Sec. 203. Data transparency at the Municipal Securities Rulemaking Board
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/bill/116/hr/4476/ih/section-203·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 15B(b) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o–4(b) ) is amended by adding at the end the following: If the Board establishes information systems under paragraph (3), the Board shall adopt data standards for information submitted via such systems. The data standards required by subparagraph
(A)shall, to the extent practicable— render data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code); enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements; assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata; be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code); incorporate standards developed and maintained by voluntary consensus standards bodies; and use, be consistent with, and implement applicable accounting and reporting principles. In adopting data standards under this paragraph, the Board shall incorporate all applicable data standards promulgated by the Secretary of the Treasury. . Not later than the end of the 2-year period beginning on the date of the enactment of this Act, the Municipal Securities Rulemaking Board shall issue the regulations required under the amendments made by this section. In issuing the regulations required under the amendments made by this section, the Municipal Securities Rulemaking Board may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities. In issuing the regulations required under the amendments made by this section, the Municipal Securities Rulemaking Board shall seek to minimize disruptive changes to the persons affected by such regulations.
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- 15 USC 78o–4(b)
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Sec. 203
Data transparency at the Municipal Securities Rulemaking Board
Cite15 USC 78o–4(b)
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