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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3235-0703
ICR Reference No:
202309-3235-015
Status:
Historical Inactive
Previous ICR Reference No:
202111-3235-005
Agency/Subagency:
SEC
Agency Tracking No:
TM-270-653
Title:
Regulation SCI and Form SCI
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Comment filed on proposed rule and continue
Conclusion Date:
01/09/2024
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/07/2023
Terms of Clearance:
OIRA will review the package upon finalization of the rule.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
03/31/2025
02/28/2025
03/31/2025
Responses
2,784
0
2,784
Time Burden (Hours)
148,160
0
148,160
Cost Burden (Dollars)
3,789,577
0
3,789,577
Abstract:
Regulation SCI would update and formalize a regulatory framework for ensuring that the U.S. securities trading markets develop and maintain systems with adequate capacity, integrity, resiliency, availability, and security, and reinforce the requirement that such systems operate in compliance with relevant laws and rules. Regulation SCI is intended to advance the goals of the national market system by enhancing the capacity, integrity, resiliency, availability, and security of the automated systems of entities important to the functioning of the U.S. securities markets, and reinforce the requirement that such systems operate in compliance with the Exchange Act and relevant rules. The Commission recently proposed to update the national market system for the collection, consolidation, and dissemination of information with respect to quotations for and transactions in national market system (“NMS”) stocks. Specifically, the Proposal would expand the content of the information with respect to quotations for and transactions in NMS stocks that must be made available under Regulation NMS and introduce a decentralized consolidation model whereby “competing consolidators” would assume responsibility for the collection, consolidation, and dissemination functions currently performed by the exclusive Securities Information Processors (“SIPs”). Among other things, the Proposal would expand the definition of “SCI entity” to include competing consolidators, so that all competing consolidators would be subject to Regulation SCI.
Authorizing Statute(s):
US Code:
15 USC 78a et seq
Name of Law: Securities Exchange Act of 1934
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
3235-AN25
Proposed rulemaking
88 FR 23146
04/13/2023
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
88
IC Title
Form No.
Form Name
IC 1.1 - Policies and procedures required by Rule 1001(a) - initial burden- Current SCI Entities
IC 1.2 - Policies and procedures required by Rule 1001(a) - initial burden - competing consolidators
IC 10.2 - SCI event notice required by Rule 1002(b)(1) - Competing Consolidators
IC 11.1 - SCI event notice required by Rule 1002(b)(2) - Current SCI Entities
IC 11.2 - SCI event notice required by Rule 1002(b)(2) - Competing Consolidators
IC 12.1 - SCI event notice required by Rule 1002(b)(3) - Current SCI Entities
IC 12.2 - SCI event notice required by Rule 1002(b)(3) - Competing Consolidators
IC 13.1 - SCI event notice required by Rule 1002(b)(4) - Current SCI Entities
IC 13.2 - SCI event notice required by Rule 1002(b)(4) - Competing Consolidators
IC 14.1 - SCI event notice required by Rule 1002(b)(5) - Current SCI Entities
IC 14.2 - SCI event notice required by Rule 1002(b)(5) - Competing Consolidators
IC 15.1 - Dissemination of information required by Rule 1002(c)(1)(i) - Current SCI Entities
IC 15.2 - Dissemination of information required by Rule 1002(c)(1)(i) - Competing Consolidators
IC 16.1 - Dissemination of information required by Rule 1002(c)(1)(ii) - Current SCI Entities
IC 16.2 - Dissemination of information required by Rule 1002(c)(1)(ii) - Competing Consolidators
IC 17.1 - Dissemination of information required by Rule 1002(c)(2) - Current SCI Entities
IC 17.2 - Dissemination of information required by Rule 1002(c)(2) - Competing Consolidators
IC 18.1 - Material systems change notice required by Rule 1003(a)(1) - Current SCI Entities
IC 18.2 - Material systems change notice required by Rule 1003(a)(1) - Competing Consolidators
IC 19.1 - Material systems change notice required by Rule 1003(a)(2) - Current SCI Entities
IC 19.2 - Material systems change notice required by Rule 1003(a)(2) - Competing Consolidators
IC 2.1 - Policies and procedures required by Rule 1001(a) - ongoing burden - Current SCI Entities
IC 2.2 - Policies and procedures required by Rule 1001(a) - ongoing burden - Competing Consolidator
IC 20.1 - SCI review required by Rule 1003(b)(1) and (b)(2) - Current SCI Entities
IC 20.2 - SCI review required by Rule 1003(b)(1) and (b)(2) - Competing Consolidators
IC 21.1 - SCI review required by Rule 1003(b)(3) - Current SCI Entities
IC 21.2 - SCI review required by Rule 1003(b)(3) - Competing Consolidators
IC 22.1 - Access to EFFS - EAUF - initial burden - Competing Consolidators
IC 23.1 - Access to EFFS - EAUF - ongoing burden - Current SCI Entities
IC 23.2 - Access to EFFS - EAUF - ongoing burden - Competing Consolidators
IC 23.3 - Access to EFFS - digital ID - New SCI Entities
IC 23.4 - Access to EFFS - digital ID - Current SCI Entities
IC 23.5 - Access to EFFS - digital ID - Competing Consolidators
IC 24.1 - Corrective action required by Rule 1002(a) - initial burden - Current SCI Entities
IC 24.2 - Corrective action required by Rule 1002(a) - initial burden - Competing Consolidators
IC 25.1 - Corrective action required by Rule 1002(a) - ongoing burden - Current SCI Entities
IC 25.2 - Corrective action required by Rule 1002(a) - ongoing burden - Competing Consolidators
