Bonds

The Securities and Exchange Commission (SEC) is partnering with other federal regulators to lessen fears regarding the implementation of the Financial Data Transparency Act.

The goal of this new law, which was passed in 2022, is to provide more transparency to the financial markets by introducing machine-readable formats into the Municipal Securities Rulemaking Board’s EMMA system, which tracks the muni market. 

“There’s no new disclosure requirements, standards or timelines, it’s just about structured data,” Dave Sanchez (pictured), director of the SEC’s Office of Municipal Securities, said during a panel discussion produced by XBRL US in November. 

The SEC is in charge of developing the standards for how the data will be submitted to the MSRB. The upcoming deadlines include publishing proposed rules by June 2024, which will kick off the public comment period. Determining the standards is set for December 2024, with specific rulemaking to be in place by 2026. 

Read more: SEC attempts to calm muni market over FDTA implementation 

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