On 24 May 2022, the Financial Data Transparency Act (FDTA) was introduced in the US Senate. It has undergone a slight name change, having been previously known as the Financial Transparency Act, since passing the House of Representatives in November last year.
Recent remarks to the International Swaps and Derivatives Association (ISDA) by Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), provide an interesting overview of recent and forthcoming regulation in the securities-based swap market.
The Organisation for Economic Co-operation and Development (OECD) has released a public consultation document on its proposals to modernise the transparency instruments available to tax administrations, given the ways technology is changing investment and payment practices.
The International Organization of Securities Commissions (IOSCO) has adopted what is described as a “very ambitious” work plan on sustainable finance for 2022.
The UK has this week brought forward two significant measures aimed at increasing corporate transparency with regard to company ownership and cutting down on economic crime. It will introduce mandatory Inline XBRL at business registrar Companies House.
The Australian Prudential Regulation Authority (APRA) has launched a consultation on plans to “sharply expand the breadth and granularity of the superannuation data it publishes” – ‘superannuation’ being Australian lingo for compulsory employee pensions.
“The public now has access to critical information about security-based swap transactions, including the key economic terms, price, and notional value,” said Gary Gensler, Chair of the US Securities and Exchange Commission (SEC) in a recent statement.
The European Securities and Markets Authority (ESMA) recently published its Sustainable Finance Roadmap for 2022-2024.
Some interesting research recently published by the Bank for International Settlements (BIS) shines a light on the value of transparency efforts and of making data available.
Supply chains are on the mind of the public more than ever before, thanks to pandemic-related disruptions. The growing demand for better intelligence on supply chains also means that they look set to be a hot topic in corporate reporting in coming years.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
