(a) Notification of business submitter. The Corporation shall promptly notify a business submitter of any request for Corporation records containing business information. The notice shall either specifically describe the nature of the business information requested or provide copies of the records, or portions thereof containing the business information.
(b) Business submitter reply. The Corporation shall afford a business submitter 10 working days to object to disclosure, and to provide the Corporation with a written statement specifying the grounds and arguments why the information should be withheld under Exemption (b)(4) of the Act.
(c) Considering and balancing respective interests.
(1) The Corporation shall carefully consider and balance the business submitter's objections and specific grounds for nondisclosure against such factors as:
(i) The general custom or usage in the occupation or business to which the information relates that it be held confidential; and
(ii) The number and situation of the individuals who have access to such information; and
(iii) The type and degree of risk of financial injury to be expected if disclosure occurs; and
(iv) The length of time such information should be regarded as retaining the characteristics noted in paragraphs (c)(1)(i) through (iii) of this section in determining whether to release the requested business information.
(2)
(i) Whenever the Corporation decides to disclose business information over the objection of a business submitter, the Corporation shall forward to the business submitter a written notice of such decision, which shall include:
(A) The name, and title or position, of the person responsible for denying the submitter's objection;
(B) A statement of the reasons why the business submitter's objection was not sustained;
(C) A description of the business information to be disclosed; and
(D) A specific disclosure date.
(ii) The notice of intent to disclose business information shall be mailed by the Corporation not less than six working days prior to the date upon which disclosure will occur, with a copy of such notice to the requester.
(d) When notice to business submitter is not required. The notice to business submitter shall not apply if:
(1) The Corporation determines that the information shall not be disclosed;
(2) The information has previously been published or otherwise lawfully been made available to the public; or
(3) Disclosure of the information is required by law (other than 5 U.S.C. 552).
(e) Notice of suit for release. Whenever a requester brings suit to compel disclosure of business information, the Corporation shall promptly notify the business submitter.