I 
117TH CONGRESS 
1ST SESSION H. R. 2989 
To amend securities, commodities, and banking laws to make the information 
reported to financial regulatory agencies electronically searchable, to fur-
ther enable the development of RegTech and Artificial Intelligence appli-
cations, to put the United States on a path towards building a com-
prehensive Standard Business Reporting program to ultimately har-
monize and reduce the private sector’s regulatory compliance burden, 
while enhancing transparency and accountability, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 4, 2021 
Mrs. CAROLYN B. MALONEY of New York (for herself and Mr. MCHENRY) 
introduced the following bill; which was referred to the Committee on Fi-
nancial 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 com-
mittee concerned 
A BILL 
To amend securities, commodities, and banking laws to make 
the information reported to financial regulatory agencies 
electronically searchable, to further enable the develop-
ment of RegTech and Artificial Intelligence applications, 
to put the United States on a path towards building 
a comprehensive Standard Business Reporting program 
to ultimately harmonize and reduce the private sector’s 
regulatory compliance burden, while enhancing trans-
parency and accountability, and for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Financial Transparency Act of 2021’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—DEPARTMENT OF THE TREASURY 
Sec. 101. Data standards. 
Sec. 102. Open data publication by the Department of the Treasury. 
Sec. 103. Rulemaking. 
Sec. 104. Classified and protected information. 
Sec. 105. No new disclosure requirements. 
Sec. 106. Report. 
Sec. 107. Conforming amendments to the Office of Financial Research. 
TITLE II—SECURITIES AND EXCHANGE COMMISSION 
Sec. 201. Data standards requirements for the Securities and Exchange Com-
mission. 
Sec. 202. Open data publication by the Securities and Exchange Commission. 
Sec. 203. Data transparency at the Municipal Securities Rulemaking Board. 
Sec. 204. Data transparency at national securities associations. 
Sec. 205. Shorter-term burden reduction and disclosure simplification at the 
Securities and Exchange Commission; sunset. 
Sec. 206. No new disclosure requirements. 
TITLE III—FEDERAL DEPOSIT INSURANCE CORPORATION 
Sec. 301. Data standards requirements for the Federal Deposit Insurance Cor-
poration. 
Sec. 302. Open data publication by the Federal Deposit Insurance Corporation. 
Sec. 303. Rulemaking. 
Sec. 304. No new disclosure requirements. 
TITLE IV—OFFICE OF THE COMPTROLLER OF THE CURRENCY 
Sec. 401. Data standards and open data publication requirements for the Office 
of the Comptroller of the Currency. 
Sec. 402. Rulemaking. 
Sec. 403. No new disclosure requirements. 
TITLE V—BUREAU OF CONSUMER FINANCIAL PROTECTION 
Sec. 501. Data standards and open data publication requirements for the Bu-
reau of Consumer Financial Protection. 
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Sec. 502. Rulemaking. 
Sec. 503. No new disclosure requirements. 
TITLE VI—FEDERAL RESERVE SYSTEM 
Sec. 601. Data standards requirements for the Board of Governors of the Fed-
eral Reserve System. 
Sec. 602. Open data publication by the Board of Governors of the Federal Re-
serve System. 
Sec. 603. Rulemaking. 
Sec. 604. No new disclosure requirements. 
TITLE VII—COMMODITY FUTURES TRADING COMMISSION 
Sec. 701. Data standards. 
Sec. 702. Open data publication by the Commodity Futures Trading Commis-
sion. 
Sec. 703. Rulemaking. 
Sec. 704. No new disclosure requirements. 
TITLE VIII—NATIONAL CREDIT UNION ADMINISTRATION 
Sec. 801. Data standards. 
Sec. 802. Open data publication by the National Credit Union Administration. 
Sec. 803. Rulemaking. 
Sec. 804. No new disclosure requirements. 
