The Financial Data Transparency Act (FDTA) aims to modernize financial reporting by making data electronically searchable and enhancing transparency. The Act encourages the use of regulatory technologies and AI, aiming to harmonize reporting requirements and reduce compliance costs.

This Summary document, published by the Data Foundation, offers a brief but authoritative digest of the FDTA. Main points include:

  • Common Identifiers: Establishes common identifiers for transactions and financial entities, promoting data accessibility and openness.
  • Machine-Readable Data: Mandates data standards for machine-readability, ensuring data is easily processed by computers without losing meaning.
  • Open Data Publication: Reinforces government-wide policy for publishing data as open assets, making it available for bulk download in human-readable formats.
  • No New Reporting Requirements: The FDTA does not introduce additional reporting or disclosure obligations for covered agencies.
  • Scalable Regulatory Compliance: Allows scaling of data reporting requirements to lessen the burden on smaller entities and minimize disruptive regulatory changes.

 

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