; (D) be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code); (E) incorporate standards developed and maintained by voluntary consensus standards bodies; and (F) use, 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. . (f) Data standards for periodic and current corporate disclosures under the Securities Exchange Act of 1934 Section 13 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m ) is amended by adding at the end the following: (s) Data standards (1) Requirement The Commission shall, by rule, adopt data standards for all information contained in periodic and current reports required to be filed or furnished under this section or under section 15(d), 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 data fully searchable and machine-readable (as defined under section 3502 of title 44, United States Code); (B) enable high quality data through schemas, with accompanying metadata (as defined under section 3502 of title 44, United States Code) documented in machine-readable taxonomy or ontology models, which clearly define the data’s semantic meaning as defined by the underlying regulatory information collection requirements; (C) assure that a data element or data asset that exists to satisfy an underlying regulatory information collection requirement be consistently identified as such in associated machine-readable metadata; (D) be nonproprietary or made available under an open license (as defined under section 3502 of title 44, United States Code); (E) incorporate standards developed and maintained by voluntary consensus standards bodies