In June 2023, the SEC published its first required semi-annual report to Congress regarding public and internal use of machine-readable data for corporate disclosures, in compliance with the Financial Data Transparency Act of 2022 (FDTA) signed into law on December 23, 2022. The FDTA requires the SEC to submit this report to both the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives every 180 days until December 23, 2029, when the provision requiring the report concludes.
The report includes an overview of the following findings and matters:
Identification of corporate disclosures expressed as machine-readable data
Analysis of the costs and benefits of the use of machine-readable data (including existing structured data requirements, benefits, and costs)
Summary of enforcement actions resulting from the use or analysis of the machine-readable data that the SEC collects
Analysis of how the SEC’s staff uses the machine-readable data that the SEC collects
Public use of the machine-readable data the SEC collects