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Code · STATUTE-COMPILATIONS · James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 · Sec. 5821

Sec. 5821. DATA STANDARDS REQUIREMENTS FOR THE SECURITIES AND EXCHANGE COMMISSION

1,575 words·~7 min read·/statute-compilations/comps-17475/sec-5821

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## SEC. 5821 DATA STANDARDS REQUIREMENTS FOR THE SECURITIES AND EXCHANGE COMMISSION ###
(a)Data Standards for Investment Advisers’ Reports Under the Investment Advisers Act of 1940 Section 204 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-4) is amended— ####
(1)by redesignating the second subsection
(d)(relating to “Records of Persons With Custody of Use”) as subsection (e); and ####
(2)by adding at the end the following: > > ### “(f) Data Standards for Reports Filed Under This Section > > > #### “(1) Requirement > > The Commission shall, by rule, adopt data standards for all reports filed by investment advisers with the Commission under this section. > > > #### “(2) Consistency > > The data standards required under paragraph
(1)shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 124 of the Financial Stability Act of 2010, including, to the extent practicable, by having the characteristics described in clauses
(i)through
(vi)of subsection (c)(1)(B) of such section 124.” > . ###
(b)Data Standards for Registration Statements and Reports Under the Investment Company Act of 1940 The Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) is amended— ####
(1)in section 8 (15 U.S.C. 80a-8), by adding at the end the following: > > ### “(g) Data Standards for Registration Statements > > > #### “(1) Requirement > > The Commission shall, by rule, adopt data standards for all registration statements required to be filed with the Commission under this section, except that the Commission may exempt exhibits, signatures, and certifications from those data standards. > > > #### “(2) Consistency > > The data standards required under paragraph
(1)shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 124 of the Financial Stability Act of 2010, including, to the extent practicable, by having the characteristics described in clauses
(i)through
(vi)of subsection (c)(1)(B) of such section 124.” > ; and ####
(2)in section 30 (15 U.S.C. 80a-29), by adding at the end the following: > > ### “(k) Data Standards for Reports > > > #### “(1) Requirement > > The Commission shall, by rule, adopt data standards for all reports required to be filed with the Commission under this section, except that the Commission may exempt exhibits, signatures, and certifications from those data standards. > > > #### “(2) Consistency > > The data standards required under paragraph
(1)shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 124 of the Financial Stability Act of 2010, including, to the extent practicable, by having the characteristics described in clauses
(i)through
(vi)of subsection (c)(1)(B) of such section 124.” > . ###
(c)Data Standards for Information 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: > > ### “(w) Data Standards for Information Required To Be Submitted or Published Under This Section > > > #### “(1) Requirement > > The Commission shall, by rule, adopt data standards for all collections of information required to be submitted or published by a nationally recognized statistical rating organization under this section. > > > #### “(2) Consistency > > The data standards required under paragraph
(1)shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 124 of the Financial Stability Act of 2010, including, to the extent practicable, by having the characteristics described in clauses
(i)through
(vi)of subsection (c)(1)(B) of such section 124.” > . ###
(d)Data Standards for Asset-Backed Securities Disclosures Section 7(c) of the Securities Act of 1933 (15 U.S.C. 77g(c)) is amended by adding at the end the following: > > #### “(3) Data standards for asset-backed securities disclosures > > > ##### “(A) Requirement > > The Commission shall, by rule, adopt data standards for all disclosures required under this subsection. > > > ##### “(B) Consistency > > The data standards required under subparagraph
(A)shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 124 of the Financial Stability Act of 2010, including, to the extent practicable, by having the characteristics described in clauses
(i)through
(vi)of subsection (c)(1)(B) of such section 124.” > . ###
(e)Data Standards for Corporate Disclosures Under the Securities Act of 1933 Title I of the Securities Act of 1933 (15 U.S.C. 77a et seq.) is amended by adding at the end the following: > > ## “SEC. 29 DATA STANDARDS > > **[**[15 U.S.C. 77z-4](/us/usc/t15/s77z-4)**]** > > > ### “(a) Requirement > > The Commission shall, by rule, adopt data standards 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 those data standards. > > > ### “(b) Consistency > > The data standards required under subsection
(a)shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 124 of the Financial Stability Act of 2010, including, to the extent practicable, by having the characteristics described in clauses
(i)through
(vi)of subsection (c)(1)(B) of such section 124.” > . ###
(f)Data Standards 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) is amended by adding at the end the following: > > ### “(s) Data Standards > > > #### “(1) Requirement > > The Commission shall, by rule, adopt data standards for all collections of information with respect to 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 those data standards. > > > #### “(2) Consistency > > The data standards required under paragraph
(1)shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 124 of the Financial Stability Act of 2010, including, to the extent practicable, by having the characteristics described in clauses
(i)through
(vi)of subsection (c)(1)(B) of such section 124.” > . ###
(g)Data Standards for Corporate Proxy and Consent Solicitation Materials Under the Securities Exchange Act of 1934 Section 14 of the Securities Exchange Act of 1934 (15 U.S.C. 78n) is amended by adding at the end the following: > > ### “(k) Data Standards for Proxy and Consent Solicitation Materials > > > #### “(1) Requirement > > The Commission shall, by rule, adopt data standards 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 those data standards. > > > #### “(2) Consistency > > The data standards required under paragraph
(1)shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 124 of the Financial Stability Act of 2010, including, to the extent practicable, by having the characteristics described in clauses
(i)through
(vi)of subsection (c)(1)(B) of such section 124.” > . ###
(h)Data Standards for Security-based Swap Reporting The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended by adding at the end the following: > > ## “SEC. 41 DATA STANDARDS FOR SECURITY-BASED SWAP REPORTING > > **[**[15 U.S.C. 78rr](/us/usc/t15/s78rr)**]** > > > ### “(a) Requirement > > The Commission shall, by rule, adopt data standards for all reports related to security-based swaps that are required under this Act. > > > ### “(b) Consistency > > The data standards required under subsection
(a)shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 124 of the Financial Stability Act of 2010, including, to the extent practicable, by having the characteristics described in clauses
(i)through
(vi)of subsection (c)(1)(B) of such section 124.” > . ###
(i)Rulemaking **[**[15 U.S.C. 77g note](/us/usc/t15/s77g)**]** ####
(1)In general The rules that the Securities and Exchange Commission are required to issue under the amendments made by this section shall take effect not later than 2 years after the date on which final rules are promulgated under section 124(b)(2) of the Financial Stability Act of 2010, as added by section 5811(a) of this title. ####
(2)Scaling of regulatory requirements; minimizing disruption In issuing the rules required under the amendments made by this section, as described in paragraph (1), the Securities and Exchange Commission— #####
(A)may scale data reporting requirements in order to reduce any unjustified burden on emerging growth companies, lending institutions, accelerated filers, smaller reporting companies, and other smaller issuers, as determined by any study required under section 5825(b), while still providing searchable information to investors; and #####
(B)shall seek to minimize disruptive changes to the persons affected by those rules.
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Citation graph
cites case law
Sec. 5821
DATA STANDARDS REQUIREMENTS FOR THE SECURITIES AND EXCHANGE COMMISSION
U.S.C.§ 80b–4
U.S.C.§ 80a–1
U.S.C.§ 80a–8
U.S.C.§ 80a–29
U.S.C.§ 78o–7
U.S.C.§ 77g
U.S.C.§ 77a
U.S.C.§ 77z–4
U.S.C.§ 78m
Cites 12 · showing 9Cited by 0 across 0 sources
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