CFTC Finalizes Joint Data Standards Under FDTA
CFTC established joint data standards under the Financial Data Transparency Act of 2022, setting technical standards for data submitted to financial regulators.
The FDTA joint standards coordinate technical data formats across the CFTC, Federal Reserve, SEC, CFPB, Treasury, and others. Firms reporting to multiple US regulators face material data and reporting transformation effort.
Affects regulatory reporting infrastructure across banking, securities, and derivatives, requiring multi-year remediation.
Action Required
Update regulatory reporting taxonomies, data governance, and submission infrastructure to align with FDTA joint standards.
Cross-agency joint data standards represent a structural shift in US regulatory reporting architecture.
Map reporting obligations against FDTA joint data standards; assess data lineage, taxonomy alignment, and vendor readiness. Plan multi-year implementation across regulatory reporting functions.
“The CFTC established joint data standards under the Financial Data Transparency Act of 2022, setting technical standards for data submitted to financial regulatory agencies, with eight additional agencies including the Federal Reserve, SEC, CFPB, and Treasury expected to act.”