Posts tagged as ‘Financial Regulation’
Standard Business Reporting programs are in place in the Netherlands and Australia. SBR applies open data to regulation by adopting consistent data standards across multiple agencies' reporting requirements. SBR can reduce compliance costs while avoiding political battles over the substance of what companies are required to report to regulatory agencies. The 115th Congress and the Trump Administration should take notice.
The Data Coalition and seven other financial and technology organizations today sent a letter to the Financial Services Committee of the U.S. House of Representatives requesting that the committee convene a hearing on the need for regulatory agencies to modernize the way they collect information from public companies, banks, markets, and financial firms.
In April, the Securities and Exchange Commission published a 341-page Concept Release exploring the future of corporate disclosure in the United States. Yesterday the Data Coalition responded. This is the Coalition’s third major appeal for the SEC to transform its disclosure system.
Last week, the Data Coalition hosted a record-setting Financial Data Summit in Washington. We brought together over 300 supporters of transforming U.S. financial regulatory reporting from disconnected documents into standardized, open data.
For the third time in 18 months, the House of Representatives passed a multi-part financial services package bill with Rep. Robert Hurt's (R-VA) anti-open data proposal included, and sent it to the Senate. But yesterday's debates, votes, and White House statement sent a clear message to the Senate: restricting open data is controversial. If the Senate Banking Committee wants to craft a broadly popular financial services bill that will earn Democratic votes and President Obama's signature, the committee should leave out Rep. Hurt's open data exemption.
Today the House of Representatives will consider - for at least the third time - Rep. Robert Hurt's proposal to require the SEC to stop collecting most public companies' financial statements as searchable, open data, and regress to only using plain-text documents.
Why does the Data Transparency Coalition support the adoption of consistent data formats, such as XBRL, throughout regulatory reporting? If regulatory agencies standardized the information they collect, software could automate reporting, replacing layers of lawyers with lines of code - and the cost of compliance would drop. This is already happening in the Netherlands. Here's how.
Washington, D.C. - Financial expert Allan Mendelowitz today estimated that if U.S. financial regulatory agencies adopted consistent data formats for the information they collect, instead of using today’s document-based reports, a typical large investment firm could save "20 to 30 percent of operating expenses, or $200 to $300 million annually,” with similar savings across the whole financial industry.
More good news in the SEC’s recent headway toward an open data transformation. Chair Mary Jo White told the Senators that SEC staff are working to upgrade the agency's data filing platform to be able to accept inline XBRL.
This week Senators Mark Warner (D-VA) and Mike Crapo (R-ID) sent a letter to Mary Jo White, chair of the Securities and Exchange Commission, asking for the SEC to finally take action on the central reason why its open-data corporate financial reporting has failed so far. This marks the first time a Republican Senator has spoken out in support of open data in financial regulatory reporting.