‘‘(2) The data standard required under para-
graph (1) shall be consistent and interoperable with 
the data standard prescribed by the Commission 
under section 232 of title 17, Code of Federal Regu-
lations (or any successor thereto) for the financial 
statements contained in periodic and current reports 
filed with the Commission under this section and 
section 15(d). 
‘‘(3) The Commission may exempt particular 
disclosure information from the requirements of this 
subsection— 
‘‘(A) to the extent necessary to avoid 
undue burden on issuers; or 
‘‘(B) for information that will not be made 
public.’’. 
(f) DATA STANDARD FOR CORPORATE PROXY AND 
CONSENT SOLICITATION MATERIALS UNDER THE SECU-
RITIES EXCHANGE ACT OF 1934.—Amend section 14 of 
the Securities Exchange Act of 1934 (15 U.S.C. 78n) by 
adding at the end the following: 
‘‘(k) DATA STANDARD FOR PROXY AND CONSENT 
SOLICITATION MATERIALS.— 
‘‘(1) The Commission shall, by rule, adopt a 
data standard for all information contained in any 
proxy or consent solicitation material prepared by an 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00028
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
issuer for an annual meeting of the shareholders of 
the issuer, except that the Commission may exempt 
exhibits, signatures, and certifications from this re-
quirement. 
‘‘(2) The data standard required under para-
graph (1) shall be consistent and interoperable with 
the data standard prescribed by the Commission 
under section 232 of title 17, Code of Federal Regu-
lations (or any successor thereto) for the financial 
statements contained in periodic and current reports 
filed with the Commission under sections 13 and 
15(d). 
‘‘(3) The Commission may exempt particular 
disclosure information from the requirements of this 
subsection— 
‘‘(A) to the extent necessary to avoid 
undue burden on issuers; or 
‘‘(B) for information that will not be made 
public.’’. 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00029
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
SEC. 7. FINANCIAL DATA STANDARDS TO ENSURE THE 
TRANSPARENCY 
OF 
INFORMATION 
RE-
PORTED TO THE OFFICE OF NATIONAL IN-
SURANCE. 
Section 313(e) of title 31, United States Code, is 
amended by adding at the end the following new para-
graph: 
‘‘(7) FINANCIAL DATA STANDARD.— 
‘‘(A) IN GENERAL.—The Office shall adopt 
a data standard for all financial data that it re-
quires any insurer or affiliate to submit directly 
to the Office under this subsection. 
‘‘(B) CHARACTERISTICS
OF
FINANCIAL 
DATA STANDARD.—The data standard required 
by subparagraph (A) shall— 
‘‘(i) incorporate a widely accepted, 
nonproprietary, searchable, computer-read-
able data format; 
‘‘(ii) be consistent with and imple-
ment— 
‘‘(I) United States generally ac-
cepted accounting principles or Fed-
eral financial accounting standards 
(as appropriate); 
‘‘(II) demonstrated best prac-
tices; and 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00030
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(III) Federal regulatory require-
ments; 
‘‘(iii) improve the transparency, con-
sistency, and usability of business and fi-
nancial information; 
‘‘(iv) ensure interoperability and ap-
propriate reuse of information through 
business process standardization; 
‘‘(v) reuse, enhance, harmonize, and 
integrate existing standards as possible 
and appropriate; and 
‘‘(vi) be capable of being continually 
upgraded to be of maximum use as tech-
nologies and content evolve over time. 
‘‘(C) IMPLEMENTATION
OF
FINANCIAL 
DATA STANDARD.— 
‘‘(i) The Office shall adopt the finan-
cial data standard required by subpara-
graph (A) before the end of the 1-year pe-
riod beginning on the date of the enact-
ment of the Federal Insurance Office Act 
of 2010. 
‘‘(ii) The Office shall issue rules re-
quiring insurers and affiliates that submit 
financial data directly to the Office to sub-
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00031
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
mit such financial data using the financial 
data standard required by subparagraph 
(A). 
‘‘(iii) To the extent necessary to avoid 
imposing an undue burden on small insur-
ers and affiliates, the Office may issue 
rules exempting small insurers and affili-
ates from the requirements of this para-
graph. 
‘‘(D) PUBLIC AVAILABILITY.—To the ex-
tent appropriate and permitted by law, the Of-
fice shall ensure that information submitted 
under to this subsection is accessible by the 
public. 
‘‘(E) APPLICATION.—The requirements of 
this paragraph shall not apply to information 
obtained by the Office from State insurance 
regulators, other regulatory agencies, or pub-
licly available sources under subparagraph (4). 
However, the Office shall permit State insur-
ance regulators, at their option, to submit fi-
nancial data to the office using the financial 
data standard required by subparagraph (A).’’. 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00032
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
SEC. 8. FINANCIAL DATA STANDARDS TO ENSURE THE 
TRANSPARENCY 
OF 
SWAP 
TRANSACTION 
DATA. 
