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1) Dec 15 -- Data Coalition Applauds Congress for Passing Major Financial Transparency Bill

Today, Congress passed the Financial Data Transparency Act (FDTA) as a part of the FY 2023 National Defense Authorization Act. The FDTA requires seven of the financial regulatory member-agencies of the U.S. Financial Stability Oversight Council to adopt and apply uniform data standards (i.e. a common data format) for the information collected from regulated entities. As a consequence, the data standards will enable better information processing, software-enabled filing preparation, and data reconciliation. This bill has clear benefits for the American public, investors, government regulators, and private sector firms. . . .
 
About the Financial Data Transparency Act:
 
Common Identifiers Across the Covered U.S. Financial Regulatory Agencies -- The FDTA requires the establishment of “common identifiers” for information reported to covered regulatory agencies, which could include transactions and financial products/instruments.

Searchable, Machine-Readable, Open Data Standards -- The FDTA includes a set of required characteristics that build upon industry and technology best practices, account for lessons learned from existing federal regulatory standard setting, and incorporate relevant federal policy and international standards definitions.

Promotes Interoperability -- In establishing data standards, the FDTA requires the heads of covered agencies to consult with each other to promote interoperability of financial regulatory data across members of the Financial Stability Oversight Council.

No New Reporting or Disclosure Requirements -- Nothing in the FDTA requires any covered agency to collect or make publicly available additional information.

Minimize Burden on Smaller Entities -- The FDTA allows agencies to scale data reporting requirements to reduce burden on smaller regulated entities and minimize disruptive changes to those affected by regulations.  

https://www.datacoalition.org/press-releases/13027267
 
2) Sept 12 -- Data Coalition FACT SHEET: Financial Data Modernization Proposal Promotes Transparency, Efficiency, and Accountability
 
The Financial Data Transparency Act addresses longstanding data deficiencies in regulatory reporting. The bill would require the seven of the financial regulatory member-agencies of the U.S. Financial Stability Oversight Council to adopt and apply uniform data standards (i.e. a common data format) for the information collected from regulated entities. As a consequence, the data standards will enable better information processing, software-enabled filing preparation, and data reconciliation. These features collectively are the basis for retail investors, regulators, and the market having better information for selecting investment opportunities and understanding risks.

The Financial Data Transparency Act establishes a framework that can be used to improve regulatory reporting efficiency in coming years, reducing compliance overhead and the level of effort required for submitting financial reports. It also sets the stage for financial regulators to have access to higher quality data so they can spend their time focused on enforcement rather than tracking down inadvertent errors in reports. Streamlining regulatory reporting frees up valuable time and energy that can also support private sector innovation and productivity growth.

The FDTA reiterates the requirement for disclosable public data assets to be made available as open Government Data assets, per the Foundations for Evidence-Based Policymaking Act. This assures the data assets published under the regulatory authorities of the FDTA’s covered agencies are presented in a manner consistent with existing government-wide data policy.

Open data standards allow for better information processing, software-enabled filing preparation, and data reconciliation. These features collectively are the basis for retail investors, regulators, and the market having better information for selecting investment opportunities and understanding risks. The FDTA includes a set of required characteristics which builds upon industry and technology best practices, accounts for lessons learned from existing federal regulatory standard setting, and incorporates relevant federal policy and international standards definitions.

The data will be made available under “open license” format which will reduce barriers for industry, academia, and others to incorporate or reuse the data standards and information definitions into systems and processes. This requirement will also facilitate competition among multiple vendors for creation, data collection, and analysis tools, which reduce long-term costs.

https://www.datacoalition.org/blog/12841425
 
3) Financial Data Transparency Act of 2022 -- Title LVIII of the National Defense Authorization Act for Fiscal Year 2023 (P.L. 117-263)
https://www.dropbox.com/s/4uc4louypy6g0cr/Financial%20Data%20Transparency%20Act%202022.pdf?dl=0

4) Dec 26 -- XBRL US Welcomes Enactment of the Financial Data Transparency Act (FDTA) https://xbrl.us/news/xbrlus-welcomes-fdta/

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