I 

111TH CONGRESS 

2D SESSION H. R. 6038 

To amend the Dodd-Frank Wall Street Reform and Consumer Protection 

Act to increase financial industry transparency, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 30, 2010 

Mr. ISSA (for himself, Mr. TOWNS, and Mr. BACHUS) introduced the following 

bill; which was referred to the Committee on Financial Services, and in 

addition to the Committee on Agriculture, for a period to be subsequently 

determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to increase financial industry 

transparency, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Financial Industry Transparency Act of 2010’’. 

6 (b) TABLE OF CONTENTS.—The table of contents for 

7 this Act is as follows: 

Sec. 1. Short title; table of contents. 


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Sec. 2. Financial data standards for the financial stability oversight council and 

the office of financial research. 

Sec. 3. Financial data standards to improve the transparency of information received by the Board of Governors of the Federal Reserve System. 

Sec. 4. Financial data standards to improve the transparency of information received by the Federal Deposit Insurance Corporation. 

Sec. 5. Financial data standards to improve the transparency of information received by the Office of the Comptroller of the Currency. 

Sec. 6. Data standards to modernize the disclosure system of the Securities and 

Exchange Commission. 

Sec. 7. Financial data standards to ensure the transparency of information reported to the Office of National Insurance. 

Sec. 8. Financial data standards to ensure the transparency of swap transaction data. 

1 SEC. 2. FINANCIAL DATA STANDARDS FOR THE FINANCIAL 

2 STABILITY OVERSIGHT COUNCIL AND THE 

3 OFFICE OF FINANCIAL RESEARCH. 

4 (a) FINANCIAL DATA STANDARDS.—Section 112(d) 

5 of the Financial Stability Act of 2010 is amended by add6 ing at the end the following new paragraph: 

7 ‘‘(6) FINANCIAL DATA STANDARDS.— 

8 ‘‘(A) IN GENERAL.—The Council shall 

9 adopt data standards for all financial data re10 ceived by the Council or the Office of Financial 

11 Research under this subsection and section 153. 

12 ‘‘(B) CHARACTERISTICS OF FINANCIAL

13 DATA STANDARDS.—The data standards re14 quired by subparagraph (A) shall, to the extent 

15 practicable— 

16 ‘‘(i) incorporate a widely accepted, 

17 nonproprietary, searchable, computer-read18 able data format; 


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1 ‘‘(ii) be consistent with and imple2 ment— 

3 ‘‘(I) United States generally ac4 cepted accounting principles or Fed5 eral financial accounting standards 

6 (as appropriate); 

7 ‘‘(II) demonstrated best prac8 tices; and 

9 ‘‘(III) Federal regulatory require10 ments; 

11 ‘‘(iii) improve the transparency, con12 sistency, and usability of business and fi13 nancial information; 

14 ‘‘(iv) ensure interoperability and ap15 propriate reuse of information; 

16 ‘‘(v) reuse, enhance, harmonize, and 

17 integrate existing standards as possible 

18 and appropriate; and 

19 ‘‘(vi) be capable of being continually 

20 upgraded to be of maximum use as tech21 nologies and content evolve over time. 

22 ‘‘(C) CONSULTATION WITH OFFICE OF FI23 NANCIAL RESEARCH.—In adopting the financial 

24 data standards required by subparagraph (A), 

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1 nancial Research to ensure that the financial 

2 data standards are appropriate to carry out the 

3 purposes and duties described in paragraphs 

4 (1), (2), and (7) of section 153(a) and section 

5 153(c)(2).’’. 

6 (b) IMPLEMENTATION OF FINANCIAL DATA STAND7 ARDS.—Section 153(c) of such Act is amended by adding 

8 at the end the following new paragraph: 

9 ‘‘(3) IMPLEMENTATION OF FINANCIAL DATA

10 STANDARD.—Notwithstanding any other provision of 

11 this title, the Office, in consultation with the Coun12 cil, shall issue rules, regulations, and orders to im13 plement the financial data standards required under 

14 section 112 for data reported and collected on behalf 

15 of the Council.’’. 

16 SEC. 3. FINANCIAL DATA STANDARDS TO IMPROVE THE 

17 TRANSPARENCY OF INFORMATION RECEIVED 

18 BY THE BOARD OF GOVERNORS OF THE FED19 ERAL RESERVE SYSTEM. 

20 (a) FINANCIAL DATA STANDARDS FOR FINANCIAL

21 DATA FILED OR SUBMITTED BY NONBANK FINANCIAL

22 COMPANIES.—Section 161(a) of the Financial Stability 

23 Act of 2010 is amended by adding at the end the following 

24 new paragraph: 


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1 ‘‘(4) FINANCIAL DATA STANDARDS AND PUBLIC

2 AVAILABILITY FOR REPORTS UNDER THIS SUB3 SECTION.— 

4 ‘‘(A) IN GENERAL.—The Board of Gov5 ernors shall adopt data standards for all finan6 cial data that is regularly filed with or sub7 mitted to the Board of Governors by any 

8 nonbank financial company pursuant to this 

9 subsection. 

