DTNews Special Edition: #FinRegSummit

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Financial Regulation Summit Highlights

Over 300 public and private sector open data leaders gathered at Union Market in Washington, D.C. on Tuesday for the Coalition's Financial Regulation Summit - aimed at building a consensus for the transformation of U.S. financial regulatory reporting from disconnected documents into open, standardized data. Participants included Members of Congress; U.S. Chief Information Officer Tony Scott; Treasury Office of Financial Research Director Dick Berner; and representatives of nearly every major financial regulator. The Financial Regulation Summit was presented by RR Donnelley, with additional sponsorship by Workiva, Booz Allen Hamilton, PwC, RDG Filings, and Socrata.
Rep. Darrell Issa (R-CA): "I'm here to break a little news."

Rep. Issa Announces MADOFF Transparency Act

Rep. Issa kicked off the Summit by announcing new legislation to require data standardization and publication for all information that financial regulators collect under existing U.S. securities, commodities, and banking laws. Issa's Making All Data Open For Financial Transparency Act (MADOFF Transparency Act) will be introduced in coming weeks with cosponsors on the House Financial Services Committee. The MADOFF Transparency Act is quite the acronym, at least according to The Washington Post. Check the story to the right!

Reps. Carolyn Maloney and Randy Hultgren Round Out Legislative Panel.

Joining Issa on stage, Reps. Carolyn Maloney (D-NY) and Randy Hulgren offered their valuable perspectives on Tuesday, drawing from experience serving the House Committee on Financial Services. Rep. Maloney pronounced open data "good for the economy, good for business, good for oversight, good for everything."  Rep. Hultgren praised open data and increased transparency as crucial to the end goal of more successful markets. Rep. Hultgren also expressed concern that though our financial system is the most complex in the world, U.S. financial regulators still lag behind the international community in implementing technology tools like structured data. 

U.S. Chief Information Officer Tony Scott

Newly Appointed U.S. CIO Tony Scott Speaks

U.S. Chief Information Officer Tony Scott, in his first day of public appearances after his appointment by President Obama last month, described the President's 2013 Open Data Policy. Though the Open Data Policy is not mandatory for independent regulatory agencies, including most financial regulators, Scott said financial regulators can bring benefits to investors, their own operations, and the financial industry by voluntarily following it. View slideshow presentation here.

Why is the SEC still so low-tech?

Just days before the announcement of the MADOFF Transparency Act, Exec. Dir. Hudson Hollister outlined for CNBC why the legislation is requisite.
The best congressional acronym ever — well, at least of this week

The MADOFF Transparency Act
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Teradata Corporation
Research Data Group
RR Donnelley

Booz Allen Hamilton

Accenture Federal
Booz Allen Hamilton
Center for Organizational Effectiveness
CGI Federal
Elder Research
Information Builders
IRIS Business Services
Level One Technologies
PR Newswire
StreamLink Software

3 Round Stones
Gov-PATH Solutions

Trade Association
Object Management Group 

About Us

The Data Transparency Coalition advocates on behalf of the private sector and the public interest for the publication of government information as standardized, machine-readable data. Data transparency strengthens democratic accountability, enhances government management, reduces compliance costs, and stimulates innovation.

SEC Sends Two Senior Officials to Summit

The Securities and Exchange Commission sent two senior officials to the Summit. Chief Economist Mark Flannery (left) described the SEC's efforts to use the standardized data it is already collecting to enforce securities laws and protect investors. Investor Advocate Rick Fleming (right) explored the history of U.S. securities regulation and revisited the purposes of corporate disclosure to argue that his agency should adopt data standards for more of the information it collects. Mr. Fleming's speech can be found here.

And so much more...

Summit attendees enjoyed two presentations from European officials representing jurisdictions that have seen faster progress in transforming financial regulatory reporting into searchable data. Roy Warden, head of corporate filing for HM Revenue & Customs (HMRC) in the United Kingdom, said his agency has improved efficiency and searchability of tax reports by adopting the inline XBRL (iXBRL) format. View Mr. Warden's slides here. In fact, because HMRC and the UK's Companies House have aligned their data standards, millions of UK companies can comply with both agencies' reporting requirements simultaneously. European Commission Policy Advisor Piotr Madziar described the European Union's move toward standardized data reporting for all publicly-traded companies in all its member states. View Mr. Madziar's slides here.

In coming weeks, the Coalition will publish video of all Summit presentations and a full analysis of the MADOFF Transparency Act.
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