TITLE IX—FEDERAL HOUSING FINANCE AGENCY 
Sec. 901. Data standards requirements for the Federal Housing Finance Agen-
cy. 
Sec. 902. Open data publication by the Federal Housing Finance Agency. 
Sec. 903. Rulemaking. 
Sec. 904. No new disclosure requirements. 
TITLE X—MISCELLANEOUS 
Sec. 1001. Rule of construction. 
TITLE I—DEPARTMENT OF THE 
TREASURY 
SEC. 101. DATA STANDARDS. 
(a) IN GENERAL.—Subtitle A of title I of the Finan-
cial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is 
amended by adding at the end the following: 
‘‘SEC. 124. DATA STANDARDS. 
‘‘(a) IN GENERAL.—The Secretary of the Treasury 
shall, by rule, promulgate data standards, meaning a 
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standard that specifies rules by which data is described 
and recorded, for the information reported to member 
agencies by financial entities under the jurisdiction of the 
member agency and the data collected from member agen-
cies on behalf of the Council. 
‘‘(b) STANDARDIZATION.—Member agencies, in con-
sultation with the Secretary of the Treasury, shall imple-
ment regulations promulgated by the Secretary of the 
Treasury under subsection (a) to standardize data re-
ported to member agencies or collected on behalf of the 
Council, as described under subsection (a). If a member 
agency fails to implement such regulations prior to the 
expiration of the 3-year period following the date of publi-
cation of final regulations, the Secretary of the Treasury, 
in consultation with the Chairperson, may implement such 
regulations with respect to the financial entities under the 
jurisdiction of the member agency. 
‘‘(c) DATA STANDARDS.— 
‘‘(1) COMMON IDENTIFIERS.—The data stand-
ards promulgated under subsection (a) shall include 
common identifiers for information reported to mem-
ber agencies or collected on behalf of the Council, in-
cluding a common nonproprietary legal entity identi-
fier that is available under an open license (as de-
fined under section 3502 of title 44, United States 
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Code) for all entities required to report to member 
agencies. 
‘‘(2) DATA
STANDARD.—The data standards 
promulgated under subsection (a) shall, to the extent 
practicable— 
‘‘(A) render data fully searchable and ma-
chine-readable (as defined under section 3502 
of title 44, United States Code); 
‘‘(B) enable high quality data through 
schemas, with accompanying metadata (as de-
fined under section 3502 of title 44, United 
States Code) documented in machine-readable 
taxonomy or ontology models, which clearly de-
fine the data’s semantic meaning as defined by 
the underlying regulatory information collection 
requirements; 
‘‘(C) assure that a data element or data 
asset that exists to satisfy an underlying regu-
latory information collection requirement be 
consistently identified as such in associated ma-
chine-readable metadata; 
‘‘(D) be nonproprietary or made available 
under an open license; 
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‘‘(E) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(F) use, be consistent with, and imple-
ment applicable accounting and reporting prin-
ciples. 
‘‘(3) CONSULTATION.—In promulgating data 
standards under subsection (a), the Secretary of the 
Treasury shall consult with other Federal depart-
ments and agencies and multi-agency initiatives re-
sponsible for Federal data standards. 
‘‘(4) INTEROPERABILITY OF DATA.—In promul-
gating data standards under subsection (a), the Sec-
retary of the Treasury shall seek to promote inter-
operability of financial regulatory data across mem-
bers of the Council.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
under section 1(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by inserting 
after the item relating to section 123 the following: 
‘‘Sec. 124. Data standards.’’. 
SEC. 102. OPEN DATA PUBLICATION BY THE DEPARTMENT 
OF THE TREASURY. 
Section 124 of the Financial Stability Act of 2010, 
as added by section 101, is amended by adding at the end 
the following: 
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‘‘(d) OPEN DATA PUBLICATION.—All public informa-
tion published by the Secretary of the Treasury under this 
subtitle shall be made available as an open Government 
data asset (as defined under section 3502 of title 44, 
United States Code), freely available for download in bulk, 
and rendered in a human-readable format and accessible 
via application programming interface where appro-
priate.’’. 