10 ‘‘(B) CHARACTERISTICS OF FINANCIAL

11 DATA STANDARDS.—The data standards re12 quired by subparagraph (A) shall, to the extent 

13 practicable— 

14 ‘‘(i) incorporate a widely accepted, 

15 nonproprietary, searchable, computer-read16 able data format; 

17 ‘‘(ii) be consistent with and imple18 ment— 

19 ‘‘(I) United States generally ac20 cepted accounting principles or Fed21 eral financial accounting standards 

22 (as appropriate); 

23 ‘‘(II) demonstrated best prac24 tices; and 


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1 ‘‘(III) Federal regulatory require2 ments; 

3 ‘‘(iii) improve the transparency, con4 sistency, and usability of business and fi5 nancial information; 

6 ‘‘(iv) ensure interoperability and ap7 propriate reuse of information; 

8 ‘‘(v) reuse, enhance, harmonize, and 

9 integrate existing standards as possible 

10 and appropriate; 

11 ‘‘(vi) be capable of being continually 

12 upgraded to be of maximum use as tech13 nologies and content evolve over time; and 

14 ‘‘(vii) be consistent and interoperable 

15 with one another. 

16 ‘‘(C) CONSISTENCY WITH DATA STANDARD

17 FOR REPORTS FILED UNDER THE BANK HOLD18 ING COMPANY ACT.—In adopting the financial 

19 data standards required by subparagraph (A), 

20 the Board of Governors shall, to the extent 

21 practicable, ensure consistency and interoper22 ability with the financial data standards that 

23 are required for financial information in reports 

24 filed with the Board of Governors by bank hold25 ing companies under section 5 of the Bank 


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1 Holding Company Act of 1956 (12 U.S.C. 

2 1844). 

3 ‘‘(D) IMPLEMENTATION OF FINANCIAL

4 DATA STANDARDS.— 

5 ‘‘(i) The Board of Governors shall 

6 adopt the financial data standards required 

7 by subparagraph (A) before the end of the 

8 4-year period beginning with the date of 

9 the enactment of this title. 

10 ‘‘(ii) The Board of Governors shall 

11 issue rules requiring regulated entities to 

12 file and submit financial data using the fi13 nancial data standard required by subpara14 graph (A). 

15 ‘‘(iii) To the extent necessary to avoid 

16 imposing an undue burden on financial in17 stitutions, the Board of Governors may 

18 issue rules providing exemptions from the 

19 requirements of this paragraph. Factors 

20 considered by the Board of Governors in 

21 making such rules may include the fol22 lowing: cost, burden, size of institution, 

23 available technology, and whether the in24 formation will be made public. 


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1 ‘‘(E) PUBLIC AVAILABILITY.—To the ex2 tent appropriate, practicable, and in accordance 

3 with law, the Board of Governors shall ensure 

4 that reports submitted pursuant to this section 

5 are accessible by the public.’’. 

6 (b) FINANCIAL DATA STANDARDS FOR FINANCIAL

7 DATA FILED OR SUBMITTED BY SAVINGS AND LOAN

8 HOLDING COMPANIES.— 

9 (1) AMENDMENT.—Subtitle D of the Enhanc10 ing Financial Institution Safety and Soundness Act 

11 of 2010 is amended by adding at the end the fol12 lowing new section: 

13 ‘‘SEC. 344. FINANCIAL DATA STANDARDS FOR FINANCIAL 

14 DATA RECEIVED BY THE BOARD OF GOV15 ERNORS. 

16 ‘‘(a) IN GENERAL.—The Board of Governors shall 

17 adopt data standards for all financial data that is regu18 larly filed with or submitted to the Board of Governors 

19 by any savings and loan holding company, or subsidiary 

20 of a savings and loan holding company, other than a de21 pository institution, pursuant to the powers transferred to 

22 the Board of Governors under this title. 

23 ‘‘(b) CHARACTERISTICS OF FINANCIAL DATA STAND24 ARDS.—The data standards required by subsection (a) 

25 shall, to the extent practicable— 


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1 ‘‘(1) incorporate widely accepted, nonpropri2 etary, searchable, computer readable data formats; 

3 ‘‘(2) be consistent with and implement— 

4 ‘‘(A) United States generally accepted ac5 counting principles or Federal financial ac6 counting standards (as appropriate); 

7 ‘‘(B) demonstrated best practices; and 

8 ‘‘(C) Federal regulatory requirements; 

9 ‘‘(3) improve the transparency, consistency, and 

10 usability of business and financial information; 

11 ‘‘(4) ensure interoperability and appropriate 

12 reuse of information; 

13 ‘‘(5) reuse, enhance, harmonize, and integrate 

14 existing standards as possible and appropriate; 

15 ‘‘(6) be capable of being continually upgraded 

16 to be of maximum use as technologies and content 

17 evolve over time; and 

18 ‘‘(7) be consistent and interoperable with one 

19 another. 

20 ‘‘(c) CONSISTENCY WITH DATA STANDARD FOR RE21 PORTS FILED UNDER THE BANK HOLDING COMPANY

22 ACT.—In adopting the financial data standards required 

23 by subsection (a), the Board of Governors shall, to the 

24 extent practicable, ensure consistency and interoperability 

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1 nancial information in reports filed with the Board by 

2 bank holding companies under section 5 of the Bank Hold3 ing Company Act of 1956 (12 U.S.C. 1844). 

