Regulation SCI and Form SCI

OMB Control No: 3235-0703	ICR Reference No: 202104-3235-009
Status: Received in OIRA	Previous ICR Reference No: 202006-3235-022
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	Date Submitted to OIRA: 04/15/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	02/28/2022
Responses	2,532	2,228
Time Burden (Hours)	135,702	113,625
Cost Burden (Dollars)	3,493,729	2,860,377

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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.

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Authorizing Statute(s): US Code: 15 USC 78a et seq Name of Law: Securities Exchange Act of 1934

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
3235-AM61	Final or interim final rulemaking	86 FR 18596	04/09/2021

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 31

IC Title Form No. Form Name Access to EFFS - EAUF - existing entities Access to EFFS - EAUF - new entities Access to EFFS - digital ID Corrective action required by Rule 1002(a) - initial burden Corrective action required by Rule 1002(a) - ongoing burden Dissemination of information required by Rule 1002(c)(1)(i) Dissemination of information required by Rule 1002(c)(1)(ii) Dissemination of information required by Rule 1002(c)(2) Identification of critical SCI systems, major SCI events, de minimis SCI events, and material systems changes - initial burden Identification of critical SCI systems, major SCI events, de minimis SCI events, and material systems changes - ongoing burden Mandate participation in certain testing for non-plan processors required by Rule 1004 - initial burden Mandate participation in certain testing for non-plan processors required by Rule 1004 - ongoing burden Mandate participation in certain testing for plan processors required by Rule 1004 Material systems change notice required by Rule 1003(a)(1) Form SCI Form SCI Material systems change notice required by Rule 1003(a)(2) Form SCI Form SCI Policies and procedures required by Rule 1001(a) - initial burden Policies and procedures required by Rule 1001(a) - ongoing burden Policies and procedures required by Rule 1001(b) - initial burden Policies and procedures required by Rule 1001(b) - ongoing burden - SCI SROs Policies and procedures required by Rule 1001(b) -ongoing burden - SCI non-SROs Policies and procedures required by Rule 1001(c) - initial burden Policies and procedures required by Rule 1001(c) - ongoing burden Recordkeeping required by Rules 1005 and 1007 - initial burden Recordkeeping required by Rules 1005 and 1007 - ongoing burden SCI event notice required by Rule 1002(b)(1) Form SCI Form SCI SCI event notice required by Rule 1002(b)(2) Form SCI Form SCI SCI event notice required by Rule 1002(b)(3) Form SCI Form SCI SCI event notice required by Rule 1002(b)(4) Form SCI Form SCI SCI event notice required by Rule 1002(b)(5) Form SCI Form SCI SCI review required by Rule 1003(b)(1) and (b)(2) Form SCI Form SCI SCI review required by Rule 1003(b)(3) Form SCI Form SCI

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ICR Summary of Burden

	Total Request	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	2,532	2,228	0	304	0	0
Annual Time Burden (Hours)	135,702	113,625	0	22,077	0	0
Annual Cost Burden (Dollars)	3,493,729	2,860,377	0	633,352	0	0

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: No

Burden Reduction Due to:

Short Statement: The Commission recently adopted amendments to Reg. SCI that increases some of the burdens. These changes are described in more detail in Item 15 of the Supporting Statement.

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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: Sara Gillis 2025515523

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Common Form ICR:  No

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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: 04/15/2021

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