Attachment 1 - Draft Requirements List (Retirement assets data subscription).pdf

Sources Sought Notice: 50310223Q0097 SEC Draft Requirements List

Retirement assets data subscription

The U.S. Securities and Exchange Commission (SEC) requires subscription to data, with respect to retirement assets, to further its competencies in surveillance, examination, and enforcement of market participants within the retirement industry. The subscription shall include the following information:

1. Aggregated data to include the Department of Labor’s (DOL’s) Form 5500 plan filings matched to public SEC and FINRA filings of registrants managing these assets.

2. Provide the Assets Under Management (AUM) associated with SEC registrants and private funds managing these assets.

3. Identify the individual Investment Advisor Representative (IAR) and/or Registered Representative (RR) associated with these assets.

4. Identify the type of investment vehicle used to manage these assets.

5. Identify the names of Employment Retirement Income Security Act (ERISA) Plans.

6. Reflect the fees and expenses associated with management of these assets.

7. Must include data on Advisers/Providers and Plans to inform types of service providers managing ERISA monies and types of Plans (i.e., 401(k), 403(b), IRAs).

8. Must include most recent filing data that is publicly available (DOD/FINRA/SEC), with a minimum of five years available historical data for each filing entity.

Additionally, the SEC requires that the subscription include the following functionality:

1. Provide front-end interface, which facilitates users’ data queries.

2. Provide an output that displays plan data together with corresponding SEC registrants and fund names.

3. Must support search parameters by plan name, SEC registrant, and private fund.

4. Must also support search parameters for region, with associated output displaying asset managers handling ERISA plans across queried regions.

5. Include privacy settings to ensure confidentiality for all searches and data queries performed.

6. Provide downloadable output data to enable Commission analysis.

7. Provide enterprise license, allowing tool use and data sharing across the SEC and in any

SEC external functions (e.g. legal proceedings).

SEC USAGE: The SEC anticipates using the data and/or materials to conduct analyses for use in reports, studies, memoranda, and presentations. The SEC anticipates the following types of situations where analyses based on the underlying data may be made public: by the SEC itself (e.g., SEC rulemaking and/or analysis done as part of an inspection or enforcement action), by SEC staff where the SEC is directing or facilitating the publication (e.g., a staff study in response to a Congressional request), by SEC staff facilitating their own private publication where the Commission has not taken a position regarding the publication of the analysis (e.g., a research report to be submitted by the individual staff to an academic conference or journal), and by a former employee of the SEC who has substantially completed the analysis while on staff and is facilitating his/her own private publication (e.g., a research report to be submitted to an academic conference or journal). In all of these situations, only “insubstantial amounts” of the licensed data and/or materials would be made public and no raw data would be made public, the authors would agree to abide by all contractual terms and conditions, and as the owner/licensor of the data the Contractor would receive attribution and be cited as the data source. “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 part of it.