4 ‘‘(d) IMPLEMENTATION OF FINANCIAL DATA STAND5 ARDS.— 

6 ‘‘(1) The Board of Governors shall adopt the fi7 nancial data standards required by subsection (a) 

8 before the end of the 4-year period beginning on the 

9 date of the enactment of the Enhancing Financial 

10 Institution Safety and Soundness Act of 2010. 

11 ‘‘(2) The Board of Governors shall issue rules 

12 requiring savings and loan holding companies, and 

13 subsidiaries of savings and loan holding companies, 

14 to file and submit financial data using the data 

15 standards required by subsection (a). 

16 ‘‘(3) To the extent necessary to avoid imposing 

17 an undue burden on financial institutions, the Board 

18 of Governors may issue rules providing exemptions 

19 from the requirements of the provisions under this 

20 section. Factors considered by the Board of Gov21 ernors in making such rules may include the fol22 lowing: cost, burden, size of institution, available 

23 technology, and whether the information will be 

24 made public. 


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1 ‘‘(e) PUBLIC AVAILABILITY.—To the extent appro2 priate, practicable, and in accordance with law, the Board 

3 of Governors shall ensure that financial data collected 

4 using a format consistent with the financial data standard 

5 required under this section is accessible by the public in 

6 that format.’’. 

7 (2) TECHNICAL AMENDMENT.—The table of 

8 contents for the Dodd-Frank Wall Street Reform 

9 and Consumer Protection Act is amended by insert10 ing after the item relating to section 343 the fol11 lowing new item: 

‘‘Sec. 344. Financial data standards for financial data received by the Board 

of Governors.’’. 

12 (c) FINANCIAL DATA STANDARDS FOR FINANCIAL

13 DATA FILED OR SUBMITTED BY BANK HOLDING COMPA14 NIES.—Section 5 of the Bank Holding Company Act of 

15 1956 (12 U.S.C. 1844) is amended by adding at the end 

16 the following new subsection: 

17 ‘‘(h) FINANCIAL DATA STANDARDS.— 

18 ‘‘(1) IN GENERAL.—The Board shall adopt data 

19 standards for all financial data that is regularly filed 

20 with or submitted to the Board by any bank holding 

21 company in a report under subsection (c). 

22 ‘‘(2) CHARACTERISTICS OF FINANCIAL DATA

23 STANDARDS.—The data standards required by para24 graph (1) shall, to the extent practicable— 


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1 ‘‘(A) incorporate a widely accepted, non2 proprietary, searchable, computer readable data 

3 format; 

4 ‘‘(B) be consistent with and implement— 

5 ‘‘(i) United States generally accepted 

6 accounting principles or Federal financial 

7 accounting standards (as appropriate); 

8 ‘‘(ii) demonstrated best practices; and 

9 ‘‘(iii) Federal regulatory requirements; 

10 ‘‘(C) improve the transparency, consist11 ency, and usability of business and financial in12 formation; 

13 ‘‘(D) ensure interoperability and appro14 priate reuse of information; 

15 ‘‘(E) reuse, enhance, harmonize, and inte16 grate existing standards as possible and appro17 priate; 

18 ‘‘(F) be capable of being continually up19 graded to be of maximum use as technologies 

20 and content evolve over time; and 

21 ‘‘(G) be consistent and interoperable with 

22 one another. 

23 ‘‘(3) IMPLEMENTATION OF FINANCIAL DATA

24 STANDARDS.— 


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1 ‘‘(A) The Board shall adopt the financial 

2 data standards required by paragraph (1) not 

3 later than the end of the 4-year period begin4 ning on the date of the enactment of the Bank 

5 and Savings Association Holding Company and 

6 Depository Institution Regulatory Improve7 ments Act of 2010. 

8 ‘‘(B) The Board is empowered to make 

9 rules and regulations to effectuate the purposes 

10 of this subsection. 

11 ‘‘(C) To the extent necessary to avoid im12 posing an undue burden on financial institu13 tions, the Board may issue rules providing ex14 emptions from the provisions of this subsection. 

15 Factors considered by the Board in making 

16 such rules may include the following: cost, bur17 den, size of institution, available technology, 

18 and whether the information will be made pub19 lic. 

20 ‘‘(4) PUBLIC AVAILABILITY.—To the extent ap21 propriate, practicable, and in accordance with law, 

22 the Board shall ensure that financial data collected 

23 using a format consistent with the financial data 

24 standards required under this subsection is acces25 sible by the public in that format.’’. 


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1 (d) FINANCIAL DATA STANDARDS FOR FINANCIAL

2 DATA FILED OR SUBMITTED BY FINANCIAL MARKET

3 UTILITIES OR INSTITUTIONS UNDER THE PAYMENT, 

4 CLEARING, AND SETTLEMENT SUPERVISION ACT OF

5 2010.—Section 809 of the Payment, Clearing, and Settle6 ment Supervision Act of 2010 is amended by adding at 

7 the end the following new subsection: 

8 ‘‘(h) FINANCIAL DATA STANDARDS.— 

9 ‘‘(1) IN GENERAL.—The Board of Governors 

10 shall adopt data standards for all financial data that 

11 is regularly filed with or submitted to the Board of 

12 Governors by any financial market utility or finan13 cial institution under subsection (a) or (b). 

14 ‘‘(2) CHARACTERISTICS OF FINANCIAL DATA

15 STANDARDS.—The data standards required by para16 graph (1) shall, to the extent practicable— 

17 ‘‘(A) incorporate a widely accepted, non18 proprietary, searchable, computer readable data 

