I 111th CONGRESS 2d Session H. R. 6038 IN THE HOUSE OF REPRESENTATIVES July 30, 2010 Mr. Issa (for himself, Mr. Towns, and Mr. Bachus) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to increase financial industry transparency, and for other purposes.

1.

Short title; table of contents

(a)

Short title

This Act may be cited as the Financial Industry Transparency Act of 2010. (b)

Table of contents

The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Financial data standards for the financial stability oversight council and the office of financial research. Sec. 3. Financial data standards to improve the transparency of information received by the Board of Governors of the Federal Reserve System. Sec. 4. Financial data standards to improve the transparency of information received by the Federal Deposit Insurance Corporation. Sec. 5. Financial data standards to improve the transparency of information received by the Office of the Comptroller of the Currency. Sec. 6. Data standards to modernize the disclosure system of the Securities and Exchange Commission. Sec. 7. Financial data standards to ensure the transparency of information reported to the Office of National Insurance. Sec. 8. Financial data standards to ensure the transparency of swap transaction data.

2.

Financial data standards for the financial stability oversight council and the office of financial research

(a)

Financial data standards

Section 112(d) of the Financial Stability Act of 2010 is amended by adding at the end the following new paragraph: (6)

Financial data standards

(A)

In general

The Council shall adopt data standards for all financial data received by the Council or the Office of Financial Research under this subsection and section 153. (B)

Characteristics of financial data standards

The data standards required by subparagraph (A) shall, to the extent practicable— (i)incorporate a widely accepted, nonproprietary, searchable, computer-readable data format; (ii)be consistent with and implement— (I)United States generally accepted accounting principles or Federal financial accounting standards (as appropriate); (II)demonstrated best practices; and (III)Federal regulatory requirements; (iii)improve the transparency, consistency, and usability of business and financial information; (iv)ensure interoperability and appropriate reuse of information; (v)reuse, enhance, harmonize, and integrate existing standards as possible and appropriate; and (vi)be capable of being continually upgraded to be of maximum use as technologies and content evolve over time. (C)

Consultation with Office of Financial Research

In adopting the financial data standards required by subparagraph (A), the Council shall consult with the Office of Financial Research to ensure that the financial data standards are appropriate to carry out the purposes and duties described in paragraphs (1), (2), and (7) of section 153(a) and section 153(c)(2). . (b)

Implementation of financial data standards

Section 153(c) of such Act is amended by adding at the end the following new paragraph: (3)

Implementation of financial data standard

Notwithstanding any other provision of this title, the Office, in consultation with the Council, shall issue rules, regulations, and orders to implement the financial data standards required under section 112 for data reported and collected on behalf of the Council. .

3.

Financial data standards to improve the transparency of information received by the Board of Governors of the Federal Reserve System

(a)

Financial data standards for financial data filed or submitted by nonbank financial companies

Section 161(a) of the Financial Stability Act of 2010 is amended by adding at the end the following new paragraph: (4)

Financial data standards and public availability for reports under this subsection

(A)

In general

The Board of Governors shall adopt data standards for all financial data that is regularly filed with or submitted to the Board of Governors by any nonbank financial company pursuant to this subsection. (B)

Characteristics of financial data standards

The data standards required by subparagraph (A) shall, to the extent practicable— (i)incorporate a widely accepted, nonproprietary, searchable, computer-readable data format; (ii)be consistent with and implement— (I)United States generally accepted accounting principles or Federal financial accounting standards (as appropriate); (II)demonstrated best practices; and (III)Federal regulatory requirements; (iii)improve the transparency, consistency, and usability of business and financial information; (iv)ensure interoperability and appropriate reuse of information; (v)reuse, enhance, harmonize, and integrate existing standards as possible and appropriate; (vi)be capable of being continually upgraded to be of maximum use as technologies and content evolve over time; and (vii)be consistent and interoperable with one another. (C)

Consistency with data standard for reports filed under the Bank Holding Company Act

In adopting the financial data standards required by subparagraph (A), the Board of Governors shall, to the extent practicable, ensure consistency and interoperability with the financial data standards that are required for financial information in reports filed with the Board of Governors by bank holding companies under section 5 of the Bank Holding Company Act of 1956 (12 U.S.C. 1844). (D)

