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RESOURCE CENTER - STRUCTURED DATA/FEDERAL DATA TRANSPARENCY ACT This is a resource center of information related to various components of the requirements in the Federal Data Transparency Act (FDTA). The FDTA mandates that information submitted to the MSRB be in structured data format by 2026 (see NAMA Overview for further details). Information on this page is educational in nature, as no federal regulations have yet been proposed. We hope the viewer will find this information helpful in understanding various components of the FDTA, including the what, how, when and whys of structured data. As more information becomes available, it will be posted. If you have any questions or suggestions, please contact Susan Gaffney at [email protected] Federal Data Transparency Act (starting page 1030), within the FY2023 National Defense Authorization Act (P.L., 117-263) TIMELINE By June 2023, the SEC must develop a report to Congress on the costs/benefits of machine-readable data in corporate disclosures; summary of enforcement actions that result from the use/analysis of machine readable data in corporate disclosures; and analysis of how the SEC uses machine readable data in corporate disclosures. (Section 5825, pages 1035-1036). There also is an ongoing semi-annual reporting requirement. By June 2024, a group of federal departments and agencies, including the Treasury and SEC, must propose rules that determine common identifiers and general taxonomies for all sectors discussed in the DTA (Section 5811, pages 1028-1029). No new content requirements for disclosures may be established in the process (Section 5813, page 1030). By December 2024, final rules must be approved by the group of federal department and agencies on common identifiers and general taxonomy standards. By December 2026, the SEC must approve final rules specific to municipal securities data standards, building from the final rules set by the group of federal departments and agencies in December 2024. In this process, the SEC must consult with municipal market participants. Additionally, the rules may be scaled to reduce burdens on small entities (section 5823, pages 1033-1034). No new content requirements for disclosures may be established in the process (Section 5826, page 1036). NAMA Overview - FDTA, December 2022 Graphic - Overview: Financial Data Becomes Structured Data (April 2023) March, 2023 Recording of and Slide Deck From NAMA's Webinar - Structured Data and the FDTA: What Does it Mean for Municipal Advisors and Their Clients? XBRL US Government Reporting Web Page XBRL Presentation to GFOA, January, 2023 FAQs About Structured Data and XBRL - NASACT and XBRL U.S. Office of Financial Research - Legal Entity Identifier (LEI) FAQs GFOA, NAMA/Market Participants Letter to Congress re: FDTA, October 2022
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