SEC. 103. RULEMAKING. 
Not later than the end of the 2-year period beginning 
on the date of the enactment of this Act, the Secretary 
of the Treasury shall issue the regulations required under 
the amendments made by this title. The Secretary may 
delegate the functions required under the amendments 
made by this title to an appropriate office within the De-
partment of the Treasury. 
SEC. 104. CLASSIFIED AND PROTECTED INFORMATION. 
Nothing in this title or the amendments made by this 
title shall require the disclosure to the public of— 
(1) information that would be exempt from dis-
closure under section 552 of title 5, United States 
Code (commonly known as the ‘‘Freedom of Infor-
mation Act’’); or 
(2) information protected under section 552a of 
title 5, United States Code (commonly known as the 
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‘‘Privacy Act of 1974’’), or section 6103 of the In-
ternal Revenue Code of 1986. 
SEC. 105. NO NEW DISCLOSURE REQUIREMENTS. 
Nothing in this title or the amendments made by this 
title shall be construed to require the Secretary of the 
Treasury to collect additional information under the stat-
utes amended by this title, beyond information that was 
collected under such statutes before the date of the enact-
ment of this Act. 
SEC. 106. REPORT. 
Not later than 1 year after the end of the 2-year pe-
riod described in section 103, the Comptroller General of 
the United States shall submit to Congress a report on 
the feasibility, costs, and potential benefits of building 
upon the taxonomy established by this Act to arrive at 
a Federal Government-wide regulatory compliance stand-
ardization mechanism similar to Standard Business Re-
porting. 
SEC. 107. CONFORMING AMENDMENTS TO THE OFFICE OF 
FINANCIAL RESEARCH. 
Section 153 of the Financial Stability Act of 2010 
(12 U.S.C. 5343) is amended— 
(1) in subsection (a)— 
(A) by striking paragraph (2); and 
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(B) 
by 
redesignating 
paragraphs 
(3) 
through (7) as paragraphs (2) through (6), re-
spectively; and 
(2) by amending subsection (c) to read as fol-
lows: 
‘‘(c) RULEMAKING AUTHORITY.—The Office, in con-
sultation with the Chairperson, shall issue rules, regula-
tions, and orders only to the extent necessary to carry out 
the purposes and duties described in paragraphs (1) and 
(6) of subsection (a).’’. 
TITLE II—SECURITIES AND 
EXCHANGE COMMISSION 
SEC. 201. DATA STANDARDS REQUIREMENTS FOR THE SE-
CURITIES AND EXCHANGE COMMISSION. 
(a) DATA STANDARDS FOR INVESTMENT ADVISERS’ 
REPORTS UNDER THE INVESTMENT ADVISERS ACT OF 
1940.—Section 204 of the Investment Advisers Act of 
1940 (15 U.S.C. 80b–4) is amended— 
(1) by redesignating the second subsection (d) 
(relating to Records of Persons With Custody of 
Use) as subsection (e); and 
(2) by adding at the end the following: 
‘‘(f) DATA STANDARDS FOR REPORTS FILED UNDER 
THIS SECTION.— 
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‘‘(1) REQUIREMENT.—The Commission shall, 
by rule, adopt data standards for all reports filed by 
investment advisers with the Commission under this 
section. 
‘‘(2) CHARACTERISTICS.—The data standards 
required by paragraph (1) shall, to the extent prac-
ticable— 
‘‘(A) render data fully searchable and ma-
chine-readable (as defined under section 3502 
of title 44, United States Code); 
‘‘(B) enable high quality data through 
schemas, with accompanying metadata (as de-
fined under section 3502 of title 44, United 
States Code) documented in machine-readable 
taxonomy or ontology models, which clearly de-
fine the data’s semantic meaning as defined by 
the underlying regulatory information collection 
requirements; 
‘‘(C) assure that a data element or data 
asset that exists to satisfy an underlying regu-
latory information collection requirement be 
consistently identified as such in associated ma-
chine-readable metadata; 
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‘‘(D) be nonproprietary or made available 
under an open license (as defined under section 
3502 of title 44, United States Code); 
‘‘(E) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(F) use, be consistent with, and imple-
ment applicable accounting and reporting prin-
ciples. 
