The Financial Data Transparency Act (FDTA) was enacted on December 23, 2022 and directs certain regulatory agencies (including the SEC) to jointly issue proposed rules for public comment that establish new data reporting standards on format, searchability, and transparency within 18 months. The FDTA only changes how information is submitted; it does not contain any new disclosure requirements. The FDTA requires information to be made available in an open data format that allows for digital access and bulk downloads with no restrictions. The goal is to make the information collected and made publicly available by regulatory agencies easier to access, analyze, and compare by requiring data to be posted in a machine-readable format.
In our latest research paper; “The FDTA and a New Digital Data Future”, we cover important elements of the FDTA including; The Rule making Process, The Agencies covered, Benefits of the FDTA, Role of the Regulators, Choosing the Data Standard, Impact on the Municipal Securities Rulemaking Board (MSRB) and Next Steps to implementation.