(a) FINANCIAL DATA STANDARD FOR NONSECURITY- 
BASED SWAP TRANSACTION DATA.—Section 2(a) of the 
Commodity Exchange Act (7 U.S.C. 2(a)) is amended by 
adding at the end the following new paragraph: 
‘‘(16) SWAP TRANSACTION DATA STANDARD.— 
‘‘(A) IN GENERAL.—The Commission shall 
adopt a data standard for swap transaction 
data that is subject to the public availability re-
quirements of subparagraph (13)(C). 
‘‘(B) CHARACTERISTICS OF SWAP TRANS-
ACTION DATA STANDARD.—The data standard 
required by subparagraph (A) shall— 
‘‘(i) incorporate a widely accepted, 
nonproprietary, searchable, computer-read-
able data format; and 
‘‘(ii) be consistent with and imple-
ment— 
‘‘(I) United States generally ac-
cepted accounting principles or Fed-
eral financial accounting standards 
(as appropriate); 
‘‘(II) demonstrated best prac-
tices; and 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00033
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(III) Federal regulatory require-
ments; 
‘‘(iii) improve the transparency, con-
sistency, and usability of business and fi-
nancial information; 
‘‘(iv) ensure interoperability and ap-
propriate reuse of information through 
business process standardization; 
‘‘(v) reuse, enhance, harmonize, and 
integrate existing standards as possible 
and appropriate; and 
‘‘(vi) be capable of being continually 
upgraded to be of maximum use as tech-
nologies and content evolve over time. 
‘‘(C) CONSISTENCY WITH DATA STANDARD 
FOR
SECURITY-BASED
SWAP
TRANSACTION 
DATA.—In adopting the data standard required 
by subparagraph (A), the Commission shall en-
sure consistency and interoperability with the 
data standard that is required for security- 
based swap transaction data under section 13A 
of the Securities Exchange Act of 1934. 
‘‘(D) IMPLEMENTATION OF SWAP TRANS-
ACTION DATA STANDARD.—Not later than the 
end of the 2-year period beginning on the date 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00034
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
of the enactment of the Financial Industry 
Transparency Act of 2010, the Commission 
shall provide, by rule, for the reporting and dis-
semination of swap transaction data in a for-
mat consistent with the data standard required 
by subparagraph (A).’’. 
(b) FINANCIAL DATA STANDARD
FOR SECURITY- 
BASED SWAP TRANSACTION DATA.—Section 13A of the 
Securities Exchange Act of 1934 is amended by adding 
at the end the following new subsection: 
‘‘(e) SECURITY-BASED SWAP TRANSACTION DATA 
STANDARD.— 
‘‘(1) IN
GENERAL.—The Commission shall 
adopt a data standard for all reporting to the Com-
mission or to a security-based swap data repository 
under subsection (a)(1). 
‘‘(2) CHARACTERISTICS
OF
SECURITY-BASED 
SWAP
TRANSACTION
DATA
STANDARD.—The data 
standard required by paragraph (1) shall— 
‘‘(A) incorporate a widely accepted, non-
proprietary, searchable, computer readable data 
format; 
‘‘(B) be consistent with and implement— 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00035
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(i) United States generally accepted 
accounting principles or Federal financial 
accounting standards (as appropriate); 
‘‘(ii) demonstrated best practices; and 
‘‘(iii) Federal regulatory requirements; 
‘‘(C) improve the transparency, consist-
ency, and usability of business and financial in-
formation; 
‘‘(D) insure interoperability and appro-
priate reuse of information through business 
process standardization; 
‘‘(E) reuse, enhance, harmonize, and inte-
grate existing standards as possible and appro-
priate; and 
‘‘(F) be capable of being continually up-
graded to be of maximum use as technologies 
and content evolve over time. 
‘‘(3) CONSISTENCY WITH DATA STANDARD FOR 
SWAP TRANSACTION DATA.—In adopting the data 
standard required by paragraph (1), the Commission 
shall ensure consistency and interoperability with the 
data standard that is required for swap transaction 
data under section 2 of the Commodity Exchange 
Act (7 U.S.C. 2). 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00036
Fmt 6652
Sfmt 6201
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS
‘‘(4) IMPLEMENTATION
OF
SECURITY-BASED 
SWAP
TRANSACTION
DATA
STANDARD.—Not later 
than the end of the 2-year period beginning on the 
date of the enactment of the Financial Industry 
Transparency Act of 2010, the Commission shall, by 
rule or regulation, adopt the data standard required 
by paragraph (1) and require it to be used for all 
reporting to the Commission or to a security-based 
swap data repository pursuant to subsection (a)(1). 
‘‘(5) PUBLIC AVAILABILITY.—To the extent ap-
propriate and permitted by law, the Commission 
shall ensure that security-based swap transaction 
data received and reported under this section is ac-
cessible by the public.’’. 
Æ 
VerDate Mar 15 2010 
21:48 Aug 04, 2010
Jkt 089200
PO 00000
Frm 00037
Fmt 6652
Sfmt 6301
E:\BILLS\H6038.IH
H6038
srobinson on DSKHWCL6B1PROD with BILLS