Attention: You are using an outdated browser, device or you do not have the latest version of JavaScript downloaded and so this website may not work as expected. Please download the latest software or switch device to avoid further issues.
| 11 Apr 2023 | |
| Written by Carrie Myers | |
| Past Events |
Passage of the Financial Data Transparency Act (FDTA) marks a new chapter in the adoption of regulatory technology (RegTech) that begins in 2023, launching an era for innovation and modernization in financial services. The FDTA is a revolutionary new law that is the most substantial reform to data authorities for the financial services sector in a generation. Because the FDTA amends securities and banking laws to require data standards and make the information reported to financial regulators electronically searchable, it revolutionized the ability to develop regulatory technologies and artificial intelligence applications that are practical, useful, and adopted in the years ahead. The FDTA will spur RegTech innovation to address regulatory challenges in financial services and create new opportunities to harmonize reporting requirements, reduce the private sector’s regulatory burden, and enhance transparency and accountability.
The Data Foundation’s RegTech23 Data Summit in Washington, D.C., presented by Donnelley Financial Solutions (DFIN), focused on how federal regulators, regulated entities, RegTech and data companies, and data transparency advocates can work together to implement the FDTA and realize its full potential. The Summit explored key questions for the new law, including effective strategies for implementation and stakeholder involvement in the upcoming rulemaking on data standards. Participants engaged with industry and government experts on how FDTA implementation will improve the health of our financial regulatory system, how the approach will serve as a model for applying data standards in government, and begin a dialogue to ensure the real benefits of FDTA for future RegTech innovations are achieved in the years ahead.
Virtual and in-person attendees engaged in the discussion, shared their ideas, and heard from data leaders about the road to implementing this transformative law.
ATTENDEES LEARNED:
* = Available for in-person attendees only.
9:00 - 10:00 A.M.* - NETWORKING BREAKFAST
10:00 - 10:15 A.M. - WELCOME REMARKS
10:15 - 10:30 A.M. - KEYNOTE PRESENTATION
10:30 - 10:45 A.M. - DATA STANDARDS AND FDTA: FROM DATA SHARING TO MEANING SHARING
10:45 - 11:45 A.M. - PANEL: INNOVATION AND MODERNIZATION IN FINANCIAL SERVICES: LEVERAGING FEDERAL CDOS IN FDTA IMPLEMENTATION (SPONSORED BY DELOITTE)
Financial Stability Oversight Council (FSOC) Chief Data Officers (CDOs) and other data leaders spoke on how agencies can organize and prepare for FDTA implementation process and how the private sector can support and partner with CDOs. The conversation offered insights into how federal regulators, regulated entities, and data companies can work together to implement the FDTA and realize its full potential to spur innovation in the financial regulatory system.
11:45 - 12:45 P.M. - PANEL: LESSONS LEARNED: EVALUATING DATA LAWS TO SUPPORT FDTA SUCCESS
Over the past decade, multiple initiatives, laws, and regulatory activities sought to improve how the government collects, publishes, and uses information. This panel reflected on the lessons learned from numerous government-wide laws and policies, such as the Digital Accountability and Transparency Act of 2014 (DATA Act), the Corporate Transparency Act, CARES Act, and others to explore how data standards and practices were developed to improve transparency and accountability for government spending and priority activities at the local, state, and federal level. Participants provided insights about the benefits of these activities and also the lessons relevant to implementing the FDTA in the years ahead.
12:45 - 1:45 P.M.* - NETWORKING LUNCH
1:45 - 1:50 P.M. - WELCOME BACK REMARKS
1:50 - 2:30 P.M. - PANEL: FSOC REPORTING & BLENDING BEST PRACTICES FOR FDTA IMPLEMENTATION
In this session, industry panelists surveyed both the current and future states of FSOC reporting and discuss alternative approaches to rendering data machine-readable while meeting the goals of the FDTA. The panel reviewed a case study of the Data Management Capability Assessment Model (DCAM) and explain how the model helps establish, enable, and sustain a mature data management discipline. Speakers addressed how this can help establish a data management foundation for FDTA implementation.
2:30 - 2:45 P.M.* - COFFEE AND NETWORKING BREAK
2:45 - 3:45 P.M. - PANEL: BUILDING FROM INTER-AGENCY COLLABORATION FOR FDTA IMPLEMENTATION
With the enactment of the FDTA, agencies will need to work together to comply with the requirements of the law. Financial Stability Oversight Council (FSOC) agencies are already successfully working together on various data initiatives. In this panel we heard from public policy and data experts about inter-agency collaborations already underway and how examples of cooperation within the government can be valuable sources for FDTA implementation.
Bridget Dooling, Research Professor, GW Regulatory Studies Center, and Former Deputy Chief, Office of Information and Regulatory Affairs (OIRA) at the U.S. Office of Management and Budget (OMB)
3:45 - 4:00 P.M. - KEYNOTE PRESENTATION
4:00 - 4:45 P.M. - PANEL: LOOKING AHEAD - WHAT’S NEXT FOR THE FDTA?
The FDTA creates new opportunities to harmonize reporting requirements, reduce the private sector’s regulatory burden, and enhance transparency and accountability. Data standards required by the FDTA can help spur new technologies and drive innovation in the financial sector. Policymakers can also gain new insights from firms and regulators as better, more timely data becomes available. What do these new opportunities mean for stakeholders? In this panel, policy leaders discussed the path ahead.
4:45 - 5:00 P.M. - KEYNOTE PRESENTATION
CLOSING REMARKS
5:00 - 6:00 P.M.* - RECEPTION
Special Policy Sponsor
