Financial Data Transparency Act Joint Data Standards – Notice of Proposed Rulemaking

Blog article

Regulatory Agencies* seek public comment on a proposed rule to establish data standards to promote interoperability of financial regulatory data across these agencies. The agencies are proposing this rule as required by the Financial Data Transparency Act of 2022 (FDTA), which was signed into law on December 23, 2022.  The FDTA directs to jointly establish data standards. The FDTA also directs most of the Agencies to issue individual rules adopting applicable joint standards for certain collections of information under their respective purview. In this proposed rule, the Agencies are requesting comment on data standards to be jointly established; individual Agency proposals will follow after adoption of the joint standards.  The standards proposed are as follows: 

The Agencies establish the following data standards for collections of information reported to each Agency by financial entities under the jurisdiction of such Agency and the data collected from Agencies on behalf of the Financial Stability Oversight Council.

The legal entity identifier is established to be ISO 17442 –Financial Services – the Legal Entity Identifier (LEI).  

The following common identifiers are established as data standards, as applicable:   

       (i) For identification of swaps and security-based swaps: ISO 4914 – Financial services – Unique product identifier (UPI); 

       (ii) For identification of financial instruments that are not swaps or security-based swaps:  ISO 10962 – Securities and related financial instruments — Classification of financial instruments (CFI); 

       (iii) For identification of financial instruments: Financial Instrument Global Identifier (FIGI) created by the Object Management Group;  

       (iv) For identification of dates: date as defined by ISO 8601 using the Basic format option; 

       (v) For identification of states, possessions, or military “states” of the United States of America or geographic directionals: U.S. Postal Service Abbreviations as published in Appendix B of Publication 28 – Postal Addressing Standards, Mailing Standards of the United States Postal Service; 

       (vi) For identification of countries and their subdivisions: the country code with the code for subdivisions, as appropriate, as defined by the Geopolitical Entities, Names, and Codes (GENC) developed by the Country Codes Working Group of the Geospatial Intelligence Standards Working Group; and  

      (vii) For identification of currencies: the alphabetic currency code as defined by ISO 4217 – Currency Codes.

         (i) Data standard. For the reporting of information pursuant to a collection of information to the Agencies and the use of schemas and taxonomies by the Agencies, the Agencies establish the data standard that the data transmission or schema and taxonomy format used have the properties set forth in paragraph (a)(3)(ii) of this section.   

         (ii) Properties. To be considered a data transmission or schema and taxonomy format that meets the data standard set forth in paragraph (a)(3)(i) of this section, the data transmission or schema and taxonomy format must, to the extent practicable: 

                     (A) Render data fully searchable and machine-readable; 

                     (B) Enable high quality data through schemas, with accompanying metadata documented in machine-readable taxonomy or ontology models, which clearly define the semantic meaning of the data, as defined by the underlying regulatory information collection requirements, as appropriate; 

                     (C) Ensure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata; and 

                     (D) Be nonproprietary or available under an open license. 

The data standards established in paragraph (a) of this section shall be subject to consideration by the Agencies of the applicability, feasibility, practicability, scaling, minimization of disruption to affected persons, and tailoring, as specified in the Financial Data Transparency Act of 2022. 

The entire notice of proposed rulemaking is available here