While there are no general federal regulations covering all aspects of peer review, federal agencies do have policies pertaining to peer reviews of grant applications. Common to these policies are a description of the standards the peer reviewer is to use in judging the proposal, a discussion of conflict of interest issues, and a statement of confidentiality requirements. While the standards for judging may vary from program to program, principles related to confidentiality and conflict of interest are fairly uniform.

The National Science Foundation (NSF) states in its Instructions for Proposal Review, "If you have an affiliation or financial connection with the organization or person submitting this proposal that might be construed as creating a conflict of interest, please describe those affiliations or interests on a separate page and attach it to your review." The instructions go on to indicate that an NSF program official will determine how to treat the possible conflict of interest.
Click here to visit the NSF Instructions for Proposal Review Website.

The National Institutes of Health Guidelines (NIH) indicate that the Science Review Administrator will identify conflicts of interest with the assistance of the peer reviewer, who should supply information if any of the following potential conflicts apply: "investigators are listed with whom you have a financial and/or professional relationship; the funding decision on any application would benefit you directly; you feel there may be a perception of conflict."
Click here to visit the NIH Guidelines for Reviewers Website

Both agencies emphasize providing information regarding a situation that might even be merely construed as a conflict of interest and letting program officials make the decision on how to proceed.

Confidentiality is a requirement in both NSF and NIH peer review processes. NIH instructions state that it is important to respect the privacy of the investigators’ ideas. If a peer reviewer needs to consult someone for expertise related to the proposal, a program official must first contact that individual and obtain a signed conflict of interest statement. NSF instructions spell out confidentiality expectations in more detail, precluding divulging the contents to anyone, including your graduate students or post-doctoral or research associates. Help may be sought from a colleague only after approval by a program official.