Attachment 1 (SEC Requirements List).pdf

50310225Q0094 Attachment 1 - SEC 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 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.

The subscription shall support enterprise access for SEC staff for data retrieved and housed on SEC systems. The subscription shall allow the data to be pulled into targeted SEC data systems.

The subscription shall provide robust privacy safeguards of user activity, including not monitoring or saving queries for the data feed and web platform specifications described below.

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). Additionally, the subscription shall include at least an annual (ideally quarterly) aggregation of U.S. Venture Capital transactions. Data covering the period from July 1 of the preceding year through June 30 of the current year will need to be retrieved annually by the SEC; this data shall be made available by no later than September 30th of the current year.

2. The subscription shall include deal details, including general deal information, investors, financials, and Lifecyle information for firms from pre-seed/seed to small public firms with identifiers such as “early” or “late” work. Data covering the period from July 1 of the preceding year through June 30 of the current year will need to be retrieved annually by the SEC; this data shall be made available by no later than September 30th of the current year.

3. The subscription shall include investors (investor information, locations, investments’ information, fundraisings, limited partners). The subscription shall include aggregate information on first-time investors, emerging investors, non-traditional investors for the Venture Capital deals.

4. The subscription shall include private market founder demographic and biographical characteristics, including aggregate information on investments to “women-owned” and aggregate information based on location (rural vs urban or MSAs).

5. The subscription shall include detailed coverage on terms of exits. For Venture Capital exits, the subscription shall include type of exits such as M&A, IPO etc., and aggregate demographic data of founders participating in an exit.

6. The subscription shall include investor details related to capital formation, including aggregate information on investments to “women-owned”, type (i.e. angel etc.) and size of investment, and aggregate data on first-time investors, emerging investors, and nontraditional investors.

7. The subscription shall include fund specific information (general fund info, investments, returns). Specifically, for the Venture Capital industry, the subscription shall include aggregate fund details such as fund size, median and average time to close etc., and average and median time between funds.

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

9. The subscription shall include details about fund information and performance, including average and median fund length

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 for 10 users to a web-based research platform that provides 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). Additionally, the subscription shall include at least an annual (ideally quarterly) aggregation of U.S. Venture Capital transactions. Data covering the period from July 1 of the preceding year through June 30 of the current year will need to be retrieved annually by the SEC; this data shall be made available by no later than September 30th of the current year.

b. Deal details including general deal information, investors, financials, and Lifecyle information for firms from pre-seed/seed to small public firms with identifiers such as “early” or “late” work. Data covering the period from July 1 of the preceding year through June 30 of the current year will need to be retrieved annually by the SEC;

this data shall be made available by no later than September 30th of the current year

c. Information about investors (investor information, locations, investments’ information, fundraisings, limited partners). The subscription shall include aggregate information on first-time investors, emerging investors, non-traditional investors for the Venture Capital deals.

d. Information about private market founder demographic and biographical characteristics, including aggregate information on investments to “women-owned” and aggregate information based on location (rural vs urban or MSAs).

e. Detailed coverage on terms of exits. For Venture Capital exits, the subscription shall include type of exits such as M&A, IPO etc., and aggregate demographic data of founders participating in an exit.

f. Investor details related to capital formation

g. Fund specific information (general fund info, investments, returns). Specifically, for the Venture Capital industry, the subscription shall include aggregate fund details such as fund size, median and average time to close etc. and average and median time between funds.

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

i. Details about fund information and performance, including average and median fund length

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 including gender and geographic location.

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.