Proposed Joint Rule Establishing Data Standards under the Financial Data Transparency Act of 2022

Adding Subpart D to Part 304 of FDIC’s Rules and Regulations

Laws and Regulations

August 9, 2024

Share on Facebook

Share on X

Follow the FDIC on LinkedIn

Share through email

Print

Summary:
The FDIC is issuing a joint Notice of Proposed Rulemaking (“NPR”) as required by the Financial Data Transparency Act of 2022 (“FDTA”) . Joining the FDIC in issuing the NPR are the Department of the Treasury; Board of Governors of the Federal Reserve System; Office of the Comptroller of the Currency; Consumer Financial Protection Bureau; Securities and Exchange Commission; Federal Housing Finance Agency; National Credit Union Administration; and Commodity Futures Trading Commission (collectively with the FDIC, the “Agencies”). The joint NPR would establish data standards for the collections of information reported to each Agency by financial entities under the jurisdiction of such Agency and data collected from Agencies on behalf of the Financial Stability Oversight Council. For the FDIC, the joint rule would add a Subpart D to 12 C.F.R. Part 304, the FDIC’s regulation for forms, instructions, and reports. Statement of Applicability:
The contents of, and material referenced in, this FIL apply to the FDIC.
Highlights:
Key Provisions of the NPR:
Legal entity identifier:
The Agencies propose to establish International Organization for Standardization (“ISO”) 17442 – Financial Services – the Legal Entity Identifier (“LEI”) as the legal entity identifier joint standard. Other common identifiers:
The Agencies propose to establish the following common identifiers in the joint standards:
For swaps and securities-based swaps: Unique Product Identifier (“UPI”) as defined by ISO 4914; To classify and describe the structure and function of a financial instrument (in the form of security or contract): Classification of Financial Instruments (“CFI”) as defined under ISO 10962; For identification of financial securities: Financial Instrument Global Identifier (“FIGI”) created by the Object Management Group as defined under ANSI X.9-145; For date fields: Date as defined by ISO 8601 using the Basic format option; For identification of a U.S. state, possession, military “state” of the United States of America, or geographic directional: Appendix B of Publication 28 “Postal Addressing Standards, Mailing Standards of the United States Postal Service;” For countries and their subdivisions, as appropriate: the Geopolitical Entities, Names, and Codes (“GENC”) as defined under ISO 3166; and For Currencies: ISO 4217 Currency Codes. Data Transmission and Schema and Taxonomy Format Standards: The Agencies propose to establish that the data transmission and schema and taxonomy format used have four properties, derived from the requirements listed in the FDTA. To be considered a data transmission or schema and taxonomy format, the data transmission or schema and taxonomy format must, to the extent practicable:
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 be consistently identified as such in associated machine-readable metadata; and Be nonproprietary or available under an open license. Comments are due 60 days after publication in the Federal Register .

FIL-54-2024

Attachment(s)

Notice of Proposed Rule - Financial Data Transparency Act Joint Data Standards

Related Topics

Information Technology

Contact(s)

Chief Data Officer