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March 10, 2017
Data Coalition News
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The latest: 
  • Modernizing Financial Data for the 21st Century
  • Government Matters: SEC moves toward Inline XBRL filings
  • SEC Takes a Leap Towards Modernized Corporate Data
  • Innovate Finance's Global Summit 2017

Modernizing Financial Data for the 21st Century

Below is an excerpt from an article by Michael Steinberg in GovLoop, published today.

The proposed Financial Transparency Act could be the most significant innovation in financial data reporting since the Great Depression. The bipartisan bill, which was originally introduced in 2010, will likely be reintroduced this year. If it is passed, the new regulations related to open data could greatly benefit regulators and investors.

That’s why GovLoop sat down with Hudson Hollister, founder of the Data Coalition and former attorney at the SEC, to learn more about the Financial Transparency Act. His organization will be hosting a Financial Data Summit later this month on the proposed bill, and he personally has been working with lawmakers on crafting this legislation for almost a decade. Hollister believes that standardizing and electronically formatting publicly available financial data will modernize the banking industry for the 21st century.

All public companies are required to submit financial transaction data to regulators such as the SEC, CFPB, and FDIC, so that the government can ensure that companies are complying with regulations and following accounting rules. Currently though, different regulators ask for different metrics, and different companies aggregate data in different ways. This makes it difficult for regulators investigating fraud and investors evaluating company financials because, many times, they must compare apples to oranges. The Financial Transparency Act, and the subsequent SEC regulations, will transform these processes and data points by requiring the standardization and digitization of one of the most commercially valuable public data sets in the world.


Continue reading the GovLoop article here

SEC moves toward Inline XBRL filings

Watch Data Coalition Executive Director Hudson Hollister's interview on Government Matters, discussing the SEC's proposed rule that would mandate them to collect corporate financial filings in a open data format. Hollister also discussed the GSA's Request for Information on alternatives to the DUNS Number, and finally the Coalition's upcoming Financial Data Summit, where key congressional supporters of the Financial Transparency Act will take the stage. 

Watch the full interview here

SEC Takes a Leap Towards Modernized Corporate Data

Last Wednesday the Securities and Exchange Commission’s (SEC) two sitting commissioners, Michael Piwowar and Kara Stein, unanimously voted to propose rule changes to require public companies to file their financial statements using the Inline XBRL (Extensible Business Reporting Language) open data format.

Since 2009, the SEC has required public companies to file two versions of every financial statement – once as a plain-text document, and again as machine-readable data. Inline XBRL would create just one version, both human-readable and machine-readable. The SEC began permitting public companies to optionally use Inline XBRL last June.

The next step is for the SEC to collect public comments on the proposed changes. Commissioners then must vote again to decide whether to finalize them.

“FinTech, RegTech, and other tech tools consume large amounts of data… [but] our document driven, text based disclosure system is out of date,” said Commissioner Stein at the March 1st meeting.

Continue reading the Coalition's press release here

Read Acting Chairman Michael Piwowar's full statement here.

Read Commissioner Kara Stein's full statement here.

UPCOMING EVENTS

Financial Data Summit 2017, March 16: Join us and Donnelley Financial Solutions for the third annual Financial Data Summit. Washington's largest RegTech Summit is an all day event and will be held at the JW Marriott in Washington, D.C. Register here.

Note: Complimentary registration is offered to government employees. 

Featured speakers: Congressman Darrell Issa; Congresswoman Carolyn Maloney; Congressman Randy HultgrenTom Quaadman, Executive Vice President, U.S. Chamber Center for Capital Markets Competitiveness; Linda Powell, Chief Data Officer, Consumer Financial Protection Bureau; Stephan Wolf, Chief Executive Officer, Global Legal Entity Identifier Foundation (GLEIF), and more

Need accommodation for the Summit? The Data Coalition has room blocks available at the JW Marriott. Reserve your room here

Learn more about sponsorship opportunities here or contact sarahjoy.hays@datacoalition.org.

Innovate Finance Global Summit, April 10th-11th: The Summit will convene the start-ups, investors, regulators and institutions shaping the global FinTech agenda. With over 2000 expected attendees, 100 speakers, the inaugural Pitch360 demos and Innovate Finance’s 300+ member companies, the summit will bring the global FinTech community together in London.

Hear from world-class industry speakers, including this year’s keynote Nick Ogden, Executive Chairman at Clear Bank, FinTech founders Andrew Giles of Zopa and Jeff Lynn of Seedrs, champions of innovation Rajesh Agrawal, Deputy Mayor of London for Business, and Maria Gotsch, CEO and President of the Partnership Fund for New York City.

Convening the world’s largest organizations and most exciting startup companies, IFGS explores the solutions to the challenges facing financial services. From financial inclusion and cyber security to digital identity and the blockchain, Innovate Finance brings together the ideas and businesses making a difference at IFGS 2017. Register here
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The Data Coalition advocates on behalf of the private sector and the public interest for the publication of government information as standardized, open data.
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