On August 2, the Securities and Exchange Commission ("SEC") proposed joint data standards under the Financial Data Transparency Act of 2022. The proposed standards include:  

(I) The establishment of the following eight joint standards: 

• The Legal Entity Identifier (“LEI”); 

• ISO 4914 – Financial services – Unique product identifier (UPI);  

• ISO 10962 – Securities and related financial instruments – Classification of financial instruments (CFI) code; 

• Financial Instrument Global Identifier (FIGI) established by the Object Management Group;  

• ISO 8601 – Date and time format, using the Basic format option;  

• U.S. Postal Service Abbreviations as published in Appendix B of Publication 28, Postal Addressing Standards;  

• Geopolitical Entities, Names, and Codes (GENC) standard (country codes); 

• ISO 4217 – Currency Codes 

(II) Data transmission standards and formatting that would enable: 

• Data to be fully searchable and machine-readable; 

• Acquisition of high-quality data through schemas, accompanied by metadata that clearly defines the data's semantic meaning; 

• Verification that data meeting an underlying regulatory information requirement is consistently identified in machine-readable metadata; 

• Availability under an open license 

(III) Defining “collections of information” in accordance with the Paperwork Reduction Act of 1995 

Other agencies including the Federal Reserve, Treasury, and CFTC, were included within the joint proposal. Interested parties have 60 days from the publication within the Federal Register to comment on the proposal. Please contact Nick Pernas ([email protected]) if you have any further questions regarding this update.