FDTA agencies have published the final rule for Financial Data Transparency Act Joint Data Standards. The final rule summarizes the joint standards in Table 1 on page 7. Legal entity is defined as the ISO 17442 – Legal Entity Identifier (LEI) and data transmission and schema and taxonomy format are defined as:
Formats that, to the extent practicable:
- Render data fully searchable and machine-readable;
- 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;
- 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
- Are nonproprietary or available under an open license
The final rule also notes, “…the data standards that an implementing Agency adopts in its Agency-specific rulemaking must incorporate and ensure compatibility with, to the extent feasible, applicable joint standards. Pursuant to the FDTA, the data standards adopted by each implementing Agency through its respective Agency-specific rulemaking must take effect not later than two years after the final joint rule is promulgated.”
Read the Final Rule.
Read the SEC announcement.
Read the FDIC announcement.
Read the CFTC announcement.
Read the OCC announcement.
Read the Federal Reserve announcement.
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