Nine agencies finalize data standards for financial reporting
Nine U.S. financial regulatory agencies have published a final joint rule to establish common data standards for financial regulatory data. This action, effective October 1, 2026, aims to promote interoperability across the agencies as mandated by the Financial Data Transparency Act of 2022.
A unified language for financial data
The final joint rule, mandated by the Financial Data Transparency Act of 2022 (FDTA), establishes common data standards for certain information collections reported to the participating agencies.
These include the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB), the Federal Housing Finance Agency (FHFA), the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the Department of the Treasury.
The standards aim to promote interoperability of financial regulatory data across these nine agencies.
Key standards established cover legal entity identification (ISO 17442 LEI), unique product identifiers for swaps (ISO 4914 UPI), and classification of other financial instruments (ISO 10962 CFI).
Dates will adhere to ISO 8601, while countries and currencies will use GENC and ISO 4217 codes, respectively.
Data transmission formats must be fully searchable, machine-readable, and nonproprietary, with accompanying machine-readable metadata.
From Act to action
The Financial Data Transparency Act of 2022 (FDTA) was signed into law on December 23, 2022, directing these agencies to jointly issue regulations establishing data standards.
This final rule follows a Notice of Proposed Rulemaking issued in August 2024, which invited public comment.
While the joint rule establishes the overarching standards, it does not immediately change any existing reporting requirements.
Individual agencies will later consider incorporating these standards into their specific rulemakings or through other actions.
Notable adjustments from the proposed rule include the decision not to establish the Financial Instrument Global Identifier (FIGI) and a clarification that ISO 10962 (CFI) is for classification rather than identification of non-swap financial instruments.
The effective date for the joint rule is October 1, 2026.
Long overdue, but a start
This joint rule represents a crucial step towards modernizing financial regulatory reporting, addressing a long-standing need for data interoperability across diverse agencies.
While the immediate impact on reporting requirements is limited, the framework lays essential groundwork for future, more streamlined data collection and analysis.
Its success will ultimately depend on the consistent and effective implementation by individual agencies, transforming a complex regulatory landscape into a more transparent and efficient system.