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Financial Data Transparency Act: What will it Mean for Municipal Credit Analysts?



The Philadelphia Area Municipal Analysts Society (PhAMAS) recently hosted a session featuring Liz Sweeney of Nutshell Associates and Ernie Lanza of Ballard Spahr, discussing The Financial Data Transparency Act (FDTA), which became law in late 2022. The FDTA may significantly impact municipal disclosure and analytics once implemented. The session offered a primer on structured data for municipal securities analysts, why structured data requirements are central to the FDTA, rulemaking and implementation timeline, how it will revolutionize the role of municipal analysts, and why it's critical that analysts participate in the standards development process.


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