The newly-enacted Financial Data Transparency Act (FDTA) has the potential to significantly change the format currently used by issuers and conduit borrowers in submitting financial information to the Municipal Securities Rulemaking Board (MSRB).

How much extra time, resources and money will governmental issuers and conduit borrowers [e.g., 501(c)(3) corporations] need in order to comply with the new reporting standards? The jury is still out, but the FDTA’s impact could be significant.

Join Neal Pandozzi and Andrew Stern from Bowditch’s Public Finance team as they offer their insight into the FDTA’s requirements, timeline and potential challenges relative to the new financial reporting filing requirements, including:

• Discussion of the FDTA’s new financial reporting format
• Operational/technological adjustments to producing financial information in a fully machine-readable and searchable structured format
• Potential for unintended consequences resulting from an extension of these new standards to other financial disclosures beyond audited financial statements
• Considerations for confirming compliance with FDTA requirements relative to new public finance transactions
• Ways in which issuers and conduit borrowers can engage in a meaningful dialogue with respect to the SEC’s rule making process