‘‘(3) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards by rule under this sub-
section, the Commission shall incorporate all applica-
ble data standards promulgated by the Secretary of 
the Treasury.’’. 
(b) DATA STANDARDS FOR REGISTRATION STATE-
MENTS AND REPORTS UNDER THE INVESTMENT COM-
PANY ACT OF 1940.—The Investment Company Act of 
1940 (15 U.S.C. 80a–1 et seq.) is amended— 
(1) in section 8, by adding at the end the fol-
lowing: 
‘‘(g) DATA STANDARDS FOR REGISTRATION STATE-
MENTS.— 
‘‘(1) REQUIREMENT.—The Commission shall, 
by rule, adopt data standards for all registration 
statements required to be filed with the Commission 
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under this section, except that the Commission may 
exempt exhibits, signatures, and certifications from 
such data standards. 
‘‘(2) CHARACTERISTICS.—The data standards 
required by paragraph (1) shall, to the extent prac-
ticable— 
‘‘(A) render data fully searchable and ma-
chine-readable (as defined under section 3502 
of title 44, United States Code); 
‘‘(B) enable high quality data through 
schemas, with accompanying metadata (as de-
fined under section 3502 of title 44, United 
States Code) documented in machine-readable 
taxonomy or ontology models, which clearly de-
fine the data’s semantic meaning as defined by 
the underlying regulatory information collection 
requirements; 
‘‘(C) assure that a data element or data 
asset that exists to satisfy an underlying regu-
latory information collection requirement be 
consistently identified as such in associated ma-
chine-readable metadata; 
‘‘(D) be nonproprietary or made available 
under an open license (as defined under section 
3502 of title 44, United States Code); 
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‘‘(E) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(F) use, be consistent with, and imple-
ment applicable accounting and reporting prin-
ciples. 
‘‘(3) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards by rule under this sub-
section, the Commission shall incorporate all applica-
ble data standards promulgated by the Secretary of 
the Treasury.’’; and 
(2) in section 30, by adding at the end the fol-
lowing: 
‘‘(k) DATA STANDARDS FOR REPORTS.— 
‘‘(1) REQUIREMENT.—The Commission shall, 
by rule, adopt data standards for all reports re-
quired to be filed with the Commission under this 
section, except that the Commission may exempt ex-
hibits, signatures, and certifications from such data 
standards. 
‘‘(2) CHARACTERISTICS.—The data standards 
required by paragraph (1) shall, to the extent prac-
ticable— 
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‘‘(A) render data fully searchable and ma-
chine-readable (as defined under section 3502 
of title 44, United States Code); 
‘‘(B) enable high quality data through 
schemas, with accompanying metadata (as de-
fined under section 3502 of title 44, United 
States Code) documented in machine-readable 
taxonomy or ontology models, which clearly de-
fine the data’s semantic meaning as defined by 
the underlying regulatory information collection 
requirements; 
‘‘(C) assure that a data element or data 
asset that exists to satisfy an underlying regu-
latory information collection requirement be 
consistently identified as such in associated ma-
chine-readable metadata; 
‘‘(D) be nonproprietary or made available 
under an open license (as defined under section 
3502 of title 44, United States Code); 
‘‘(E) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(F) use, be consistent with, and imple-
ment applicable accounting and reporting prin-
ciples. 
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‘‘(3) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards by rule under this sub-
section, the Commission shall incorporate all applica-
ble data standards promulgated by the Secretary of 
the Treasury.’’. 
