Regulation SCI and Form SCI

Forms and Documents

Document Name	Status
Form Form SCI Material systems change notice required by Rule 1003(a)(2) Form and Instruction	Modified
Form Form SCI SCI event notice required by Rule 1002(b)(5) Form and Instruction	Modified
Form Form SCI SCI event notice required by Rule 1002(b)(4) Form and Instruction	Modified
Form Form SCI SCI event notice required by Rule 1002(b)(3) Form and Instruction	Modified
Form Form SCI SCI event notice required by Rule 1002(b)(2) Form and Instruction	Modified
Form Form SCI SCI review required by Rule 1003(b)(3) Form and Instruction	Modified
Form Form SCI SCI review required by Rule 1003(b)(1) and (b)(2) Form and Instruction	Modified
Form Form SCI Material systems change notice required by Rule 1003(a)(1) Form and Instruction	Modified
Form Form SCI SCI event notice required by Rule 1002(b)(1) Form and Instruction	Modified
3235-0703 (Reg. SCI and Form SCI) Supporting Statement Final Rule April 2021.pdf Supporting Statement A	2021-04-14
Form SCI.pdf Supplementary Document	2021-04-14

IC Document Collections

IC ID	Document Title	Status
232088	Recordkeeping required by Rules 1005 and 1007 - ongoing burden	Modified
232087	Identification of critical SCI systems, major SCI events, de minimis SCI events, and material systems changes - ongoing burden	Modified
232086	Corrective action required by Rule 1002(a) - ongoing burden	Modified
232085	Access to EFFS - EAUF - existing entities	Modified
232079	Material systems change notice required by Rule 1003(a)(2) Form and Instruction	Modified
232078	Dissemination of information required by Rule 1002(c)(2)	Modified
232077	Dissemination of information required by Rule 1002(c)(1)(ii)	Modified
232076	SCI event notice required by Rule 1002(b)(5) Form and Instruction	Modified
232075	SCI event notice required by Rule 1002(b)(4) Form and Instruction	Modified
232074	SCI event notice required by Rule 1002(b)(3) Form and Instruction	Modified
232073	SCI event notice required by Rule 1002(b)(2) Form and Instruction	Modified
232072	Mandate participation in certain testing for non-plan processors required by Rule 1004 - ongoing burden	Modified
232071	Policies and procedures required by Rule 1001(c) - ongoing burden	Modified
232068	Policies and procedures required by Rule 1001(b) -ongoing burden - SCI non-SROs	Modified
232067	Policies and procedures required by Rule 1001(b) - ongoing burden - SCI SROs	Unchanged
232066	Policies and procedures required by Rule 1001(a) - ongoing burden	Modified
216647	Access to EFFS - digital ID	Modified
216646	Access to EFFS - EAUF - new entities	Modified
216640	Policies and procedures required by Rule 1001(c) - initial burden	Modified
207227	Recordkeeping required by Rules 1005 and 1007 - initial burden	Modified
207226	Identification of critical SCI systems, major SCI events, de minimis SCI events, and material systems changes - initial burden	Modified
207225	Corrective action required by Rule 1002(a) - initial burden	Modified
207224	SCI review required by Rule 1003(b)(3) Form and Instruction	Modified
207223	SCI review required by Rule 1003(b)(1) and (b)(2) Form and Instruction	Modified
207214	Material systems change notice required by Rule 1003(a)(1) Form and Instruction	Modified
207212	Dissemination of information required by Rule 1002(c)(1)(i)	Modified
207211	SCI event notice required by Rule 1002(b)(1) Form and Instruction	Modified
207210	Mandate participation in certain testing for plan processors required by Rule 1004	Unchanged
207209	Mandate participation in certain testing for non-plan processors required by Rule 1004 - initial burden	Modified
207208	Policies and procedures required by Rule 1001(b) - initial burden	Modified
207206	Policies and procedures required by Rule 1001(a) - initial burden	Modified

ICR Details

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

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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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