; (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 under this subsection, the association shall incorporate all applicable data standards promulgated by the Secretary of the Treasury. . (b) Rulemaking (1) In general Not later than the end of the 2-year period beginning on the date of the enactment of this Act, a national securities association shall adopt the standards required under the amendments made by this section. (2) Scaling of regulatory requirements In adopting the standards required under the amendments made by this section, a national securities association may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities. (3) Minimizing disruption In adopting the standards required under the amendments made by this section, a national securities association shall seek to minimize disruptive changes to the persons affected by such standards. 205. Shorter-term burden reduction and disclosure simplification at the Securities and Exchange Commission