(c) DATA STANDARDS FOR INFORMATION REQUIRED 
TO BE SUBMITTED OR PUBLISHED BY NATIONALLY REC-
OGNIZED STATISTICAL RATING ORGANIZATIONS.—Section 
15E of the Securities Exchange Act of 1934 (15 U.S.C. 
78o–7) is amended by adding at the end the following: 
‘‘(w) DATA STANDARDS
FOR INFORMATION RE-
QUIRED TO BE SUBMITTED OR PUBLISHED UNDER THIS 
SECTION.— 
‘‘(1) REQUIREMENT.—The Commission shall, 
by rule, adopt data standards for all information re-
quired to be submitted or published by a nationally 
recognized statistical rating organization under this 
section. 
‘‘(2) CHARACTERISTICS.—The data standards 
required by paragraph (1) shall, to the extent prac-
ticable— 
‘‘(A) render data fully searchable and ma-
chine-readable (as defined under section 3502 
of title 44, United States Code); 
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‘‘(B) enable high quality data through 
schemas, with accompanying metadata (as de-
fined under section 3502 of title 44, United 
States Code) documented in machine-readable 
taxonomy or ontology models, which clearly de-
fine the data’s semantic meaning as defined by 
the underlying regulatory information collection 
requirements; 
‘‘(C) assure that a data element or data 
asset that exists to satisfy an underlying regu-
latory information collection requirement be 
consistently identified as such in associated ma-
chine-readable metadata; 
‘‘(D) be nonproprietary or made available 
under an open license (as defined under section 
3502 of title 44, United States Code); 
‘‘(E) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(F) use, be consistent with, and imple-
ment applicable accounting and reporting prin-
ciples. 
‘‘(3) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards by rule under this sub-
section, the Commission shall incorporate all applica-
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ble data standards promulgated by the Secretary of 
the Treasury.’’. 
(d) DATA STANDARDS FOR ASSET-BACKED SECURI-
TIES DISCLOSURES.—Section 7(c) of the Securities Act of 
1933 (15 U.S.C. 77g(c)) is amended by adding at the end 
the following: 
‘‘(3) DATA STANDARDS FOR ASSET-BACKED SE-
CURITIES DISCLOSURES.— 
‘‘(A) 
REQUIREMENT.—The 
Commission 
shall, by rule, adopt data standards for all dis-
closures required under this subsection. 
‘‘(B) CHARACTERISTICS.—The data stand-
ards required by subparagraph (A) shall, to the 
extent practicable— 
‘‘(i) render data fully searchable and 
machine-readable (as defined under section 
3502 of title 44, United States Code); 
‘‘(ii) enable high quality data through 
schemas, with accompanying metadata (as 
defined under section 3502 of title 44, 
United States Code) documented in ma-
chine-readable taxonomy or ontology mod-
els, which clearly define the data’s seman-
tic meaning as defined by the underlying 
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regulatory information collection require-
ments; 
‘‘(iii) assure that a data element or 
data asset that exists to satisfy an under-
lying regulatory information collection re-
quirement be consistently identified as 
such 
in 
associated 
machine-readable 
metadata; 
‘‘(iv) be nonproprietary or made avail-
able under an open license (as defined 
under section 3502 of title 44, United 
States Code); 
‘‘(v) incorporate standards developed 
and maintained by voluntary consensus 
standards bodies; and 
‘‘(vi) use, be consistent with, and im-
plement applicable accounting and report-
ing principles. 
‘‘(C) INCORPORATION OF STANDARDS.—In 
adopting data standards by rule under this 
paragraph, the Commission shall incorporate all 
applicable data standards promulgated by the 
Secretary of the Treasury.’’. 
