Market & RegTech

Market and RegTech (regulatory technology) data consist of information collected and used in the financial regulatory system that are gathered through regulatory reporting. The complexity of the U.S. financial regulatory reporting system, reliance on document-based reports, and provision of information in static documents limit the value of these data for regulators and industry. Proposals to modernize the financial regulatory reporting system by requiring standardized, machine-readable data will foster an environment for technology to improve the efficiency of the financial sector and regulatory reporting. Regulatory technology (RegTech) applications can republish, analyze, and automate reporting processes, providing deeper insight, cut costs, as well as help with fraud prevention. The cost-saving power of open data for financial reporting has already been proven internationally. Government and industry must work together to standardize, share, and use high-quality regulatory data.

The Data Coalition advocates for policies to modernize the financial regulatory system’s reporting requirements, facilitating cooperation between regulators and regulated industries.

Key Law

Blogs

• FACT SHEET: Financial Data Modernization Proposal Promotes Transparency, Efficiency, and Accountability
• Exploring RegTech: The Intersection of Regulation, Data, and Technology
• Open Data Standards: New Opportunities for RegTech
• Data Standardization – A Call to Action in the United States
• How Data Standards Will Modernize Our Government’s Regulatory Regime

Press Releases and Statements

• Data Coalition Applauds Congress for Passing Major Financial Transparency Bill, December 15, 2022
• House Financial Services Committee Leadership Re-introduces the Financial Transparency Act, September 24, 2019
• After Five Years the SEC Votes to Adopt Inline XBRL for Corporate Financial Filings, June 29, 2018
• XBRL and LEI Gain Another Advocate Within the SEC, October 24, 2016
• Replacing Financial Reports with Data Could Save Billions, December 2, 2015

Resources

• Financial Data Transparency: 2022 Forum Compendium, May 5, 2022
• Recording: RegTech Data Summit 2022, March 16, 2022
• Report: Improving ESG Data: Recommendations for improving the data ecosystem for environmental, social, and governance data, January 22, 2022
• Recordings of the Data Coalition virtual event: RegTech Data Week 2020, April 20-22, 2020 - 1, 2, 3
• Data Coalition Webinar: "Realizing the Benefits of the Financial Transparency Act," April 8, 2020
• Data Coalition Endorsement of the Financial Transparency Act, September 25, 2019
• Transparent State and Local Financial Reporting: The Case for an Open Data CAFR, December 5, 2018, Jim Harper and Dean Ritz
• Thomson Reuters RE: H.R. 5054, Small Company Disclosure Simplification Act of 2018, June 5, 2018, Gregory Boyd
• Morningstar RE: H.R. 5054, Small Company Disclosure Simplification Act of 2018, May 23, 2018, Aron Szapiro
• Open Data for Financial Reporting: Costs, Benefits, and Future, September 22, 2017, Marc D. Joffe
• New Video Shows the Future of Regulatory Compliance: Automatic, Seamless, Streamlined, August 22, 2017, Data Foundation
• Standard Business Reporting: Open Data to Cut Compliance Costs, March 13, 2017, Hudson Hollister, Joseph Kull, Michael Middleton, and Michal Piechocki