SEC. 6. DATA STANDARDS TO MODERNIZE THE DISCLO-
SURE SYSTEM OF THE SECURITIES AND EX-
CHANGE COMMISSION. 
(a) FINANCIAL DATA STANDARD FOR INVESTMENT 
ADVISERS’ REPORTS UNDER THE INVESTMENT ADVISERS 
ACT.—Section 204 of the Investment Advisers Act of 
1940 (15 U.S.C. 80b–4) is amended by adding at the end 
the following new subsection: 
‘‘(e) FINANCIAL DATA STANDARD
FOR REPORTS 
FILED UNDER THIS SECTION.— 
‘‘(1) The Commission shall, by rule, adopt a 
data standard for any financial data that is included 
in reports filed by investment advisers with the Com-
mission under this section. 
‘‘(2) The data standard adopted under para-
graph (1) shall be consistent and interoperable with 
the data standard prescribed by the Commission 
under part 232 of title 17, Code of Federal Regula-
tions (or any successor thereto) for the financial 
statements contained in periodic and current reports 
filed with the Commission under sections 13(a) and 
15(d) of the Securities Exchange Act of 1934. 
‘‘(3) The Commission shall, by rule, require any 
financial data contained in reports filed by invest-
ment advisers with the Commission under this sec-
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tion to be in a format consistent with the financial 
data standard adopted under paragraph (1). 
‘‘(4) The Commission may, by rule, exempt re-
ports regarding private funds advised by investment 
advisers under subsection (b) from the requirements 
of this subsection.’’. 
(b) FINANCIAL DATA STANDARD FOR QUANTITATIVE 
DATA REQUIRED TO BE SUBMITTED OR PUBLISHED BY 
NATIONALLY RECOGNIZED STATISTICAL RATING ORGANI-
ZATIONS.—Section 15E of the Securities Exchange Act of 
1934 (15 U.S.C. 78o–7) is amended by adding at the end 
the following new subsection: 
‘‘(v) DATA STANDARD FOR QUANTITATIVE DATA RE-
QUIRED TO BE SUBMITTED OR PUBLISHED BY NATION-
ALLY
RECOGNIZED
STATISTICAL
RATING
ORGANIZA-
TION.— 
‘‘(1) The Commission shall, by rule, adopt a 
data standard for all quantitative data that nation-
ally recognized statistical rating organizations are 
required to either submit to the Commission or pub-
licly disclose under this section. 
‘‘(2) The data standard adopted under para-
graph (1) shall be consistent and interoperable with 
the data standard prescribed by the Commission 
under parts 240 and 249b of title 17, Code of Fed-
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eral Regulations (or any successors thereto) for rat-
ings histories.’’. 
(c) DATA STANDARD FOR ASSET-BACKED SECURI-
TIES.—Section 7(c) of the Securities Act of 1933 is 
amended by adding at the end the following new para-
graphs: 
‘‘(3) DATA STANDARD FOR ASSET-BACKED SE-
CURITIES DISCLOSURES.— 
‘‘(A) The Commission shall, by rule, adopt 
a data standard for all disclosures required 
under this subsection. 
‘‘(B) The data standard adopted under 
paragraph (1) shall be consistent and interoper-
able with the data standard prescribed by the 
Commission under part 232 of title 17, Code of 
Federal Regulations (or any successor thereto) 
for the financial statements contained in peri-
odic and current reports filed with the Commis-
sion under sections 13(a) and 15(d) of the Se-
curities Exchange Act of 1934. 
‘‘(C) The Commission may exempt par-
ticular disclosure information from the require-
ments of this paragraph— 
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‘‘(i) to the extent necessary to avoid 
undue burden on entities filing asset- 
backed securities disclosures; or 
‘‘(ii) for information that will not be 
made public. 
‘‘(4) PUBLIC AVAILABILITY.—To the extent ap-
propriate and permitted by law, the Commission 
shall ensure that data filed or received under this 
subsection is accessible by the public.’’. 
(d) DATA STANDARD FOR CORPORATE DISCLOSURES 
UNDER THE SECURITIES ACT OF 1933.—Section 7 of the 
Securities Act of 1933 (15 U.S.C. 77g) is amended by 
adding at the end the following new subsection: 
‘‘(d) DATA STANDARD
FOR
THE REGISTRATION 
STATEMENT.— 
‘‘(1) The Commission shall, by rule, adopt a 
data standard for all registration statements and for 
all prospectuses included in registration statements 
required to be filed with the Commission under this 
title, except that the Commission may exempt exhib-
its, signatures, and certifications from this require-
ment. 
‘‘(2) The data standard adopted under para-
graph (1) shall be consistent and interoperable with 
the data standard prescribed by the Commission 
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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(a) and 
15(d) of the Securities Exchange Act of 1934. 
‘‘(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.’’. 
(e) DATA STANDARD 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) by adding at the 
end the following: 
‘‘(r) DATA STANDARD FOR PERIODIC AND CURRENT 
REPORTS.— 
‘‘(1) The Commission, shall, by rule, adopt a 
data standard for all information contained in peri-
odic and current reports required to be filed or fur-
nished under this section or under section 15(d), ex-
cept that the Commission may exempt exhibits, sig-
natures, and certifications from this requirement. 
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