Implementation of Financial Data Standards

(i)The Board of Governors shall adopt the financial data standards required by subparagraph (A) before the end of the 4-year period beginning with the date of the enactment of this title. (ii)The Board of Governors shall issue rules requiring regulated entities to file and submit financial data using the financial data standard required by subparagraph (A). (iii)To the extent necessary to avoid imposing an undue burden on financial institutions, the Board of Governors may issue rules providing exemptions from the requirements of this paragraph. Factors considered by the Board of Governors in making such rules may include the following: cost, burden, size of institution, available technology, and whether the information will be made public. (E)

Public availability

To the extent appropriate, practicable, and in accordance with law, the Board of Governors shall ensure that reports submitted pursuant to this section are accessible by the public. . (b)

Financial data standards for financial data filed or submitted by savings and loan holding companies

(1)

Amendment

Subtitle D of the Enhancing Financial Institution Safety and Soundness Act of 2010 is amended by adding at the end the following new section:

344.

Financial data standards for financial data received by the Board of Governors

(a)

In general

The Board of Governors shall adopt data standards for all financial data that is regularly filed with or submitted to the Board of Governors by any savings and loan holding company, or subsidiary of a savings and loan holding company, other than a depository institution, pursuant to the powers transferred to the Board of Governors under this title. (b)

Characteristics of financial data standards

The data standards required by subsection (a) shall, to the extent practicable— (1)incorporate widely accepted, nonproprietary, searchable, computer readable data formats; (2)be consistent with and implement— (A)United States generally accepted accounting principles or Federal financial accounting standards (as appropriate); (B)demonstrated best practices; and (C)Federal regulatory requirements; (3)improve the transparency, consistency, and usability of business and financial information; (4)ensure interoperability and appropriate reuse of information; (5)reuse, enhance, harmonize, and integrate existing standards as possible and appropriate; (6)be capable of being continually upgraded to be of maximum use as technologies and content evolve over time; and (7)be consistent and interoperable with one another. (c)

Consistency with data standard for reports filed under the Bank Holding Company Act

In adopting the financial data standards required by subsection (a), the Board of Governors shall, to the extent practicable, ensure consistency and interoperability with the financial data standards that are required for financial information in reports filed with the Board by bank holding companies under section 5 of the Bank Holding Company Act of 1956 (12 U.S.C. 1844). (d)

Implementation of financial data standards

(1)The Board of Governors shall adopt the financial data standards required by subsection (a) before the end of the 4-year period beginning on the date of the enactment of the Enhancing Financial Institution Safety and Soundness Act of 2010. (2)The Board of Governors shall issue rules requiring savings and loan holding companies, and subsidiaries of savings and loan holding companies, to file and submit financial data using the data standards required by subsection (a). (3)To the extent necessary to avoid imposing an undue burden on financial institutions, the Board of Governors may issue rules providing exemptions from the requirements of the provisions under this section. Factors considered by the Board of Governors in making such rules may include the following: cost, burden, size of institution, available technology, and whether the information will be made public. (e)

Public availability

To the extent appropriate, practicable, and in accordance with law, the Board of Governors shall ensure that financial data collected using a format consistent with the financial data standard required under this section is accessible by the public in that format.

. (2)

Technical amendment

The table of contents for the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by inserting after the item relating to section 343 the following new item: Sec. 344. Financial data standards for financial data received by the Board of Governors. . (c)

Financial data standards for financial data filed or submitted by bank holding companies

Section 5 of the Bank Holding Company Act of 1956 (12 U.S.C. 1844) is amended by adding at the end the following new subsection: (h)

Financial Data Standards

(1)

In general

The Board shall adopt data standards for all financial data that is regularly filed with or submitted to the Board by any bank holding company in a report under subsection (c). (2)

Characteristics of financial data standards

The data standards required by paragraph (1) shall, to the extent practicable— (A)incorporate a widely accepted, nonproprietary, searchable, computer readable data format; (B)be consistent with and implement— (i)United States generally accepted accounting principles or Federal financial accounting standards (as appropriate); (ii)demonstrated best practices; and (iii)Federal regulatory requirements; (C)improve the transparency, consistency, and usability of business and financial information; (D)ensure interoperability and appropriate reuse of information; (E)reuse, enhance, harmonize, and integrate existing standards as possible and appropriate; (F)be capable of being continually upgraded to be of maximum use as technologies and content evolve over time; and (G)be consistent and interoperable with one another. (3)

