Passage of the Financial Data Transparency Act (FDTA) marks a new chapter in the adoption of regulatory technology that begins in 2023, launching an era for innovation and modernization in financial services. The FDTA is a revolutionary new law that is the most substantial reform to data authorities for the financial services sector in a generation. Because the FDTA amends securities and banking laws to require data standards and make the information reported to financial regulators electronically searchable, it revolutionized the ability to develop regulatory technologies and artificial intelligence applications that are practical, useful, and adopted in the years ahead. The FDTA will spur RegTech innovation to address regulatory challenges in financial services and create new opportunities to harmonize reporting requirements, reduce the private sector’s regulatory burden, and enhance transparency and accountability.
The Data Coalition’s RegTech23 Data Summit in Washington, D.C., presented by Donnelley Financial Solutions (DFIN), focused on how federal regulators, regulated entities, RegTech and data companies, and data transparency advocates can work together to implement the FDTA and realize its full potential. The Summit explored key questions for the new law, including effective strategies for implementation and stakeholder involvement in the upcoming rulemaking on data standards. Participants engaged with industry and government experts on how FDTA implementation will improve the health of our financial regulatory system, how the approach will serve as a model for applying data standards in government, and began a dialogue to ensure the real benefits of FDTA for future RegTech innovations are achieved in the years ahead.
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