The Federal Reserve Board issued final rules on Thursday establishing data standards for information collected by financial regulators. The standard, approved by the Federal Reserve Board and other federal financial regulators, aims to enhance interoperability of financial regulatory data across agencies by establishing standards for legal entity identifiers and other data elements. The final rule, which builds upon a proposal issued in August 2024 and incorporates public feedback, implements the Financial Data Transparency Act of 2022.
Federal Reserve Board Finalizes Financial Data Standards Rule
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Summary
The Federal Reserve Board finalized a financial data standards rule on Thursday to support regulatory efforts, including those of the CFTC. The rule, supported by major federal regulators, establishes uniform standards for legal entity identifiers and data elements to enhance interagency coordination. It builds upon a proposal from August 2024 and incorporates public feedback, advancing the Financial Data Transparency Act of 2022. This move is expected to affect liquidity and crypto markets by streamlining data sharing and compliance processes.
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