Implementation of financial data standards

(A)The Board shall adopt the financial data standards required by paragraph (1) not later than the end of the 4-year period beginning on the date of the enactment of the Bank and Savings Association Holding Company and Depository Institution Regulatory Improvements Act of 2010. (B)The Board is empowered to make rules and regulations to effectuate the purposes of this subsection. (C)To the extent necessary to avoid imposing an undue burden on financial institutions, the Board may issue rules providing exemptions from the provisions of this subsection. Factors considered by the Board in making such rules may include the following: cost, burden, size of institution, available technology, and whether the information will be made public. (4)

Public availability

To the extent appropriate, practicable, and in accordance with law, the Board shall ensure that financial data collected using a format consistent with the financial data standards required under this subsection is accessible by the public in that format. . (d)

Financial data standards for financial data filed or submitted by financial market utilities or institutions under the Payment, Clearing, and Settlement Supervision Act of 2010

Section 809 of the Payment, Clearing, and Settlement Supervision Act of 2010 is amended by adding at the end the following new subsection: (h)

Financial Data Standards

(1)

In general

The Board of Governors shall adopt data standards for all financial data that is regularly filed with or submitted to the Board of Governors by any financial market utility or financial institution under subsection (a) or (b). (2)

Characteristics of financial data standards

The data standards required by paragraph (1) shall, to the extent practicable— (A)incorporate a widely accepted, nonproprietary, searchable, computer readable data format; (B)be consistent with and implement— (i)United States generally accepted accounting principles or Federal financial accounting standards (as appropriate); (ii)industry best practices; and (iii)Federal regulatory requirements; (C)improve the transparency, consistency, and usability of business and financial information; (D)ensure interoperability and appropriate reuse of information; (E)reuse, enhance, harmonize, and integrate existing standards as possible and appropriate; (F)be capable of being continually upgraded to be of maximum use as technologies and content evolve over time; and (G)be consistent and interoperable with one another. (3)

Implementation of financial data standards

(A)The Board shall adopt the financial data standard required by paragraph (1) before the end of the 4-year period beginning on the date of the enactment of this title. (B)The Board is empowered to make rules and regulations to effectuate the purposes of this subsection. (C)To the extent necessary to avoid imposing an undue burden on financial institutions, the Board of Governors may issue rules to provide exemptions from the requirements of this subsection. Factors considered by the Board of Governors in making such rules may include the following: cost, burden, size of institution, available technology, and whether the information will be made public. (4)

Public availability

To the extent appropriate, practicable, and in accordance with law, the Board of Governors shall ensure that financial data received and submitted under this subsection is accessible by the public. . (e)

Financial data standard for information provided by the Board under the Federal Reserve Act

Section 2B of the Federal Reserve Act is amended by adding at the end the following new subsection: (d)

Financial Data Standard for Public Information

(1)

In general

To the extent appropriate and permitted by law, the Board shall ensure that all of the information provided on the Web site required under subsection (c) is available in a format consistent with a financial data standard. (2)

Characteristics of financial data standard

The financial data standard required under paragraph (1) shall— (A)incorporate a widely accepted, nonproprietary, searchable, computer readable data format; (B)be consistent with and implement— (i)United States generally accepted accounting principles or Federal financial accounting standards (as appropriate); (ii)industry best practices; and (iii)Federal regulatory requirements; (C)improve the transparency, consistency, and usability of business and financial information; (D)ensure interoperability and appropriate reuse of information through business process standardization; (E)reuse, enhance, harmonize, and integrate existing standards as possible and appropriate; and (F)be capable of being continually upgraded to be of maximum use as technologies and content evolve over time. .

4.

Financial data standards to improve the transparency of information received by the Federal Deposit Insurance Corporation

The Federal Deposit Insurance Act is amended by adding at the end the following new section:

51.

Financial data standards

(a)

In general

The Corporation shall adopt data standards for all financial data that the Corporation receives from any financial company or submits to the Congress under title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including reports to the Congress and the public under sections 203(c) and 210(o) of such Act and information collected under section 210 (o)(5) of such Act. (b)

Characteristics of financial data standards

The data standards required by subsection (a) shall, to the extent practicable— (1)incorporate a widely accepted, nonproprietary, searchable, computer readable data format; (2)be consistent with and implement— (A)United States generally accepted accounting principles or Federal financial accounting standards (as appropriate); (B)demonstrated best practices; and (C)Federal regulatory requirements; (3)improve the transparency, consistency, and usability of business and financial information; (4)ensure interoperability and appropriate reuse of information; (5)reuse, enhance, harmonize, and integrate existing standards as possible and appropriate; (6)be capable of being continually upgraded to be of maximum use as technologies and content evolve over time; and (7)be consistent and interoperable with one another. (c)

