Attachment 1 - SEC Draft Requirements List (private market data subscription).pdf

SEC Sources Sought Notice: 50310225Q0068

Attachment 1 - Draft Requirements List Private market data subscription

The U.S. Securities and Exchange Commission (SEC) requires a subscription to data and a web-based research platform for private and leveraged loan markets data. The subscription shall include but is not limited to the below requirements:

Private Market Data

Functionality

The subscription shall provide access to private market data via:

Option A (SFTP):

• Data delivery via SFTP that provides the data in flat text or csv files with the ability to easily move the information into statistical software packages like SAS, Stata, R, etc.

• The subscription shall provide report and data updates with a minimum of a monthly frequency.

OR

Option B (API):

• Data delivery via API calls made by the SEC on an ad hoc basis.

• Data provided via API calls shall be up-to-date with the vendor’s database of private market data

For both options:

1. The subscription shall support enterprise access for SEC staff for data retrieved and housed on SEC systems.

2. The subscription shall allow the data to be pulled into targeted SEC data systems.

Data Coverage and Analysis

1. The subscription shall include information covering all U.S. headquartered private and acquired/merged companies associated with deal transactions dating back to at least 1980 (general information, industry, location, financials, financing history, first and last financing, valuations).

2. The subscription shall include deal details (general deal information, investors, financials).

3. The subscription shall include investors (investor information, locations, investments’ information, fundraisings, limited partners).

4. The subscription shall include private market founder demographic and biographical characteristics.

5. The subscription shall include detailed coverage on terms of exits.

6. The subscription shall include investor details related to capital formation.

7. The subscription shall include fund specific information (general fund info, investments, returns).

8. The subscription shall limited partners (general info, location, commitments, allocations).

9. The subscription shall include details about fund information and performance.

10. The subscription shall include private financing transactions for those companies that subsequently initiated an IPO registration or went public. The data feed shall incorporate complete data on such transactions, including companies that are now in the IPO process or have gone public since they originally pursued private financing. The criteria for ownership status shall include “In IPO registration” and “Publicly Held” companies. Private financing transactions that involve companies that have not gone public shall continue to be included.

11. The subscription shall include “out of business” entities and their associated deals.

Web Platform

1. The subscription shall provide access to a specified number of users to a web-based research platform that provides access to a complete database of private market data.

2. The database of private market data shall include at a minimum:

a. Information covering all U.S. headquartered private and acquired/merged companies associated with deal transactions dating back to at least 1980 (general information, industry, location, financials, financing history, first and last financing, valuations).

b. Deal details (general deal information, investors, financials).

c. Information about investors (investor information, locations, investments’ information, fundraisings, limited partners).

d. Information about private market founder demographic and biographical characteristics.

e. Detailed coverage on terms of exits.

f. Investor details related to capital formation.

g. Fund specific information (general fund info, investments, returns).

h. Information about limited partners (general info, location, commitments, allocations).

i. Details about fund information and performance.

j. Information about private financing transactions for those companies that subsequently initiated an IPO registration or went public. The data feed shall incorporate complete data on such transactions, including companies that are now in the IPO process or have gone public since they originally pursued private financing. The criteria for ownership status shall include “In IPO registration” and “Publicly Held” companies. Private financing transactions that involve companies that have not gone public shall continue to be included.

k. Information about “out of business” entities and their associated deals.

3. The platform shall support searching and retrieval of companies, deals, and people based on specific filters or screening criteria.

4. The platform shall support the ability to export data and interact with the data via an Excel

Add-In.

Leveraged Loan Market Data, Aggregate Statistics & Commentary

1. The subscription shall provide access to a specified number of users to a web-based research platform that provides access to a complete database of leveraged loan market data.

2. The platform shall provide primary and secondary market information on leveraged loans, individual transactions and aggregate statistics, daily trading volumes, and information about the liquidity of the market.

3. The platform shall include timely news and analysis of the leveraged primary and secondary loan markets.

4. The platform shall provide relevant index(es) that track the performance of leveraged loans.

5. The platform shall provide statistics and detailed information about leveraged loan transactions.

6. The platform shall support the ability to export data and interact with the data via an Excel

Add-In.

Other Requirements

1. The subscription shall provide robust privacy safeguards of user activity, including not monitoring or saving queries.

Applicable Usage Term:

The Contractor acknowledges and agrees to the following: Notwithstanding any other provision in the contract and in connection with official activities, the SEC, SEC Commissioners, SEC staff, and SEC contractors under the direction of SEC staff may use licensed content to conduct analyses that may be shared internally within the SEC and/or shared externally with parties outside the SEC. Analyses may be shared for purposes that include but are not limited to: publication in connection with rulemaking, inspection, or enforcement activities; SEC-facilitated publications such as white papers, research notes, staff guidance, studies, speeches, presentations, reports, memoranda, and postings on SEC websites, including at the request of another governmental entity and/or an international regulatory organization; and research studies for academic conferences or journals. In connection with such sharing, insubstantial amounts of the licensed content may be made public. Insubstantial amounts means an amount that has no independent commercial value and could not be used as a substitute for the service or product or any portion of the service or product that is independently sold or licensed by Contractor.