06.08.26
SEC Establishes Joint Data Standards as Required Under FDTA
by: Kathie O'Donnell
The U.S. Securities and Exchange Commission (SEC) has formally established joint data standards required under the Financial Data Transparency Act of 2022, working alongside eight other federal financial regulators. The standards are intended to improve the consistency, interoperability and accessibility of regulatory data by creating common identifiers for entities, geographic locations, dates, products and currencies across agencies. Regulators say the framework will reduce reporting burdens for financial institutions while making financial data easier for investors and regulators to use. The standards also promote machine-readable reporting through principles-based requirements for data transmission, schemas and taxonomies.
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