Last month the first of two proposed rules related to the Financial Data Transparency Act (FDTA) were released for comment. Cities are urged to provide feedback on the proposed rules by the deadline on October 21, 2024.
The rulemaking will begin implementation of the FDTA that was passed by Congress and signed by the President in 2022. The FDTA mandates that certain data and financial information provided to and developed by many federal agencies must be sent in a uniform data format as soon as 2026. For state and local governments and entities that issue municipal securities, this means that information provided to the SEC ‘s Municipal Securities Rulemaking Board’s EMMA system related to bond offerings and disclosure documents may need to comply with the data format.
For more information, see the Government Finance Officer Association's draft comments and action alert. Additional information is also available on the State Auditor’s Office website.