Under the Financial Data Transparency Act of 2022, the Securities and Exchange Commission (SEC) has proposed joint data standards, aimed at enhancing the interoperability of financial regulatory data across multiple agencies. These standards, proposed on August 2, 2024, will establish common identifiers for entities, locations, dates, and financial products, streamlining the reporting process for financial institutions and improving regulatory oversight. The proposal involves collaboration with eight additional agencies, including the Federal Reserve, the Treasury Department, and the Federal Deposit Insurance Corporation.
The proposed standards also include a principles-based approach for data transmission and formatting, ensuring that submissions are high-quality and machine-readable. SEC Chair Gary Gensler emphasized that the standards will make financial data more accessible and uniform, benefiting both the public and regulatory agencies. The public comment period for these standards will remain open for 60 days following their publication in the Federal Register, with agencies in various stages of approval.
