DFIN Supports Financial Transparency Act, H.R. 4476
September 25 2019 - 11:13AM
Business Wire
RegTech Leader promotes enterprise
digitization, reporting modernization, open data standards in
today’s rapidly-evolving industry
Donnelley Financial Solutions (NYSE: DFIN), a leading global
risk and compliance company, today announced its full support for
the Financial Transparency Act (FTA), which was reintroduced in
Congress with bipartisan leadership from Reps. Carolyn Maloney
(D-NY) and Patrick McHenry (R-NC) this week. The bill, H.R. 4476,
would enact into law new data reporting standards that will enhance
accuracy, increase efficiency, enable greater automation and
facilitate data analysis.
The FTA would establish standards and common elements for
government data already collected by the eight financial regulatory
member agencies of the Financial Stability Oversight Council
(FSOC). The required standards will ensure that information
collected through existing reporting processes will utilize fully
searchable and machine-readable non-proprietary data formats that
will help facilitate more reliable and regulatory compliance.
“The FTA will help modernize and streamline compliance, while
improving data accuracy, which is needed to drive the evolution of
RegTech and the application of emerging technologies like
Artificial Intelligence and advanced analytics,” said Craig Clay,
president or Global Capital Markets at DFIN and Board Member of the
Data Coalition “These common standards are critical to the
efficiency of the reporting process and ensuring data is being used
effectively by all parties.”
In DFIN’s white paper, “How Data Will Determine the Future of
RegTech,” the company talks about solutions that are transforming
reporting by automating compliance, driving insights from
standardized data and helping share information on complex
markets.
“Currently, the U.S. financial regulatory reporting system is
fragmented, and relies heavily on document-based reporting,” said
Nick Hart, CEO of the Data Coalition. “The bipartisan Financial
Transparency Act will modernize how financial regulatory agencies
collect, report and publish information. When enacted, the
legislative proposal will enable policymakers and the American
public to have access to more reliable information about financial
markets.”
About Donnelley Financial Solutions (DFIN)
DFIN is a leading global risk and compliance solutions company.
We provide domain expertise, enterprise software and data analytics
for every stage of our clients’ business and investment lifecycles.
Markets fluctuate, regulations evolve, technology advances, and
through it all, DFIN delivers confidence with the right solutions
in moments that matter. Learn about DFIN’s end-to-end risk and
compliance solutions online at DFINsolutions.com or you can also
follow us on Twitter @DFINSolutions or on LinkedIn.
Forward-Looking Statements
This news release may contain "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, and the U.S. Private Securities Litigation Reform
Act of 1995. Readers are cautioned not to place undue reliance on
these forward-looking statements and any such forward-looking
statements are qualified in their entirety by reference to the
following cautionary statements. All forward-looking statements
speak only as of the date of this news release and are based on
current expectations and involve a number of assumptions, risks and
uncertainties that could cause the actual results to differ
materially from such forward-looking statements. Readers are
strongly encouraged to read the full cautionary statements
contained in Donnelley Financial Solutions’ (DFIN) filings with the
SEC. Donnelley Financial Solutions (DFIN) disclaims any obligation
to update or revise any forward-looking statements.
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Media Contact: Erin Burke 631 239 6903
eburke@Stantonprm.com
Investor Contact: Justin Ritchie
investors@dfinsolutions.com
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