The Financial Data Transparency Act: Transitioning to Structured Data in the Municipal Securities Market

The Financial Data Transparency Act (FDTA) enacted in December 2022 mandates the establishment of data standards for required submissions to a broad range of federal financial regulators using structured data. The FDTA is likely to usher in significant changes in how information is prepared, disseminated, and consumed by municipal securities participants. This paper analyzes the multiyear rulemaking process mandated under the FDTA, with a focus on the unanswered questions and unique issues that will need to be addressed as structured data is implemented in the municipal securities market.

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