19 format; 

20 ‘‘(B) be consistent with and implement— 

21 ‘‘(i) United States generally accepted 

22 accounting principles or Federal financial 

23 accounting standards (as appropriate); 

24 ‘‘(ii) industry best practices; and 

25 ‘‘(iii) Federal regulatory requirements; 


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1 ‘‘(C) improve the transparency, consist2 ency, and usability of business and financial in3 formation; 

4 ‘‘(D) ensure interoperability and appro5 priate reuse of information; 

6 ‘‘(E) reuse, enhance, harmonize, and inte7 grate existing standards as possible and appro8 priate; 

9 ‘‘(F) be capable of being continually up10 graded to be of maximum use as technologies 

11 and content evolve over time; and 

12 ‘‘(G) be consistent and interoperable with 

13 one another. 

14 ‘‘(3) IMPLEMENTATION OF FINANCIAL DATA

15 STANDARDS.— 

16 ‘‘(A) The Board shall adopt the financial 

17 data standard required by paragraph (1) before 

18 the end of the 4-year period beginning on the 

19 date of the enactment of this title. 

20 ‘‘(B) The Board is empowered to make 

21 rules and regulations to effectuate the purposes 

22 of this subsection. 

23 ‘‘(C) To the extent necessary to avoid im24 posing an undue burden on financial institu25 tions, the Board of Governors may issue rules 


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1 to provide exemptions from the requirements of 

2 this subsection. Factors considered by the 

3 Board of Governors in making such rules may 

4 include the following: cost, burden, size of insti5 tution, available technology, and whether the in6 formation will be made public. 

7 ‘‘(4) PUBLIC AVAILABILITY.—To the extent ap8 propriate, practicable, and in accordance with law, 

9 the Board of Governors shall ensure that financial 

10 data received and submitted under this subsection is 

11 accessible by the public.’’. 

12 (e) FINANCIAL DATA STANDARD FOR INFORMATION

13 PROVIDED BY THE BOARD UNDER THE FEDERAL RE14 SERVE ACT.—Section 2B of the Federal Reserve Act is 

15 amended by adding at the end the following new sub16 section: 

17 ‘‘(d) FINANCIAL DATA STANDARD FOR PUBLIC IN18 FORMATION.— 

19 ‘‘(1) IN GENERAL.—To the extent appropriate 

20 and permitted by law, the Board shall ensure that 

21 all of the information provided on the Web site re22 quired under subsection (c) is available in a format 

23 consistent with a financial data standard. 


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1 ‘‘(2) CHARACTERISTICS OF FINANCIAL DATA

2 STANDARD.—The financial data standard required 

3 under paragraph (1) shall— 

4 ‘‘(A) incorporate a widely accepted, non5 proprietary, searchable, computer readable data 

6 format; 

7 ‘‘(B) be consistent with and implement— 

8 ‘‘(i) United States generally accepted 

9 accounting principles or Federal financial 

10 accounting standards (as appropriate); 

11 ‘‘(ii) industry best practices; and 

12 ‘‘(iii) Federal regulatory requirements; 

13 ‘‘(C) improve the transparency, consist14 ency, and usability of business and financial in15 formation; 

16 ‘‘(D) ensure interoperability and appro17 priate reuse of information through business 

18 process standardization; 

19 ‘‘(E) reuse, enhance, harmonize, and inte20 grate existing standards as possible and appro21 priate; and 

22 ‘‘(F) be capable of being continually up23 graded to be of maximum use as technologies 

24 and content evolve over time.’’. 


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1 SEC. 4. FINANCIAL DATA STANDARDS TO IMPROVE THE 

2 TRANSPARENCY OF INFORMATION RECEIVED 

3 BY THE FEDERAL DEPOSIT INSURANCE COR4 PORATION. 

5 The Federal Deposit Insurance Act is amended by 

6 adding at the end the following new section: 

7 ‘‘SEC. 51. FINANCIAL DATA STANDARDS. 

8 ‘‘(a) IN GENERAL.—The Corporation shall adopt 

9 data standards for all financial data that the Corporation 

10 receives from any financial company or submits to the 

11 Congress under title II of the Dodd-Frank Wall Street Re12 form and Consumer Protection Act, including reports to 

13 the Congress and the public under sections 203(c) and 

14 210(o) of such Act and information collected under section 

15 210 (o)(5) of such Act. 

16 ‘‘(b) CHARACTERISTICS OF FINANCIAL DATA STAND17 ARDS.—The data standards required by subsection (a) 

18 shall, to the extent practicable— 

19 ‘‘(1) incorporate a widely accepted, nonpropri20 etary, searchable, computer readable data format; 

21 ‘‘(2) be consistent with and implement— 

22 ‘‘(A) United States generally accepted ac23 counting principles or Federal financial ac24 counting standards (as appropriate); 

25 ‘‘(B) demonstrated best practices; and 

26 ‘‘(C) Federal regulatory requirements; 


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1 ‘‘(3) improve the transparency, consistency, and 

2 usability of business and financial information; 

3 ‘‘(4) ensure interoperability and appropriate 

4 reuse of information; 

5 ‘‘(5) reuse, enhance, harmonize, and integrate 

6 existing standards as possible and appropriate; 

7 ‘‘(6) be capable of being continually upgraded 

8 to be of maximum use as technologies and content 

9 evolve over time; and 

10 ‘‘(7) be consistent and interoperable with one 

11 another. 