(e) DATA STANDARDS
FOR CORPORATE DISCLO-
SURES UNDER THE SECURITIES ACT OF 1933.—Section 
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7 of the Securities Act of 1933 (15 U.S.C. 77g) is amend-
ed by adding at the end the following: 
‘‘(e) DATA STANDARDS.— 
‘‘(1) REQUIREMENT.—The Commission shall, 
by rule, adopt data standards for all registration 
statements and for all prospectuses included in reg-
istration statements required to be filed with the 
Commission under this title, except that the Com-
mission may exempt exhibits, signatures, and certifi-
cations from such data standards. 
‘‘(2) CHARACTERISTICS.—The data standards 
required by paragraph (1) shall, to the extent prac-
ticable— 
‘‘(A) render data fully searchable and ma-
chine-readable (as defined under section 3502 
of title 44, United States Code); 
‘‘(B) enable high quality data through 
schemas, with accompanying metadata (as de-
fined under section 3502 of title 44, United 
States Code) documented in machine-readable 
taxonomy or ontology models, which clearly de-
fine the data’s semantic meaning as defined by 
the underlying regulatory information collection 
requirements; 
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‘‘(C) assure that a data element or data 
asset that exists to satisfy an underlying regu-
latory information collection requirement be 
consistently identified as such in associated ma-
chine-readable metadata; 
‘‘(D) be nonproprietary or made available 
under an open license (as defined under section 
3502 of title 44, United States Code); 
‘‘(E) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(F) use, be consistent with, and imple-
ment applicable accounting and reporting prin-
ciples. 
‘‘(3) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards by rule under this sub-
section, the Commission shall incorporate all applica-
ble data standards promulgated by the Secretary of 
the Treasury.’’. 
(f) DATA STANDARDS FOR PERIODIC AND CURRENT 
CORPORATE DISCLOSURES UNDER THE SECURITIES EX-
CHANGE ACT OF 1934.—Section 13 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78m) is amended by add-
ing at the end the following: 
‘‘(s) DATA STANDARDS.— 
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‘‘(1) REQUIREMENT.—The Commission shall, 
by rule, adopt data standards for all information 
contained in periodic and current reports required to 
be filed or furnished under this section or under sec-
tion 15(d), except that the Commission may exempt 
exhibits, signatures, and certifications from such 
data standards. 
‘‘(2) CHARACTERISTICS.—The data standards 
required by paragraph (1) shall, to the extent prac-
ticable— 
‘‘(A) render data fully searchable and ma-
chine-readable (as defined under section 3502 
of title 44, United States Code); 
‘‘(B) enable high quality data through 
schemas, with accompanying metadata (as de-
fined under section 3502 of title 44, United 
States Code) documented in machine-readable 
taxonomy or ontology models, which clearly de-
fine the data’s semantic meaning as defined by 
the underlying regulatory information collection 
requirements; 
‘‘(C) assure that a data element or data 
asset that exists to satisfy an underlying regu-
latory information collection requirement be 
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consistently identified as such in associated ma-
chine-readable metadata; 
‘‘(D) be nonproprietary or made available 
under an open license (as defined under section 
3502 of title 44, United States Code); 
‘‘(E) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(F) use, be consistent with, and imple-
ment applicable accounting and reporting prin-
ciples. 
‘‘(3) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards by rule under this sub-
section, the Commission shall incorporate all applica-
ble data standards promulgated by the Secretary of 
the Treasury.’’. 
(g) DATA STANDARDS FOR CORPORATE PROXY AND 
CONSENT SOLICITATION MATERIALS UNDER THE SECU-
RITIES EXCHANGE ACT OF 1934.—Section 14 of the Se-
curities Exchange Act of 1934 (15 U.S.C. 78n) is amend-
ed by adding at the end the following: 
‘‘(k) DATA STANDARDS FOR PROXY AND CONSENT 
SOLICITATION MATERIALS.— 
‘‘(1) REQUIREMENT.—The Commission shall, 
by rule, adopt data standards for all information 
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contained in any proxy or consent solicitation mate-
rial prepared by an issuer for an annual meeting of 
the shareholders of the issuer, except that the Com-
mission may exempt exhibits, signatures, and certifi-
cations from such data standards. 
