The Financial Data Transparency Act: Changes to Reporting of Municipal Securities Disclosure and Impact on Health Care Organizations
- March 01, 2025
- Mary Kimura , Chapman and Cutler LLP
- Hillary Phelps , Chapman and Cutler LLP
Health care organizations that are borrowers with respect to municipal securities should monitor the ongoing rulemaking process under the Financial Data Transparency Act of 2022 (FDTA). The FDTA requires that certain federal financial regulatory agencies, including the U.S. Securities and Exchange Commission (SEC), establish new technical data standards for the reporting of financial information to such agencies that would, among other things, incorporate common identifiers and require that the data in such financial information be fully searchable and machine readable. The data standards are expected to impact issuers of municipal securities and conduit borrowers, including hospitals and health systems, that currently report disclosure information to the Municipal Securities Rulemaking Board (MSRB) on the Electronic Municipal Market Access (EMMA) system.
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