Financial Regulation Summit: Data Transparency TransformationThe Coalition's first Financial Regulation Summit, presented by RR Donnelley, brought together data transparency advocates and leaders in the financial regulation community to discuss the many benefits of moving from documents to data.
March 24, 2015, Union Market, Washington, D.C.
Around the world, financial regulators are transforming document-based reporting requirements into standardized, machine-readable data. This data transparency transformation promises better accountability to investors, enhanced regulatory oversight through data analytics, and automated, cheaper compliance – but only if regulators adopt consistent data standards for the information they collect. The Financial Regulation Summit brought together U.S. regulatory leaders, Congressional supporters of data transparency, regulated entities, and the tech companies whose solutions are ready to use transparent data to serve investors, regulators, and registrants.
U.S. regulators have a great deal of change ahead. Many reporting requirements are still expressed as disconnected documents where standardized data formats could improve accountability, management, and compliance. And although the Treasury Department has called for the universal adoption of the Legal Entity Identifier (LEI) to identify regulated entities the same way across all regulators, most agencies have not yet embraced it. But the time is right for change. Last year, President Obama signed the DATA Act into law, mandating similar reforms for the U.S. government’s own spending reports. In 2015, Congress and regulators can work together to pursue data transparency in financial regulation. That work began at our Summit.
Check out the highlights from the FinReg Summit in a special issue of Data Transparency News covering the event.
Department of Homeland Security
Center for Data Innovation