‘‘(2) CHARACTERISTICS.—The data standards 
required by paragraph (1) shall, to the extent prac-
ticable— 
‘‘(A) render data fully searchable and ma-
chine-readable (as defined under section 3502 
of title 44, United States Code); 
‘‘(B) enable high quality data through 
schemas, with accompanying metadata (as de-
fined under section 3502 of title 44, United 
States Code) documented in machine-readable 
taxonomy or ontology models, which clearly de-
fine the data’s semantic meaning as defined by 
the underlying regulatory information collection 
requirements; 
‘‘(C) assure that a data element or data 
asset that exists to satisfy an underlying regu-
latory information collection requirement be 
consistently identified as such in associated ma-
chine-readable metadata; 
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‘‘(D) be nonproprietary or made available 
under an open license (as defined under section 
3502 of title 44, United States Code); 
‘‘(E) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(F) use, be consistent with, and imple-
ment applicable accounting and reporting prin-
ciples. 
‘‘(3) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards by rule under this sub-
section, the Commission shall incorporate all applica-
ble data standards promulgated by the Secretary of 
the Treasury.’’. 
(h) DATA STANDARDS FOR SECURITY-BASED SWAP 
REPORTING.—Section 15F of the Securities Exchange Act 
of 1934 (15 U.S.C. 78o–10) is amended by adding at the 
end the following: 
‘‘(m) DATA STANDARDS FOR SECURITY-BASED SWAP 
REPORTING.— 
‘‘(1) REQUIREMENT.—The Commission shall, 
by rule, adopt data standards for all reports related 
to security-based swaps that are required under this 
Act. 
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‘‘(2) CHARACTERISTICS.—The data standards 
required by paragraph (1) shall, to the extent prac-
ticable— 
‘‘(A) render data fully searchable and ma-
chine-readable (as defined under section 3502 
of title 44, United States Code); 
‘‘(B) enable high quality data through 
schemas, with accompanying metadata (as de-
fined under section 3502 of title 44, United 
States Code) documented in machine-readable 
taxonomy or ontology models, which clearly de-
fine the data’s semantic meaning as defined by 
the underlying regulatory information collection 
requirements; 
‘‘(C) assure that a data element or data 
asset that exists to satisfy an underlying regu-
latory information collection requirement be 
consistently identified as such in associated ma-
chine-readable metadata; 
‘‘(D) be nonproprietary or made available 
under an open license (as defined under section 
3502 of title 44, United States Code); 
‘‘(E) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
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‘‘(F) use, be consistent with, and imple-
ment applicable accounting and reporting prin-
ciples. 
‘‘(3) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards by rule under this sub-
section, the Commission shall incorporate all applica-
ble data standards promulgated by the Secretary of 
the Treasury.’’. 
(i) RULEMAKING.— 
(1) IN GENERAL.—Not later than the end of 
the 2-year period beginning on the date of the enact-
ment of this Act, the Securities and Exchange Com-
mission shall issue the regulations required under 
the amendments made by this section. 
(2) 
SCALING
OF
REGULATORY
REQUIRE-
MENTS.—In issuing the regulations required under 
the amendments made by this section, the Securities 
and Exchange Commission may scale data reporting 
requirements in order to reduce any unjustified bur-
den on emerging growth companies, lending institu-
tions, accelerated filers, smaller reporting companies, 
and other smaller issuers, as determined by the 
study required under section 205(c), while still pro-
viding searchable information to investors. 
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(3) MINIMIZING DISRUPTION.—In issuing the 
regulations required under the amendments made by 
this section, the Securities and Exchange Commis-
sion shall seek to minimize disruptive changes to the 
persons affected by such regulations. 
SEC. 202. OPEN DATA PUBLICATION BY THE SECURITIES 
AND EXCHANGE COMMISSION. 
