not yet effective
Effective 2026-10-01 per the Federal Register.
This is a final joint rule issued together by nine federal financial regulators (the OCC, Federal Reserve Board, FDIC, NCUA, CFPB, FHFA, CFTC, SEC, and Treasury), published as required by the Financial Data Transparency Act of 2022. It sets a shared menu of technical “data standards” — common formats and identifiers — that these agencies will use to describe and record financial regulatory data so that data can work together across agencies.
The rule takes effect on October 1, 2026, but on that date it changes no reporting requirements for anyone; it only settles which standards the agencies have agreed on. It names specific standards for common data fields — for example, the Legal Entity Identifier (ISO 17442) for identifying entities, a Unique Product Identifier (ISO 4914) for swaps, a classification code (ISO 10962) for other financial instruments, ISO 8601 for dates, U.S. Postal Service abbreviations for states, GENC codes for countries, and ISO 4217 for currencies, plus format criteria requiring data to be searchable, machine-readable, and nonproprietary or open-licensed. Compared with the 2024 proposal, the agencies dropped the Financial Instrument Global Identifier (FIGI), used the ISO 10962 code for classifying rather than identifying instruments, removed the “Basic format” reference for dates, and stated more clearly that agencies may tailor or substitute standards. These standards apply only to the agencies themselves for now; they take real effect on outside firms only if and when each agency adopts them in a separate, later rulemaking. Each implementing agency’s own standards must take effect no later than two years after this joint rule is issued.
Right now the rule directly affects only the nine agencies, which agree to use these standards internally; the document states it creates no direct economic effect on any person or entity. Financial firms and other entities that report to these regulators could be affected later, but only through future agency-specific rules — at which point the public will get another chance to comment, and agencies may scale requirements to reduce burden on smaller entities.