Should the proposed joint standards be approved, they would:

• establish a principles-based joint standard regarding data transmission, structuring, and formatting
• establish LEI (a global identifier standard that uniquely and unambiguously identifies a legal entity) as a common entity identifier
• enable financial institutions to submit high-quality, fully searchable machine-readable data to the agencies
• promote interoperability of financial regulatory data across the agencies by establishing eight common identifiers for entities, geographic locations, dates, and certain products and currencies
• define the term “collections of information” in accordance with the Paperwork Reduction Act of 1995.

 The following eight agencies also have proposed or are expected to propose the joint standards:

• Board of Governors of the Federal Reserve System
• Commodity Futures Trading Commission
• Consumer Financial Protection Bureau
• Department of the Treasury
• Federal Deposit Insurance Corporation
• Federal Housing Finance Agency
• National Credit Union Administration
• Office of the Comptroller of the Currency

The agencies currently are in varying stages of approving the proposed joint standards, though some agencies are scheduled to vote in the coming weeks.

For more information on the proposed joint standards, please see the Financial Data Transparency Act Joint Data Standards rule proposal on the SEC’s website. Interested parties may submit feedback during the public comment period, which will remain open for 60 days following publication in the Federal Register.

Novaworks has provided a free fact sheet with important information about the recently released joint rule-making. You can download the sheet below. In addition, you can join our free monthly webinar discussing the FDTA and structured data by registering here: Exploring the Impact of Data Transparency on Municipal Reporting.

Source:

Financial Data Transparency Act Joint Data Standards (sec.gov)