12 ‘‘(c) IMPLEMENTATION OF FINANCIAL DATA STAND13 ARDS.— 

14 ‘‘(1) The Corporation shall adopt the financial 

15 data standards required by subsection (a) before the 

16 end of the 4-year period beginning on the date of the 

17 enactment of this section. 

18 ‘‘(2) The Corporation shall issue rules or regu19 lations to carry out this section. 

20 ‘‘(3) To the extent necessary to avoid imposing 

21 an undue burden on financial institutions, the Cor22 poration may issue rules to provide exemptions from 

23 the provisions of this section. Factors considered by 

24 the Corporation in making such rules may include 

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1 able technology, and whether the information will be 

2 made public. 

3 ‘‘(d) PUBLIC AVAILABILITY.—To the extent appro4 priate, practicable, and in accordance with law, the Cor5 poration shall ensure that financial data received and sub6 mitted under this section is accessible by the public.’’. 

7 SEC. 5. FINANCIAL DATA STANDARDS TO IMPROVE THE 

8 TRANSPARENCY OF INFORMATION RECEIVED 

9 BY THE OFFICE OF THE COMPTROLLER OF 

10 THE CURRENCY. 

11 (a) IN GENERAL.—Chapter one of title LXII of the 

12 Revised Statutes of the United States is amended by add13 ing at the end the following new section: 

14 ‘‘SEC. 5156B. FINANCIAL DATA STANDARDS. 

15 ‘‘(a) IN GENERAL.—The Comptroller of the Currency 

16 shall adopt data standards for all financial data that is 

17 regularly filed with or submitted to the Comptroller of the 

18 Currency by any financial institution. 

19 ‘‘(b) CHARACTERISTICS OF FINANCIAL DATA STAND20 ARDS.—The data standards required by subsection (a) 

21 shall, to the extent practicable— 

22 ‘‘(1) incorporate widely accepted, nonpropri23 etary, searchable, computer readable data formats; 

24 ‘‘(2) be consistent with and implement— 


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1 ‘‘(A) United States generally accepted ac2 counting principles or Federal financial ac3 counting standards (as appropriate); 

4 ‘‘(B) demonstrated best practices; and 

5 ‘‘(C) Federal regulatory requirements; 

6 ‘‘(3) improve the transparency, consistency, and 

7 usability of business and financial information; 

8 ‘‘(4) ensure interoperability and appropriate 

9 reuse of information; 

10 ‘‘(5) reuse, enhance, harmonize, and integrate 

11 existing standards as possible and appropriate; 

12 ‘‘(6) be capable of being continually upgraded 

13 to be of maximum use as technologies and content 

14 evolve over time; and 

15 ‘‘(7) be consistent and interoperable with one 

16 another. 

17 ‘‘(c) IMPLEMENTATION OF FINANCIAL DATA STAND18 ARDS.— 

19 ‘‘(1) The Comptroller of the Currency shall 

20 adopt the financial data standards required by sub21 section (a) before the end of the 4-year period begin22 ning on the date of the enactment of this section. 

23 ‘‘(2) The Comptroller of the Currency shall 

24 issue rules requiring financial institutions to file and 


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1 submit financial data using the financial data stand2 ards required by subsection (a). 

3 ‘‘(3) To the extent necessary to avoid imposing 

4 an undue burden on financial institutions, the 

5 Comptroller of the Currency may issue rules to pro6 vide exemptions from the provisions of this section. 

7 Factors considered by the Comptroller of the Cur8 rency in making such rules may include the fol9 lowing: cost, burden, size of institution, available 

10 technology, and whether the information will be 

11 made public. 

12 ‘‘(d) PUBLIC AVAILABILITY.—To the extent appro13 priate, practicable, and in accordance with law, the Comp14 troller of the Currency shall ensure that financial data col15 lected using formats consistent with the financial data 

16 standards required under this section is accessible by the 

17 public in those formats.’’. 

18 (b) TECHNICAL AMENDMENT.—The table of contents 

19 for chapter one of title LXII of the Revised Statutes of 

20 the United States is amended by inserting after the item 

21 relating to section 5156A the following new item: 

‘‘Sec. 5156B. Financial data standards.’’. 


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1 SEC. 6. DATA STANDARDS TO MODERNIZE THE DISCLO2 SURE SYSTEM OF THE SECURITIES AND EX3 CHANGE COMMISSION. 

4 (a) FINANCIAL DATA STANDARD FOR INVESTMENT

5 ADVISERS’ REPORTS UNDER THE INVESTMENT ADVISERS

6 ACT.—Section 204 of the Investment Advisers Act of 

7 1940 (15 U.S.C. 80b–4) is amended by adding at the end 

8 the following new subsection: 

9 ‘‘(e) FINANCIAL DATA STANDARD FOR REPORTS

10 FILED UNDER THIS SECTION.— 

11 ‘‘(1) The Commission shall, by rule, adopt a 

12 data standard for any financial data that is included 

13 in reports filed by investment advisers with the Com14 mission under this section. 