Section 4 of the Securities Exchange Act of 1934 (15 
U.S.C. 78d) is amended by adding at the end the fol-
lowing: 
‘‘(k) OPEN DATA PUBLICATION.—All public informa-
tion published by the Commission under the securities 
laws and the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act shall be made available as an open 
Government data asset (as defined under section 3502 of 
title 44, United States Code), freely available for download 
in bulk and rendered in a human-readable format and ac-
cessible via application programming interface where ap-
propriate.’’. 
SEC. 203. DATA TRANSPARENCY AT THE MUNICIPAL SECU-
RITIES RULEMAKING BOARD. 
(a) IN GENERAL.—Section 15B(b) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78o–4(b)) is amended 
by adding at the end the following: 
‘‘(8) DATA STANDARDS.— 
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‘‘(A) REQUIREMENT.—If the Board establishes 
information systems under paragraph (3), the Board 
shall adopt data standards for information sub-
mitted via such systems. 
‘‘(B) CHARACTERISTICS.—The data standards 
required by subparagraph (A) shall, to the extent 
practicable— 
‘‘(i) render data fully searchable and ma-
chine-readable (as defined under section 3502 
of title 44, United States Code); 
‘‘(ii) enable high quality data through 
schemas, with accompanying metadata (as de-
fined under section 3502 of title 44, United 
States Code) documented in machine-readable 
taxonomy or ontology models, which clearly de-
fine the data’s semantic meaning as defined by 
the underlying regulatory information collection 
requirements; 
‘‘(iii) assure that a data element or data 
asset that exists to satisfy an underlying regu-
latory information collection requirement be 
consistently identified as such in associated ma-
chine-readable metadata; 
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‘‘(iv) be nonproprietary or made available 
under an open license (as defined under section 
3502 of title 44, United States Code); 
‘‘(v) incorporate standards developed and 
maintained by voluntary consensus standards 
bodies; and 
‘‘(vi) use, be consistent with, and imple-
ment applicable accounting and reporting prin-
ciples. 
‘‘(C) 
INCORPORATION
OF
STANDARDS.—In 
adopting data standards under this paragraph, the 
Board shall incorporate all applicable data standards 
promulgated by the Secretary of the Treasury.’’. 
(b) RULEMAKING.— 
(1) IN GENERAL.—Not later than the end of 
the 2-year period beginning on the date of the enact-
ment of this Act, the Municipal Securities Rule-
making Board shall issue the regulations required 
under the amendments made by this section. 
(2) 
SCALING
OF
REGULATORY
REQUIRE-
MENTS.—In issuing the regulations required under 
the amendments made by this section, the Municipal 
Securities Rulemaking Board may scale data report-
ing requirements in order to reduce any unjustified 
burden on smaller regulated entities. 
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(3) MINIMIZING DISRUPTION.—In issuing the 
regulations required under the amendments made by 
this section, the Municipal Securities Rulemaking 
Board shall seek to minimize disruptive changes to 
the persons affected by such regulations. 
SEC. 204. DATA TRANSPARENCY AT NATIONAL SECURITIES 
ASSOCIATIONS. 
(a) IN GENERAL.—Section 15A of the Securities Ex-
change Act of 1934 (15 U.S.C. 78o–3) is amended by add-
ing at the end the following: 
‘‘(n) DATA STANDARDS.— 
‘‘(1) REQUIREMENT.—A national securities as-
sociation registered pursuant to subsection (a) shall 
adopt data standards for all information that is reg-
ularly filed with or submitted to the association. 
‘‘(2) CHARACTERISTICS.—The data standards 
required by paragraph (1) shall, to the extent prac-
ticable— 
‘‘(A) render data fully searchable and ma-
chine-readable (as defined under section 3502 
of title 44, United States Code); 
‘‘(B) enable high quality data through 
schemas, with accompanying metadata (as de-
fined under section 3502 of title 44, United 
States Code) documented in machine-readable 
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