DATA TRANSPARENCY AT NATIONAL SECURITIES ASSOCIATIONS.

SEC. 5824. DATA TRANSPARENCY AT NATIONAL SECURITIES ASSOCIATIONS. (a) In General.—Section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o-3) is amended by adding at the end the following: “(n) Data Standards.— “(1) Requirement.—A national securities association registered pursuant to subsection (a) shall adopt data standards for all information that is regularly filed with or submitted to the association. “(2) Consistency.—The data standards required under paragraph (1) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 124 of the Financial Stability Act of 2010, including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 124.” . (b) [15 U.S.C. 78o-3 note] Rulemaking.— (1) In general.—Not later than 2 years after the date on which final rules are promulgated under section 124(b)(2) of the Financial Stability Act of 2010, as added by section 5811(a) of this title, each national securities association registered pursuant to section 15A(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-3(a)) shall issue rules to adopt the standards required under subsection (n) of section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o-3), as added by subsection (a) of this section. (2) Scaling of regulatory requirements; minimizing disruption.—In issuing the rules required under paragraph (1), a national securities association described in that paragraph— (A) may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities; and (B) shall seek to minimize disruptive changes to the persons affected by those standards.