The U.S. Securities and Exchange Commission (SEC) has established joint data standards as required under the Financial Data Transparency Act of 2022. The final rule sets technical standards for data submitted to certain financial regulatory agencies.
The rule aims to improve the quality and usability of financial data across agencies. It specifies formats and protocols for data collection and sharing.
The SEC's action fulfills a statutory requirement to promote transparency and consistency in financial reporting. The standards apply to data submitted to the SEC and other participating regulators.
The final rule is part of broader efforts to modernize financial data infrastructure. It is expected to enhance regulatory oversight and public access to information.
