DFIN and The Data Foundation Host RegTech 2023 Data Summit

Rhea-AI Summary

The Data Foundation's RegTech 2023 Data Summit, sponsored by Donnelley Financial Solutions (DFIN), focuses on data modernization under the Financial Data Transparency Act (FDTA), signed into law in December 2022. The act requires major U.S. financial regulatory agencies to create uniform data standards, impacting a wide range of organizations involved in financial data. DFIN's President of Global Capital Markets, Craig Clay, emphasizes the need for innovative regulatory technology to facilitate compliance. The event also features a panel moderated by Bridget Hughes from DFIN, discussing best practices for FDTA implementation. Industry leaders, including Nick Hart from the Data Foundation, highlight the benefits of the FDTA for investors and regulators.

Positive

• DFIN is sponsoring a significant industry event, enhancing its visibility.
• The FDTA legislation is expected to improve data transparency and standardization among financial institutions.

Negative

• Implementation of the FDTA may require significant investments in regulatory technology, which could strain resources.

Attendees Will Explore Data Modernization Under the Financial Data Transparency Act

NEW YORK, April 11, 2023 /PRNewswire/ -- Donnelley Financial Solutions (NYSE: DFIN), a leading global risk and compliance company, is the title sponsor of the Data Foundation's RegTech 2023 Data Summit, which takes place today in Washington, D.C. Attendees will explore data modernization under the Financial Data Transparency Act (FDTA).

... successful implementation will rely on innovative regulatory technology to ease the burden of compliance.

For more than a decade, DFIN has actively supported the FDTA legislation, which was signed into law in December 2022. The legislation mandates that eight major U.S. financial regulatory and supervisory agencies, including the U.S. Securities and Exchange Commission (SEC), Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC), create uniform data standards for the data they collect from regulated entities. The FDTA impacts every organization involved in preparing, providing, and using financial data, including financial institutions, agencies, technology vendors, data companies, and analytics firms.

"While the FDTA will usher in an exciting and long overdue era of transparency and accountability for federal government financial data, its successful implementation will rely on innovative regulatory technology to ease the burden of compliance," said Craig Clay, President of Global Capital Markets at DFIN. "DFIN's ActiveDisclosure financial reporting software and experts have helped public and private companies, and government agencies alike, transform how they access, understand, and utilize data to meet regulatory compliance, report to stakeholders, and improve business operations." 

Clay will provide attendees with an introduction to RegTech 2023 and an overview of the FDTA. He will also introduce the Keynote Speaker and U.S. SEC Commissioner Hester Peirce.

Joining Clay will be DFIN Vice President of Corporate Governance Solutions Bridget Hughes, who will moderate a panel titled "FSOC Reporting & Blending Best Practices for FDTA Implementation." Hughes will be joined by XBRL US President and CEO Campbell Pryde and EDM Council President John Bottega.

"The passage of the Financial Data Transparency Act marks a significant step forward to modernize financial data," said Nick Hart, President & CEO of the Data Foundation. "This new law has clear benefits for the American people, investors, government regulators, and private sector firms. The Data Coalition looks forward to continuing our work toward a more effective and efficient regulatory data ecosystem. We will continue to coordinate experts and thought leaders to encourage a collaborative implementation phase for the FDTA, starting with our RegTech Data 2023 Summit in Washington, D.C."

To read more about how DFIN's solutions such as ActiveDisclosure are helping businesses now, please visit DFINsolutions.com. For more details about the company's views on the FDTA, visit the DFIN blog.

For more information about RegTech 2023 Data Summit: Data Modernization under the Financial Data Transparency Act, and to register, visit datafoundation.org.

About Donnelley Financial Solutions (DFIN) 
DFIN is a leading global risk and compliance solutions company. We provide domain expertise, enterprise software, and data analytics for every stage of our clients' business and investment lifecycles. Markets fluctuate, regulations evolve, technology advances, and through it all, DFIN delivers confidence with the right solutions in moments that matter. Learn about DFIN's end-to-end risk and compliance solutions online at DFINsolutions.com, or you can also follow us on Twitter @DFINSolutions or on LinkedIn. 

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SOURCE Donnelley Financial LLC

FAQ

What is the purpose of the Financial Data Transparency Act (FDTA)?

The FDTA mandates uniform data standards from U.S. financial regulatory agencies to improve data transparency.

What role does DFIN play in the RegTech 2023 Data Summit?

DFIN is the title sponsor, showcasing their commitment to regulatory technology and compliance solutions.

When was the Financial Data Transparency Act enacted?

The FDTA was signed into law in December 2022.

Who are the key speakers at the RegTech 2023 Data Summit?

Key speakers include Craig Clay, President of Global Capital Markets at DFIN, and SEC Commissioner Hester Peirce.

How does the FDTA benefit investors?

The FDTA aims to enhance transparency and accountability in financial data, benefiting investors by providing clearer insights.