(a) Except in a case where the
agency finds that the public interest requires otherwise, the agency
may close a meeting or a portion or portions of a meeting under the
procedures specified in section 261b.7 or 261b.8 of this part, and
withhold information under the provisions of section 261b.6, 261b.7,
261b.8, or 261b.11 of this part, where the agency properly determines
that such meeting or portion or portions of its meeting or the disclosure
of such information is likely to:
(1) disclose matters that are (A) specifically
authorized under criteria established by an executive order to be
kept secret in the interests of national defense or foreign policy,
and (B) in fact properly classified pursuant to such executive order;
(2) relate solely to internal
personnel rules and practices;
(3) disclose matters specifically exempted
from disclosure by statute (other than section 552 of title 5 of the
United States Code), provided that such statute (A) requires that
the matters be withheld from the public in such a manner as to leave
no discretion on the issue, or (B) establishes particular criteria
for withholding or refers to particular types of matters to be withheld;
(4) disclose trade secrets
and commercial or financial information obtained from a person and
privileged or confidential;
(5) involve accusing any person of a crime,
or formally censuring any person;
(6) disclose information of a personal
nature where disclosure would constitute a clearly unwarranted invasion
of personal privacy;
(7) disclose investigatory records compiled for law enforcement purposes,
or information which if written would be contained in such records,
but only to the extent that the production of such records or information
would (A) interfere with enforcement proceedings, (B) deprive a person
of a right to a fair trial or an impartial adjudication, (C) constitute
an unwarranted invasion of personal privacy, (D) disclose the identity
of a confidential source and, in the case of a record compiled by
a criminal law enforcement authority in the course of a criminal investigation,
or by a federal agency conducting a lawful national security intelligence
investigation, confidential information furnished only by the confidential
source, (E) disclose investigative techniques and procedures, or (F)
endanger the life or physical safety of law enforcement personnel;
(8) disclose information
contained in or related to examination, operating, or condition reports
prepared by, on behalf of, or for the use of the Board or other federal
agency responsible for the regulation or supervision of financial
institutions;
(9) disclose
information the premature disclosure of which would—
(A) be likely
to (i) lead to significant speculation in currencies, securities,
or commodities, or (ii) significantly endanger the stability of any
financial institution; or
(B) be likely to significantly frustrate
implementation of a proposed action, except that subparagraph (B)
shall not apply in any instance where the Board has already disclosed
to the public the content or nature of its proposed action, or where
the Board is required by law to make such disclosure on its own initiative
prior to taking final action on such proposal; or
(10) specifically
concern the issuance of a subpoena, participation in a civil action
or proceeding, an action in a foreign court or international tribunal,
or an arbitration, or the initiation, conduct, or disposition of a
particular case of formal agency adjudication pursuant to the procedures
in section 554 of title 5 of the United States Code or otherwise involving
a determination on the record after opportunity for a hearing.
