SEC proposes joint data standards

The Securities and Exchange Commission has proposed joint data standards under the Financial Data Transparency Act of 2022 that would establish standards for financial data submitted to certain regulatory agencies.

The proposed standards would improve interoperability of data across agencies by establishing common identifiers for entities, geographic locations, dates, and certain products and currencies. The proposal would also establish a joint standard in regards to data transmission and schema and taxonomy formats, which would enable financial institutions to submit data to the agencies 

“This proposal will make financial data more accessible, uniform and useful to the public,” SEC chair Gary Gensler said in a statement. “Consistent data standards will make it easier for financial institutions to file reports across multiple agencies. They also will help regulators be more effective and efficient in carrying out our oversight functions.”

Eight other agencies have or are expected to propose the joint standards, with some scheduled to vote in the coming weeks: the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, the Consumer Financial Protection Bureau, the Department of the Treasury, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency.