; (ii) be nonproprietary; (iii) incorporate standards developed and maintained by voluntary consensus standards bodies; and (iv) be consistent with and implement applicable accounting and reporting principles. (C) Incorporation of standards In adopting data standards under this paragraph, the Board 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, the Municipal Securities Rulemaking Board shall issue the regulations required under the amendments made by this section. (2) Scaling of regulatory requirements In issuing the regulations required under the amendments made by this section, the Municipal Securities Rulemaking Board may scale data reporting requirements in order to reduce any unjustified burden on smaller regulated entities. (3) Minimizing disruption In issuing the regulations required under the amendments made by this section, the Municipal Securities Rulemaking Board shall seek to minimize disruptive changes to the persons affected by such regulations. 204. Data transparency at national securities associations (a) In general Section 15A of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o–3 ) is amended by adding at the end the following: (n) Data standards (1) Requirement A national securities association registered pursuant to subsection (a) shall adopt data standards for all information that is regularly filed with or submitted to the association. (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