Svmuu News: The U.S. Commodity Futures Trading Commission (CFTC) announced that it has finalized joint data standards under the Financial Data Transparency Act of 2022, establishing technical specifications for data submitted to certain financial regulatory agencies.
In addition to the CFTC, eight other agencies — including the Federal Reserve, the SEC, the Consumer Financial Protection Bureau, the Treasury Department, the FDIC, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency — have also established or plan to establish similar standards. These standards aim to enhance the interoperability of financial regulatory data across agencies by unifying identifiers for entities, geographic locations, dates, and specific products and currencies. CFTC Chairman Selig stated: "As market participants operate in an increasingly integrated financial ecosystem, they must navigate the regulatory requirements of multiple federal agencies, which often demand similar or identical data to be reported using different standards. Inconsistent standards increase costs for businesses without improving how efficiently regulators can use the data. This final rule is an important step toward reducing unnecessary burdens."
Additionally, the standards include joint principles for data transmission as well as schema and classification formats, enabling financial institutions to submit high-quality, machine-readable data to regulatory agencies.