Implementation of financial data standards

(1)The Corporation shall adopt the financial data standards required by subsection (a) before the end of the 4-year period beginning on the date of the enactment of this section. (2)The Corporation shall issue rules or regulations to carry out this section. (3)To the extent necessary to avoid imposing an undue burden on financial institutions, the Corporation may issue rules to provide exemptions from the provisions of this section. Factors considered by the Corporation in making such rules may include the following: cost, burden, size of institution, available technology, and whether the information will be made public. (d)

Public availability

To the extent appropriate, practicable, and in accordance with law, the Corporation shall ensure that financial data received and submitted under this section is accessible by the public.

.

5.

Financial data standards to improve the transparency of information received by the Office of the Comptroller of the Currency

(a)

In general

Chapter one of title LXII of the Revised Statutes of the United States is amended by adding at the end the following new section:

5156B.

Financial data standards

(a)

In general

The Comptroller of the Currency shall adopt data standards for all financial data that is regularly filed with or submitted to the Comptroller of the Currency by any financial institution. (b)

Characteristics of financial data standards

The data standards required by subsection (a) shall, to the extent practicable— (1)incorporate widely accepted, nonproprietary, searchable, computer readable data formats; (2)be consistent with and implement— (A)United States generally accepted accounting principles or Federal financial accounting standards (as appropriate); (B)demonstrated best practices; and (C)Federal regulatory requirements; (3)improve the transparency, consistency, and usability of business and financial information; (4)ensure interoperability and appropriate reuse of information; (5)reuse, enhance, harmonize, and integrate existing standards as possible and appropriate; (6)be capable of being continually upgraded to be of maximum use as technologies and content evolve over time; and (7)be consistent and interoperable with one another. (c)

Implementation of financial data standards

(1)The Comptroller of the Currency shall adopt the financial data standards required by subsection (a) before the end of the 4-year period beginning on the date of the enactment of this section. (2)The Comptroller of the Currency shall issue rules requiring financial institutions to file and submit financial data using the financial data standards required by subsection (a). (3)To the extent necessary to avoid imposing an undue burden on financial institutions, the Comptroller of the Currency may issue rules to provide exemptions from the provisions of this section. Factors considered by the Comptroller of the Currency in making such rules may include the following: cost, burden, size of institution, available technology, and whether the information will be made public. (d)

Public availability

To the extent appropriate, practicable, and in accordance with law, the Comptroller of the Currency shall ensure that financial data collected using formats consistent with the financial data standards required under this section is accessible by the public in those formats.

. (b)

Technical amendment

The table of contents for chapter one of title LXII of the Revised Statutes of the United States is amended by inserting after the item relating to section 5156A the following new item: Sec. 5156B. Financial data standards. .

6.

Data standards to modernize the disclosure system of the Securities and Exchange Commission

(a)

Financial data standard for investment advisers’ reports under the Investment Advisers Act

Section 204 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–4) is amended by adding at the end the following new subsection: (e)

Financial data standard for reports filed under this section

(1)The Commission shall, by rule, adopt a data standard for any financial data that is included in reports filed by investment advisers with the Commission under this section. (2)The data standard adopted under paragraph (1) shall be consistent and interoperable with the data standard prescribed by the Commission under part 232 of title 17, Code of Federal Regulations (or any successor thereto) for the financial statements contained in periodic and current reports filed with the Commission under sections 13(a) and 15(d) of the Securities Exchange Act of 1934. (3)The Commission shall, by rule, require any financial data contained in reports filed by investment advisers with the Commission under this section to be in a format consistent with the financial data standard adopted under paragraph (1). (4)The Commission may, by rule, exempt reports regarding private funds advised by investment advisers under subsection (b) from the requirements of this subsection. . (b)

Financial data standard for quantitative data required To be submitted or published by nationally recognized statistical rating organizations

Section 15E of the Securities Exchange Act of 1934 (15 U.S.C. 78o–7) is amended by adding at the end the following new subsection: (v)

Data standard for quantitative data required To be submitted or published by nationally recognized statistical rating organization

(1)The Commission shall, by rule, adopt a data standard for all quantitative data that nationally recognized statistical rating organizations are required to either submit to the Commission or publicly disclose under this section. (2)The data standard adopted under paragraph (1) shall be consistent and interoperable with the data standard prescribed by the Commission under parts 240 and 249b of title 17, Code of Federal Regulations (or any successors thereto) for ratings histories. . (c)

