Material that contains trade secrets or commercial or financial information that has been claimed as confidential by its source. While the conditions for trade secret protection vary from country to country, some general standards on trade secret law are found in Article 39 of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement): The information must be secret in the sense that it is not, as a body or in the precise configuration and assembly of its components, generally known among or readily accessible to persons within the circles that normally deal with the kind of information in question; it must have commercial value because it is secret; and it must have been subject to reasonable steps under the circumstances, by the person lawfully in control of the information, to keep it secret.
(Source: http://www.epa.gov/opptintr/pfoa/pubs/glossary.html and World Intellectual Property Organization: “What is the international legal framework of trade secret protection?” http://www.wipo.int/patents/en/topics/trade_secrets.html)
NOTE: IRMA’s agreed upon definition of Confidential Business Information is not settled. Stakeholder input on this definition welcome.