; (B) be nonproprietary; (C) incorporate standards developed and maintained by voluntary consensus standards bodies; and (D) be consistent with and implement applicable accounting and reporting principles. (3) Incorporation of standards In adopting data standards by rule under this subsection, the Commission shall incorporate all applicable data standards promulgated by the Secretary of the Treasury. . (b) Data standards for registration statements and reports under the Investment Company Act of 1940 The Investment Company Act of 1940 ( 15 U.S.C. 80a–1 et seq.) is amended— (1) in section 8, by adding at the end the following: (g) Data standards for registration statements (1) Requirement The Commission shall, by rule, adopt data standards for all registration statements required to be filed with the Commission under this section, except that the Commission may exempt exhibits, signatures, and certifications from such data standards. (2) Characteristics The data standards required by paragraph (1) shall, to the extent practicable— (A) render information fully searchable and machine-readable; (B) be nonproprietary; (C) incorporate standards developed and maintained by voluntary consensus standards bodies; and (D) be consistent with and implement applicable accounting and reporting principles. (3) Incorporation of standards In adopting data standards by rule under this subsection, the Commission shall incorporate all applicable data standards promulgated by the Secretary of the Treasury. ; and (2) in section 30, by adding at the end the following: (k) Data standards for reports (1) Requirement The Commission shall, by rule, adopt data standards for all reports required to be filed with the Commission under this section, except that the Commission may exempt exhibits, signatures, and certifications from such data standards. (2) Characteristics The data standards required by paragraph (1) shall, to the extent practicable— (A) render information fully searchable and machine-readable; (B) be nonproprietary