Data standard for asset-Backed securities

Section 7(c) of the Securities Act of 1933 is amended by adding at the end the following new paragraphs: (3)

Data standard for asset-backed securities disclosures

(A)The Commission shall, by rule, adopt a data standard for all disclosures required under this subsection. (B)The data standard adopted under paragraph (1) shall be consistent and interoperable with the data standard prescribed by the Commission under part 232 of title 17, Code of Federal Regulations (or any successor thereto) for the financial statements contained in periodic and current reports filed with the Commission under sections 13(a) and 15(d) of the Securities Exchange Act of 1934. (C)The Commission may exempt particular disclosure information from the requirements of this paragraph— (i)to the extent necessary to avoid undue burden on entities filing asset-backed securities disclosures; or (ii)for information that will not be made public. (4)

Public availability

To the extent appropriate and permitted by law, the Commission shall ensure that data filed or received under this subsection is accessible by the public. . (d)

Data standard for corporate disclosures under the Securities Act of 1933

Section 7 of the Securities Act of 1933 (15 U.S.C. 77g) is amended by adding at the end the following new subsection: (d)

Data standard for the registration statement

(1)The Commission shall, by rule, adopt a data standard for all registration statements and for all prospectuses included in registration statements required to be filed with the Commission under this title, except that the Commission may exempt exhibits, signatures, and certifications from this requirement. (2)The data standard adopted under paragraph (1) shall be consistent and interoperable with the data standard prescribed by the Commission under section 232 of title 17, Code of Federal Regulations (or any successor thereto) for the financial statements contained in periodic and current reports filed with the Commission under sections 13(a) and 15(d) of the Securities Exchange Act of 1934. (3)The Commission may exempt particular disclosure information from the requirements of this subsection— (A)to the extent necessary to avoid undue burden on issuers; or (B)for information that will not be made public. . (e)

Data standard for periodic and current corporate disclosures under the Securities Exchange Act of 1934

Section 13 of the Securities Exchange Act of 1934 (15. U.S.C. 78m) by adding at the end the following: (r)

Data standard for periodic and current reports

(1)The Commission, shall, by rule, adopt a data standard for all information contained in periodic and current reports required to be filed or furnished under this section or under section 15(d), except that the Commission may exempt exhibits, signatures, and certifications from this requirement. (2)The data standard required under paragraph (1) shall be consistent and interoperable with the data standard prescribed by the Commission under section 232 of title 17, Code of Federal Regulations (or any successor thereto) for the financial statements contained in periodic and current reports filed with the Commission under this section and section 15(d). (3)The Commission may exempt particular disclosure information from the requirements of this subsection— (A)to the extent necessary to avoid undue burden on issuers; or (B)for information that will not be made public. . (f)

Data standard for corporate proxy and consent solicitation materials under the Securities Exchange Act of 1934

Amend section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n) by adding at the end the following: (k)

Data standard for proxy and consent solicitation materials

(1)The Commission shall, by rule, adopt a data standard for all information contained in any proxy or consent solicitation material prepared by an issuer for an annual meeting of the shareholders of the issuer, except that the Commission may exempt exhibits, signatures, and certifications from this requirement. (2)The data standard required under paragraph (1) shall be consistent and interoperable with the data standard prescribed by the Commission under section 232 of title 17, Code of Federal Regulations (or any successor thereto) for the financial statements contained in periodic and current reports filed with the Commission under sections 13 and 15(d). (3)The Commission may exempt particular disclosure information from the requirements of this subsection— (A)to the extent necessary to avoid undue burden on issuers; or (B)for information that will not be made public. .

7.

Financial data standards to ensure the transparency of information reported to the Office of National Insurance

Section 313(e) of title 31, United States Code, is amended by adding at the end the following new paragraph: (7)

Financial data standard

(A)

In general

The Office shall adopt a data standard for all financial data that it requires any insurer or affiliate to submit directly to the Office under this subsection. (B)

Characteristics of financial data standard

The data standard required by subparagraph (A) shall— (i)incorporate a widely accepted, nonproprietary, searchable, computer-readable data format; (ii)be consistent with and implement— (I)United States generally accepted accounting principles or Federal financial accounting standards (as appropriate); (II)demonstrated best practices; and (III)Federal regulatory requirements; (iii)improve the transparency, consistency, and usability of business and financial information; (iv)ensure interoperability and appropriate reuse of information through business process standardization; (v)reuse, enhance, harmonize, and integrate existing standards as possible and appropriate; and (vi)be capable of being continually upgraded to be of maximum use as technologies and content evolve over time. (C)

