel. See 2203.3(b)(7) and its subparagraphs (i–vi).

• Each subparagraph limits the scope: close only to the extent necessary to protect the listed interest.
• For example, protect confidential sources (2203.3(b)(7)(iv)) or investigative techniques (2203.3(b)(7)(v)).

Under 2203.3(b)(8), yes—information contained in or related to examination, operating, or condition reports prepared for an agency that regulates or supervises financial institutions can justify closing a meeting or withholding information. See 2203.3(b)(8).

• This protects sensitive supervisory information that could harm financial stability or confidential supervisory processes.
• Close only the parts of the meeting necessary to protect these specific reports.

Under 2203.3(b)(9)(i), the Commission may close a meeting if premature disclosure is likely to lead to significant financial speculation in currencies, securities, or commodities, or to significantly endanger the stability of any financial institution. See 2203.3(b)(9)(i) and its subparts (A/B.

• Use this exception when disclosure would create market-moving information before appropriate channels (e.g., press releases or regulatory notifications) are ready.
• Document the specific risk of speculation or instability when relying on this ground.

Under 2203.3(b)(9)(ii), yes—the Commission may close a meeting if premature disclosure would be likely to significantly frustrate implementation of a proposed Commission action, unless the Commission has already publicly disclosed the content or nature of the proposal or is legally required to disclose it. See 2203.3(b)(9)(ii).

• This exception cannot be used if the proposal's content or nature is already public or the law requires earlier disclosure.
• When relying on this ground, explain why disclosure would frustrate the implementation and confirm that no prior public disclosure negates the exception.

Under 2203.3(b)(10), yes—the Commission may close meetings that specifically concern issuing a subpoena, participating in a civil action or proceeding, engaging with a foreign court or international tribunal, arbitration, or initiating/conducting/disposing of a particular case of formal Commission adjudication. See 2203.3(b)(10).

• This protects the integrity of legal strategy and adjudicatory processes.
• For formal adjudications, this provides a primary basis for closing regularly-scheduled meetings (see 2203.3(c)).

Under 2203.3(d), yes—meetings that are not regularly scheduled are open to public observation by default unless the Commission determines the meeting (or part of it) is likely to disclose information of the kinds listed in 2203.3(b). See 2203.3(d).

• If the Commission decides to close or partially close such meetings, the procedures in 2203.5 apply to public announcement and closing.
• This means non-regular meetings are presumed open unless a specific 2203.3(b) ground applies.

Under 2203.3(b), yes—the Commission may withhold information about a meeting even if it does not close the meeting, provided the withheld information falls within one of the listed categories (for example, classified material, trade secrets, or investigatory records). See 2203.3(b).

• Withholding information is allowed when disclosure of that particular information would cause harm identified in 2203.3(b).
• Even when withholding is justified, announce as much about the meeting as possible without disclosing the protected information, following applicable announcement procedures in 2203.4 or 2203.5.

Under 2203.3(b)(7)(iv), yes—the Commission may close a meeting to avoid disclosing the identity of a confidential source or confidential information supplied by that source, particularly in the context of criminal law enforcement or national security intelligence investigations. See 2203.3(b)(7)(iv).

• Protecting confidential sources helps maintain cooperation in investigations and prevents jeopardizing ongoing inquiries.
• Close only the portion necessary to protect the source’s identity or the confidential information provided.

Under 2203.3(c), regularly-scheduled meetings are expected to be closed when they involve matters under specific subparagraphs of 2203.3(b), and the procedures for announcing and closing these meetings are set out in 2203.4. See 2203.3(c) and 2203.4.

• Use 2203.4 procedures to properly notify the public about scheduled closures and to document the reasons for closing.
• Even when meetings are regularly scheduled and expected to be closed, follow the announcement and recordkeeping requirements in 2203.4 to maintain transparency where possible.

Under 2203.3(d), non-regular meetings are open by default but may be partially or totally closed if they would disclose information covered by 2203.3(b); when closure occurs, the public announcement procedures in 2203.5 apply. See 2203.3(d) and 2203.5.

• Follow 2203.5 to announce closures, explain the reasons (citing the applicable 2203.3(b) subsection), and provide as much information as can be released without harming protected interests.
• Keep documentation supporting the decision to close in case of public or legal questions.