TITLE: U.S. Securities and Exchange Commission Establishes Joint Data Standards Under Financial Data Transparency Act
BODY:
On June 8, 2026, the U.S. Securities and Exchange Commission (SEC) established joint data standards as required under the Financial Data Transparency Act of 2022. The final rule creates technical standards for data submitted to certain financial regulatory agencies and represents the first step in implementing the act across federal financial regulators.
Eight additional federal agencies have established or are expected to establish the joint standards: 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 joint standards are designed to promote interoperability of financial regulatory data across these agencies by establishing common identifiers for entities, geographic locations, dates, and certain products and currencies. The standards include principles-based guidance on data transmission, schema, and taxonomy formats, enabling financial institutions to submit high-quality, machine-readable data to the agencies. SEC Chairman Paul S. Atkins said the establishment of joint data standards will ensure consistent data collection that eases burdens for financial institutions and makes data more accessible to investors. SEC Commissioner Mark T. Uyeda noted that this action will be followed by separate rulemaking for agency-specific standards that will further improve financial data accessibility.
Financial institutions should monitor forthcoming agency-specific standards rulemaking to understand additional compliance requirements. The SEC and its federal regulatory partners will continue coordinating implementation of the Financial Data Transparency Act across the financial regulatory framework.