15 ‘‘(2) The data standard adopted under para16 graph (1) shall be consistent and interoperable with 

17 the data standard prescribed by the Commission 

18 under part 232 of title 17, Code of Federal Regula19 tions (or any successor thereto) for the financial 

20 statements contained in periodic and current reports 

21 filed with the Commission under sections 13(a) and 

22 15(d) of the Securities Exchange Act of 1934. 

23 ‘‘(3) The Commission shall, by rule, require any 

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1 tion to be in a format consistent with the financial 

2 data standard adopted under paragraph (1). 

3 ‘‘(4) The Commission may, by rule, exempt re4 ports regarding private funds advised by investment 

5 advisers under subsection (b) from the requirements 

6 of this subsection.’’. 

7 (b) FINANCIAL DATA STANDARD FOR QUANTITATIVE

8 DATA REQUIRED TO BE SUBMITTED OR PUBLISHED BY

9 NATIONALLY RECOGNIZED STATISTICAL RATING ORGANI10 ZATIONS.—Section 15E of the Securities Exchange Act of 

11 1934 (15 U.S.C. 78o–7) is amended by adding at the end 

12 the following new subsection: 

13 ‘‘(v) DATA STANDARD FOR QUANTITATIVE DATA RE14 QUIRED TO BE SUBMITTED OR PUBLISHED BY NATION15 ALLY RECOGNIZED STATISTICAL RATING ORGANIZA16 TION.— 

17 ‘‘(1) The Commission shall, by rule, adopt a 

18 data standard for all quantitative data that nation19 ally recognized statistical rating organizations are 

20 required to either submit to the Commission or pub21 licly disclose under this section. 

22 ‘‘(2) The data standard adopted under para23 graph (1) shall be consistent and interoperable with 

24 the data standard prescribed by the Commission 

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1 eral Regulations (or any successors thereto) for rat2 ings histories.’’. 

3 (c) DATA STANDARD FOR ASSET-BACKED SECURI4 TIES.—Section 7(c) of the Securities Act of 1933 is 

5 amended by adding at the end the following new para6 graphs: 

7 ‘‘(3) DATA STANDARD FOR ASSET-BACKED SE8 CURITIES DISCLOSURES.— 

9 ‘‘(A) The Commission shall, by rule, adopt 

10 a data standard for all disclosures required 

11 under this subsection. 

12 ‘‘(B) The data standard adopted under 

13 paragraph (1) shall be consistent and interoper14 able with the data standard prescribed by the 

15 Commission under part 232 of title 17, Code of 

16 Federal Regulations (or any successor thereto) 

17 for the financial statements contained in peri18 odic and current reports filed with the Commis19 sion under sections 13(a) and 15(d) of the Se20 curities Exchange Act of 1934. 

21 ‘‘(C) The Commission may exempt par22 ticular disclosure information from the require23 ments of this paragraph— 


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1 ‘‘(i) to the extent necessary to avoid 

2 undue burden on entities filing asset3 backed securities disclosures; or 

4 ‘‘(ii) for information that will not be 

5 made public. 

6 ‘‘(4) PUBLIC AVAILABILITY.—To the extent ap7 propriate and permitted by law, the Commission 

8 shall ensure that data filed or received under this 

9 subsection is accessible by the public.’’. 

10 (d) DATA STANDARD FOR CORPORATE DISCLOSURES

11 UNDER THE SECURITIES ACT OF 1933.—Section 7 of the 

12 Securities Act of 1933 (15 U.S.C. 77g) is amended by 

13 adding at the end the following new subsection: 

14 ‘‘(d) DATA STANDARD FOR THE REGISTRATION

15 STATEMENT.— 

16 ‘‘(1) The Commission shall, by rule, adopt a 

17 data standard for all registration statements and for 

18 all prospectuses included in registration statements 

19 required to be filed with the Commission under this 

20 title, except that the Commission may exempt exhib21 its, signatures, and certifications from this require22 ment. 

23 ‘‘(2) The data standard adopted under para24 graph (1) shall be consistent and interoperable with 

25 the data standard prescribed by the Commission 


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1 under section 232 of title 17, Code of Federal Regu2 lations (or any successor thereto) for the financial 

3 statements contained in periodic and current reports 

4 filed with the Commission under sections 13(a) and 

5 15(d) of the Securities Exchange Act of 1934. 

6 ‘‘(3) The Commission may exempt particular 

7 disclosure information from the requirements of this 

8 subsection— 

9 ‘‘(A) to the extent necessary to avoid 

10 undue burden on issuers; or 

11 ‘‘(B) for information that will not be made 

12 public.’’. 

13 (e) DATA STANDARD FOR PERIODIC AND CURRENT

14 CORPORATE DISCLOSURES UNDER THE SECURITIES EX15 CHANGE ACT OF 1934.—Section 13 of the Securities Ex16 change Act of 1934 (15. U.S.C. 78m) by adding at the 

17 end the following: 

18 ‘‘(r) DATA STANDARD FOR PERIODIC AND CURRENT

19 REPORTS.— 

20 ‘‘(1) The Commission, shall, by rule, adopt a 

21 data standard for all information contained in peri22 odic and current reports required to be filed or fur23 nished under this section or under section 15(d), ex24 cept that the Commission may exempt exhibits, sig25 natures, and certifications from this requirement. 