Implementation of financial data standard

(i)The Office shall adopt the financial data standard required by subparagraph (A) before the end of the 1-year period beginning on the date of the enactment of the Federal Insurance Office Act of 2010. (ii)The Office shall issue rules requiring insurers and affiliates that submit financial data directly to the Office to submit such financial data using the financial data standard required by subparagraph (A). (iii)To the extent necessary to avoid imposing an undue burden on small insurers and affiliates, the Office may issue rules exempting small insurers and affiliates from the requirements of this paragraph. (D)

Public availability

To the extent appropriate and permitted by law, the Office shall ensure that information submitted under to this subsection is accessible by the public. (E)

Application

The requirements of this paragraph shall not apply to information obtained by the Office from State insurance regulators, other regulatory agencies, or publicly available sources under subparagraph (4). However, the Office shall permit State insurance regulators, at their option, to submit financial data to the office using the financial data standard required by subparagraph (A). .

8.

Financial data standards to ensure the transparency of swap transaction data

(a)

Financial data standard for nonsecurity-Based swap transaction data

Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)) is amended by adding at the end the following new paragraph: (16)

Swap Transaction Data Standard

(A)

In general

The Commission shall adopt a data standard for swap transaction data that is subject to the public availability requirements of subparagraph (13)(C). (B)

Characteristics of swap transaction data standard

The data standard required by subparagraph (A) shall— (i)incorporate a widely accepted, nonproprietary, searchable, computer-readable data format; and (ii)be consistent with and implement— (I)United States generally accepted accounting principles or Federal financial accounting standards (as appropriate); (II)demonstrated best practices; and (III)Federal regulatory requirements; (iii)improve the transparency, consistency, and usability of business and financial information; (iv)ensure interoperability and appropriate reuse of information through business process standardization; (v)reuse, enhance, harmonize, and integrate existing standards as possible and appropriate; and (vi)be capable of being continually upgraded to be of maximum use as technologies and content evolve over time. (C)

Consistency with data standard for security-based swap transaction data

In adopting the data standard required by subparagraph (A), the Commission shall ensure consistency and interoperability with the data standard that is required for security-based swap transaction data under section 13A of the Securities Exchange Act of 1934. (D)

Implementation of swap transaction data standard

Not later than the end of the 2-year period beginning on the date of the enactment of the Financial Industry Transparency Act of 2010, the Commission shall provide, by rule, for the reporting and dissemination of swap transaction data in a format consistent with the data standard required by subparagraph (A). . (b)

Financial data standard for security-Based swap transaction data

Section 13A of the Securities Exchange Act of 1934 is amended by adding at the end the following new subsection: (e)

Security-Based Swap Transaction Data Standard

(1)

In general

The Commission shall adopt a data standard for all reporting to the Commission or to a security-based swap data repository under subsection (a)(1). (2)

Characteristics of security-based swap transaction data standard

The data standard required by paragraph (1) shall— (A)incorporate a widely accepted, nonproprietary, searchable, computer readable data format; (B)be consistent with and implement— (i)United States generally accepted accounting principles or Federal financial accounting standards (as appropriate); (ii)demonstrated best practices; and (iii)Federal regulatory requirements; (C)improve the transparency, consistency, and usability of business and financial information; (D)insure interoperability and appropriate reuse of information through business process standardization; (E)reuse, enhance, harmonize, and integrate existing standards as possible and appropriate; and (F)be capable of being continually upgraded to be of maximum use as technologies and content evolve over time. (3)

Consistency with data standard for swap transaction data

In adopting the data standard required by paragraph (1), the Commission shall ensure consistency and interoperability with the data standard that is required for swap transaction data under section 2 of the Commodity Exchange Act (7 U.S.C. 2). (4)

Implementation of security-based swap transaction data standard

Not later than the end of the 2-year period beginning on the date of the enactment of the Financial Industry Transparency Act of 2010, the Commission shall, by rule or regulation, adopt the data standard required by paragraph (1) and require it to be used for all reporting to the Commission or to a security-based swap data repository pursuant to subsection (a)(1). (5)

Public availability

To the extent appropriate and permitted by law, the Commission shall ensure that security-based swap transaction data received and reported under this section is accessible by the public. .