Federal regulators issued a joint final rule to implement the Financial Data Transparency Act of 2022.
About the Rulemaking: The 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. The joint data standards do not apply to those collections of information until the agencies separately adopt those standards.
Background: The FDTA requires the joint data standards to include common identifiers, including a common nonproprietary legal entity identifier that is available under an open license for all entities required to report to the agencies.
Next Steps: The joint rule is effective on Oct. 1, 2026. At the effective date, the joint rule will not change any reporting requirements without further action by the agencies.