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APGA Comments on Proposed Financial Data Transparency Act (FDTA) Joint Data Standards (October 21 2024) 

11-07-2024 12:10 PM

On October 21, APGA joined a coalition of trade associations in submitting comments on the proposed rule to establish data standards to meet requirements in the Financial Data Transparency Act (FDTA) of 2022. The comments were submitted by APGA as part of the Public Finance Network (PFN). 
 
The joint commenters urge the Securities and Exchange Commission (SEC) to adhere to the letter of the law prohibiting direct regulation of issuers and to the text in the FDTA stating that regulations may not impose new disclosure requirements.  
 
Additionally, regulators should thoroughly understand and consider the impact of Final Rules to avoid disproportionately affecting issuers and borrowers of municipal securities. Joint commenters urge regulators to consider the unique qualities and processes of the municipal bond sector to ensure that new standards can be applied without causing market disruption and burdensome costs to issuers. 
 
Recall, in February 2023, APGA voiced significant concerns to Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler. The submitted letter expressed that thorough discussions and understanding of public sector financial reporting can help avoid unnecessary confusion, burdens, and costs upon implementation.  

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