United States of America: Closed consultation on SEC proposal for Joint Data Standards under Financial Data Transparency Act of 2022

On 2 October 2024, the US Securities and Exchange Commission (SEC) closes its public consultation on the proposal for joint data standards under the Financial Data Transparency Act of 2022. The proposal, which involves collaboration with eight other agencies, including the Federal Reserve, aims to enhance the interoperability of financial regulatory data. Furthermore, the proposed joint data standards focus on several key areas. Firstly, they aim to standardise identifiers for entities, geographic locations, dates, and certain products and currencies, ensuring these identifiers are nonproprietary, available under an open license, and free of charge. In addition, the proposal includes a principles-based approach for data transmission and formatting. This approach is designed to ensure that data is fully searchable, machine-readable, and of high quality through clearly defined schemas and metadata. Moreover, it emphasises the consistent identification of regulatory information in machine-readable metadata and supports the use of nonproprietary or open-license formats. This flexibility allows for the adoption of new open-source file formats as they are developed without needing to amend the joint standards.