IC 26.1 - Identification of critical SCI systems, major SCI events, de minimis SCI events, and material systems changes - initial burden - Current SCI Entities
IC 26.2 - Identification of critical SCI systems, major SCI events, de minimis SCI events, and material systems changes - initial burden - Competing Consolidators
IC 27.1 - Identification of critical SCI systems, major SCI events, de minimis SCI events, and material systems changes - ongoing burden - Current SCI Entities
IC 27.2 - Identification of critical SCI systems, major SCI events, de minimis SCI events, and material systems changes - ongoing burden Competing Considators
IC 28.1 - Recordkeeping required by Rules 1005 and 1007 - initial burden - Competing Consolidators
IC 29.1 - Recordkeeping required by Rules 1005 and 1007 - ongoing burden - Current SCI Entities
IC 29.2 - Recordkeeping required by Rules 1005 and 1007 - ongoing burden - Competing Consolidators
IC 3.1 - Policies and procedures required by Rule 1001(b) - initial burden - Competing Consolidator
IC 31 - Access to EFFS - digital ID
IC 4.1 - Policies and procedures required by Rule 1001(b) - ongoing burden - Competing Consolidators
IC 5.1 - Policies and procedures required by Rule 1001(b) - ongoing burden - New SCI Entities non-SROs
IC 6.1 - Policies and procedures required by Rule 1001(c) - initial burden - Competing Consolidators
IC 7.1 - Policies and procedures required by Rule 1001(c) – ongoing burden - Current SCI Entities
IC 7.2 - Policies and procedures required by Rule 1001(c) – ongoing burden - Competing Consolidators
IC 8.1 - Mandate participation in certain testing for non-plan processors required by Rule 1004 – initial burden - Current SCI Entities
IC 8.2 - Mandate participation in certain testing for non-plan processors required by Rule 1004 – initial burden - Competing Consolidators
IC 9.1 - Mandate participation in certain testing for non-plan processors required by Rule 1004 - ongoing burden - Current SCI Entities
IC 9.2 - Mandate participation in certain testing for non-plan processors required by Rule 1004 - ongoing burden - Competing Consolidators
IC 9.3 - Mandate participation in certain testing for plan processors required by Rule 1004
IC1 - Policies and procedures required by Rule 1001(a) - initial burden-- New SCI Entities
IC10 - SCI event notice required by Rule 1002(b)(1) - New SCI Entities
Form SCI
Form SCI
IC11 - SCI event notice required by Rule 1002(b)(2) - New SCI Entities
Form SCI
Form SCI
IC12 - SCI event notice required by Rule 1002(b)(3) - New SCI Entities
Form SCI
Form SCI
IC13 - SCI event notice required by Rule 1002(b)(4) - New SCI Entities
Form SCI
Form SCI
IC14 - SCI event notice required by Rule 1002(b)(5) - New SCI Entities
Form SCI
Form SCI
IC15 - Dissemination of information required by Rule 1002(c)(1)(i) - New SCI Entities
IC16 - Dissemination of information required by Rule 1002(c)(1)(ii) - New SCI Entities
IC17 - Dissemination of information required by Rule 1002(c)(2)
IC17 - Dissemination of information required by Rule 1002(c)(2) - New Entities
IC18 - Material systems change notice required by Rule 1003(a)(1) - New SCI Entities
Form SCI
Form SCI
IC19 - Material systems change notice required by Rule 1003(a)(2) - New SCI Entities
Form SCI
Form SCI
IC2 - Policies and procedures required by Rule 1001(a) - ongoing burden - New SCI Entities
IC20 - SCI review required by Rule 1003(b)(1) and (b)(2) - New SCI Entities
Form SCI
Form SCI
IC21 - SCI review required by Rule 1003(b)(3) - New SCI Entities
Form SCI
Form SCI
IC22 - Access to EFFS - EAUF - initial burden - New SCI Entities
IC23 - Access to EFFS - EAUF - ongoing burden - New SCI Entities
IC24 - Corrective action required by Rule 1002(a) - initial burden - New SCI Entities
IC25 - Corrective action required by Rule 1002(a) - ongoing burden - New SCI Entities
IC26 - Identification of critical SCI systems, major SCI events, de minimis SCI events, and material systems changes - initial burden - New SCI Entities
IC27 - Identification of critical SCI systems, major SCI events, de minimis SCI events, and material systems changes - ongoing burden - New SCI Entities
IC28 - Recordkeeping required by Rules 1005 and 1007 - initial burden - New SCI Entities
IC29 - Recordkeeping required by Rules 1005 and 1007 - ongoing burden - New SCI Entities
IC3 - Policies and procedures required by Rule 1001(b) - initial burden - New SCI Entities
IC30 - Mandate participation in certain testing for plan processors required by Rule 1004
IC4 - Policies and procedures required by Rule 1001(b) - ongoing burden - SCI SROs
IC5 - Policies and procedures required by Rule 1001(b) -ongoing burden - Current SCI Entities non-SROs
IC6 - Policies and procedures required by Rule 1001(c) - initial burden - New SCI Entities
IC7 - Policies and procedures required by Rule 1001(c) - ongoing burden - New SCI Entities
IC8 - Mandate participation in certain testing for non-plan processors required by Rule 1004 - initial burden - New SCI Entities
IC9 - Mandate participation in certain testing for non-plan processors required by Rule 1004 - ongoing burden- New SCI Entities
ICR 10.1 - SCI event notice required by Rule 1002(b)(1) - Current SCI Entities
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Changing Regulations
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Changing Regulations
Short Statement:
The Commission has proposed amendments to the rule that would revise collections of information, and the corresponding burdens, in this OMB number. These revisions are discussed in more detail in the attached Supporting Statement.
Annual Cost to Federal Government:
$180,000
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
Gita Subramaniam 202 551-5793
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
12/07/2023
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