The U.S. Securities and Exchange Commission has finalized a joint rule under the Financial Data Transparency Act of 2022 that sets common technical standards for data submitted to federal financial regulators. Acting with the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, the Consumer Financial Protection Bureau, the Department of the Treasury, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency, the SEC established shared standards intended to make regulatory data more interoperable across agencies. The rule sets common identifiers for entities, locations, dates, certain products and currencies, and adopts a principles-based standard for transmitting and structuring machine-readable data. It does not itself change any reporting requirement. The final standards establish the Legal Entity Identifier for legal entities, the Unique Product Identifier for swaps and security-based swaps, and the Classification of Financial Instruments for classifying other financial instruments. They also adopt ISO 8601 for dates, U.S. Postal Service abbreviations for U.S. states and geographic directionals, GENC codes for countries and subdivisions, and ISO 4217 alphabetic currency codes. For data transmission and schema or taxonomy formats, the rule requires formats that, to the extent practicable, make data searchable and machine-readable, support schemas and machine-readable metadata, consistently identify data elements tied to regulatory requirements, and are nonproprietary or open-licensed. Compared with the proposal, the agencies did not establish the Financial Instrument Global Identifier as a joint standard, did not require ISO 8601 Basic format, and did not set joint taxonomy or census tract standards. The rule also defines "collections of information" by reference to the Paperwork Reduction Act. The joint rule takes effect on October 1, 2026. Reporting obligations will change only if an agency later adopts the standards through its own rulemaking or other action. The implementing agencies are expected to follow with agency-specific rules for covered information collections, and the FDTA allows them to tailor standards, consider feasibility, scale requirements for smaller entities, and seek to minimize disruption.
U.S. Securities & Exchange Commission2026-06-08
U.S. Securities and Exchange Commission establishes joint Financial Data Transparency Act data standards and excludes proposed FIGI identifier
The U.S. Securities and Exchange Commission and eight other federal financial regulators have finalized a joint rule under the Financial Data Transparency Act of 2022 establishing common technical standards for regulatory data, including shared identifiers and machine-readable formats. The rule designates the Legal Entity Identifier, Unique Product Identifier and Classification of Financial Instruments as joint standards, and adopts ISO-based and other established codes for dates, locations and currencies, but does not itself alter reporting obligations. Agencies must adopt these standards individually in future rulemakings, with flexibility to tailor requirements.