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1 ‘‘(2) The data standard required under para2 graph (1) shall be consistent and interoperable with 

3 the data standard prescribed by the Commission 

4 under section 232 of title 17, Code of Federal Regu5 lations (or any successor thereto) for the financial 

6 statements contained in periodic and current reports 

7 filed with the Commission under this section and 

8 section 15(d). 

9 ‘‘(3) The Commission may exempt particular 

10 disclosure information from the requirements of this 

11 subsection— 

12 ‘‘(A) to the extent necessary to avoid 

13 undue burden on issuers; or 

14 ‘‘(B) for information that will not be made 

15 public.’’. 

16 (f) DATA STANDARD FOR CORPORATE PROXY AND

17 CONSENT SOLICITATION MATERIALS UNDER THE SECU18 RITIES EXCHANGE ACT OF 1934.—Amend section 14 of 

19 the Securities Exchange Act of 1934 (15 U.S.C. 78n) by 

20 adding at the end the following: 

21 ‘‘(k) DATA STANDARD FOR PROXY AND CONSENT

22 SOLICITATION MATERIALS.— 

23 ‘‘(1) The Commission shall, by rule, adopt a 

24 data standard for all information contained in any 

25 proxy or consent solicitation material prepared by an 


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1 issuer for an annual meeting of the shareholders of 

2 the issuer, except that the Commission may exempt 

3 exhibits, signatures, and certifications from this re4 quirement. 

5 ‘‘(2) The data standard required under para6 graph (1) shall be consistent and interoperable with 

7 the data standard prescribed by the Commission 

8 under section 232 of title 17, Code of Federal Regu9 lations (or any successor thereto) for the financial 

10 statements contained in periodic and current reports 

11 filed with the Commission under sections 13 and 

12 15(d). 

13 ‘‘(3) The Commission may exempt particular 

14 disclosure information from the requirements of this 

15 subsection— 

16 ‘‘(A) to the extent necessary to avoid 

17 undue burden on issuers; or 

18 ‘‘(B) for information that will not be made 

19 public.’’. 


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1 SEC. 7. FINANCIAL DATA STANDARDS TO ENSURE THE 

2 TRANSPARENCY OF INFORMATION RE3 PORTED TO THE OFFICE OF NATIONAL IN4 SURANCE. 

5 Section 313(e) of title 31, United States Code, is 

6 amended by adding at the end the following new para7 graph: 

8 ‘‘(7) FINANCIAL DATA STANDARD.— 

9 ‘‘(A) IN GENERAL.—The Office shall adopt 

10 a data standard for all financial data that it re11 quires any insurer or affiliate to submit directly 

12 to the Office under this subsection. 

13 ‘‘(B) CHARACTERISTICS OF FINANCIAL

14 DATA STANDARD.—The data standard required 

15 by subparagraph (A) shall— 

16 ‘‘(i) incorporate a widely accepted, 

17 nonproprietary, searchable, computer-read18 able data format; 

19 ‘‘(ii) be consistent with and imple20 ment— 

21 ‘‘(I) United States generally ac22 cepted accounting principles or Fed23 eral financial accounting standards 

24 (as appropriate); 

25 ‘‘(II) demonstrated best prac26 tices; and 


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1 ‘‘(III) Federal regulatory require2 ments; 

3 ‘‘(iii) improve the transparency, con4 sistency, and usability of business and fi5 nancial information; 

6 ‘‘(iv) ensure interoperability and ap7 propriate reuse of information through 

8 business process standardization; 

9 ‘‘(v) reuse, enhance, harmonize, and 

10 integrate existing standards as possible 

11 and appropriate; and 

12 ‘‘(vi) be capable of being continually 

13 upgraded to be of maximum use as tech14 nologies and content evolve over time. 

15 ‘‘(C) IMPLEMENTATION OF FINANCIAL

16 DATA STANDARD.— 

17 ‘‘(i) The Office shall adopt the finan18 cial data standard required by subpara19 graph (A) before the end of the 1-year pe20 riod beginning on the date of the enact21 ment of the Federal Insurance Office Act 

22 of 2010. 

23 ‘‘(ii) The Office shall issue rules re24 quiring insurers and affiliates that submit 

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1 mit such financial data using the financial 

2 data standard required by subparagraph 

3 (A). 

4 ‘‘(iii) To the extent necessary to avoid 

5 imposing an undue burden on small insur6 ers and affiliates, the Office may issue 

7 rules exempting small insurers and affili8 ates from the requirements of this para9 graph. 

10 ‘‘(D) PUBLIC AVAILABILITY.—To the ex11 tent appropriate and permitted by law, the Of12 fice shall ensure that information submitted 

13 under to this subsection is accessible by the 

14 public. 

15 ‘‘(E) APPLICATION.—The requirements of 

16 this paragraph shall not apply to information 

17 obtained by the Office from State insurance 

18 regulators, other regulatory agencies, or pub19 licly available sources under subparagraph (4). 

20 However, the Office shall permit State insur21 ance regulators, at their option, to submit fi22 nancial data to the office using the financial 

23 data standard required by subparagraph (A).’’. 


