Financial Data Transparency Act of 2022: Final Rule

Summary

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, the Federal Housing Finance Agency, the Commodity Futures Trading Commission, the Securities and Exchange Commission, and the Department of Treasury (collectively, the agencies) are issuing a joint final rule to implement the Financial Data Transparency Act of 2022 (FDTA).

To promote interoperability of financial regulatory data, the joint final rule establishes joint data standards for certain collections of information reported by regulated financial entities and data collected on behalf of the Financial Stability Oversight Council (FSOC). The joint data standards do not apply to those collections of information until the agencies separately adopt those standards by rulemaking or other action.

The joint data standards are established as proposed in the agencies’ August 22, 2024, notice of proposed rulemaking, except that the joint final rule (1) does not establish the proposed joint standard of the Financial Instrument Global Identifier for the identification of financial instruments; (2) clarifies that International Organization for Standardization (ISO) 10962, Securities and related financial instruments — Classification of financial instruments (CFI), is to be used in the classification, rather than identification, of financial instruments that are not swaps or security-based swaps; (3) continues to establish ISO 8601, Date and time format, for dates, but without reference to the basic format option; and (4) more explicitly states that the agencies may tailor the data standards that they ultimately adopt or adopt data standards not established in the joint final rule.

Highlights

• Pursuant to the FDTA, the agencies are jointly establishing joint data standards for (1) certain collections of information reported to each agency by financial entities under the agency’s jurisdiction, and (2) the data collected from the agencies on behalf of the FSOC.
• The FDTA requires the joint data standards to include common identifiers, including a common nonproprietary legal entity identifier (LEI) that is available under an open license for all entities required to report to the agencies. Accordingly, the agencies established the following common identifiers:
  • For the common nonproprietary LEI: ISO 17442, Financial services — Legal entity identifier (LEI).
  • For identification of swaps and security-based swaps: Unique Product Identifier as defined by ISO 4914, Financial services — Unique product identifier (UPI).
  • For identification of dates: Date as defined by ISO 8601, Date and time format.
  • For identification of a U.S. state, possession, geographic directional, or military “state”: U.S. Postal Service state abbreviations.
  • For identification of countries and their subdivisions: the three-letter country code with the code for subdivisions, as appropriate, as defined by the Geopolitical Entities, Names, and Codes developed by the Country Codes Working Group of the Geospatial Intelligence Standards Working Group.
  • For identification of currencies: ISO 4217, Currency codes.
• For the classification of financial instruments that are not swaps or security-based swaps, the agencies established ISO 10962, Securities and related financial instruments — CFI.
• Consistent with the FDTA, the agencies established data transmission and schema and taxonomy format standards that
  • 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 is consistently identified as such in associated machine-readable metadata.
  • are nonproprietary or are available under an open license.
• The application of any joint data standard to specific collections of information would take effect through an agency’s adoption of that standard by an agency-specific rulemaking or other action.
• The joint final rule does not otherwise change an agency’s authority to collect information from the public.

Further Information

Please contact Allison Hester-Haddad, Special Counsel, or John Cooper, Counsel, Chief Counsel’s Office, at (202) 649-5490.

Adam J. Cohen
Senior Deputy Comptroller and Chief Counsel

Related Link

• Final Rule: Financial Data Transparency Act Joint Data Standards (PDF)