SEC to Issue Agency-Specific Rules Under Financial Data Transparency Act
What happened
The Securities and Exchange Commission confirmed that the Financial Data Transparency Act, signed into law in December 2022, requires a two-step rulemaking process. After establishing joint data standards with nine other federal agencies, the SEC must now issue agency-specific rules to implement those standards. These rules apply to issuers, municipal advisors, and broker-dealers.
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Why it matters
The goal of the rulemaking is to achieve uniform joint standards for data reporting. Tailoring provisions, such as mandating a Legal Entity Identifier, aims to make it easier for investors to track their exposure, though this may present challenges in the municipal credit market.
The Financial Data Transparency Act is driving digitized reporting requirements, which involves the Governmental Accounting Standards Board.
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Who's involved
- Securities and Exchange CommissionGovernment agency responsible for issuing agency-specific rules under the FDTA
- Raymond James FinancialFinancial services firm that must submit required regulatory filings to the Securities and Exchange Commission
- ExxonMobilCorporation that operates under mandatory oversight and filing requirements established by the SEC
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The entities involved
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Securities and Exchange Commission
government agency of the Philippines
Related events
- The Securities and Exchange Commission is proposing new rules under federal securities laws.
- Digital asset rules could potentially fall under the purview of the Commodity Futures Trading Commission (CFTC).
- Littelfuse filed required documents with the Securities and Exchange Commission for market transparency.
- APA sets procedural standards for federal agencies.
- DragonFi Securities tested new market access under regulatory supervision by the Securities and Exchange Commission.