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1 SEC. 8. FINANCIAL DATA STANDARDS TO ENSURE THE 

2 TRANSPARENCY OF SWAP TRANSACTION 

3 DATA. 

4 (a) FINANCIAL DATA STANDARD FOR NONSECURITY5 BASED SWAP TRANSACTION DATA.—Section 2(a) of the 

6 Commodity Exchange Act (7 U.S.C. 2(a)) is amended by 

7 adding at the end the following new paragraph: 

8 ‘‘(16) SWAP TRANSACTION DATA STANDARD.— 

9 ‘‘(A) IN GENERAL.—The Commission shall 

10 adopt a data standard for swap transaction 

11 data that is subject to the public availability re12 quirements of subparagraph (13)(C). 

13 ‘‘(B) CHARACTERISTICS OF SWAP TRANS14 ACTION DATA STANDARD.—The data standard 

15 required by subparagraph (A) shall— 

16 ‘‘(i) incorporate a widely accepted, 

17 nonproprietary, searchable, computer-read18 able data format; and 

19 ‘‘(ii) be consistent with and imple20 ment— 

21 ‘‘(I) United States generally ac22 cepted accounting principles or Fed23 eral financial accounting standards 

24 (as appropriate); 

25 ‘‘(II) demonstrated best prac26 tices; and 


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1 ‘‘(III) Federal regulatory require2 ments; 

3 ‘‘(iii) improve the transparency, con4 sistency, and usability of business and fi5 nancial information; 

6 ‘‘(iv) ensure interoperability and ap7 propriate reuse of information through 

8 business process standardization; 

9 ‘‘(v) reuse, enhance, harmonize, and 

10 integrate existing standards as possible 

11 and appropriate; and 

12 ‘‘(vi) be capable of being continually 

13 upgraded to be of maximum use as tech14 nologies and content evolve over time. 

15 ‘‘(C) CONSISTENCY WITH DATA STANDARD

16 FOR SECURITY-BASED SWAP TRANSACTION

17 DATA.—In adopting the data standard required 

18 by subparagraph (A), the Commission shall en19 sure consistency and interoperability with the 

20 data standard that is required for security21 based swap transaction data under section 13A 

22 of the Securities Exchange Act of 1934. 

23 ‘‘(D) IMPLEMENTATION OF SWAP TRANS24 ACTION DATA STANDARD.—Not later than the 

25 end of the 2-year period beginning on the date 


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1 of the enactment of the Financial Industry 

2 Transparency Act of 2010, the Commission 

3 shall provide, by rule, for the reporting and dis4 semination of swap transaction data in a for5 mat consistent with the data standard required 

6 by subparagraph (A).’’. 

7 (b) FINANCIAL DATA STANDARD FOR SECURITY8 BASED SWAP TRANSACTION DATA.—Section 13A of the 

9 Securities Exchange Act of 1934 is amended by adding 

10 at the end the following new subsection: 

11 ‘‘(e) SECURITY-BASED SWAP TRANSACTION DATA

12 STANDARD.— 

13 ‘‘(1) IN GENERAL.—The Commission shall 

14 adopt a data standard for all reporting to the Com15 mission or to a security-based swap data repository 

16 under subsection (a)(1). 

17 ‘‘(2) CHARACTERISTICS OF SECURITY-BASED

18 SWAP TRANSACTION DATA STANDARD.—The data 

19 standard required by paragraph (1) shall— 

20 ‘‘(A) incorporate a widely accepted, non21 proprietary, searchable, computer readable data 

22 format; 

23 ‘‘(B) be consistent with and implement— 


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1 ‘‘(i) United States generally accepted 

2 accounting principles or Federal financial 

3 accounting standards (as appropriate); 

4 ‘‘(ii) demonstrated best practices; and 

5 ‘‘(iii) Federal regulatory requirements; 

6 ‘‘(C) improve the transparency, consist7 ency, and usability of business and financial in8 formation; 

9 ‘‘(D) insure interoperability and appro10 priate reuse of information through business 

11 process standardization; 

12 ‘‘(E) reuse, enhance, harmonize, and inte13 grate existing standards as possible and appro14 priate; and 

15 ‘‘(F) be capable of being continually up16 graded to be of maximum use as technologies 

17 and content evolve over time. 

18 ‘‘(3) CONSISTENCY WITH DATA STANDARD FOR

19 SWAP TRANSACTION DATA.—In adopting the data 

20 standard required by paragraph (1), the Commission 

21 shall ensure consistency and interoperability with the 

22 data standard that is required for swap transaction 

23 data under section 2 of the Commodity Exchange 

24 Act (7 U.S.C. 2). 


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1 ‘‘(4) IMPLEMENTATION OF SECURITY-BASED

2 SWAP TRANSACTION DATA STANDARD.—Not later 

3 than the end of the 2-year period beginning on the 

4 date of the enactment of the Financial Industry 

5 Transparency Act of 2010, the Commission shall, by 

6 rule or regulation, adopt the data standard required 

7 by paragraph (1) and require it to be used for all 

8 reporting to the Commission or to a security-based 

9 swap data repository pursuant to subsection (a)(1). 

10 ‘‘(5) PUBLIC AVAILABILITY.—To the extent ap11 propriate and permitted by law, the Commission 

12 shall ensure that security-based swap transaction 

13 data received and reported under this section is ac14 cessible by the public.’’. 

Æ 


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