EDI 930: Regulatory Agency Code
EDI 930 Definition
The EDI 930 transaction set is used primarily within regulatory compliance and reporting sectors. It facilitates the communication and exchange of information regarding regulatory agency codes between entities and governmental bodies. This document is crucial for organizations that need to report and comply with various regulatory requirements, helping to ensure accurate and consistent application of regulations across different jurisdictions and industries.
What is EDI 930 Used for?
Entities use the EDI 930 to communicate specific regulatory codes that have been assigned by government agencies or industry bodies. These codes are essential for identifying compliance requirements, submitting regulatory reports, or conducting transactions that require regulatory oversight. The EDI 930 helps streamline the process of reporting to regulatory agencies by standardizing the way codes are exchanged and understood across entities.
Key Elements of EDI 930
An EDI 930 document typically includes key elements to effectively convey regulatory agency code information:
- Transaction Set Header and Trailer: Marks the beginning and end of the EDI 930 document, encapsulating the regulatory code details.
- Agency Code Details: Provides information about the regulatory agency and the specific codes assigned for different regulatory purposes.
- Entity Identifier: Identifies the entity reporting or using the regulatory codes, including essential identification details.
- Compliance Information: Details compliance requirements linked to the regulatory codes, such as applicable regulations, reporting dates, and compliance status.
- Documentation Reference: References to documentation or additional data that supports the regulatory reporting or compliance.
Benefits of EDI 930
Utilizing the EDI 930 document offers several advantages:
- Regulatory Compliance: Enhances the ability to comply with regulatory requirements by providing a standardized format for code exchange.
- Improved Accuracy: Reduces errors in regulatory reporting by clearly defining agency codes and associated compliance information.
- Efficient Communication: Streamlines communication with regulatory bodies, ensuring timely and accurate data exchange.
- Enhanced Tracking: Facilitates better tracking and management of compliance status across various regulatory frameworks.
EDI 930 Document Example
Here’s a simplified example of what an EDI 930 might look like in raw data format:
ST*930*0001
BGN*00*RegulatoryCodeUpdate*20241130
N1*AG*Regulatory Agency Name*1*123 Agency Avenue*City*ST*12345
REF*RA*RegulatoryAgencyCode
DTM*007*20241130
SE*5*0001
Guide to EDI 930 Terms and Elements:
- ST (Transaction Set Header): Initiates the EDI 930 document, identified by a unique control number.
- BGN (Beginning Segment): Provides basic information about the regulatory code update, including the update number and date.
- N1 (Name): Identifies the regulatory agency, including address information.
- REF (Reference Identification): Specifies the regulatory agency code.
- DTM (Date/Time Reference): Specifies relevant dates, such as the date of reporting or compliance.
- SE (Transaction Set Trailer): Concludes the EDI 930 document, ensuring completeness and accuracy.
This example is designed to give a basic understanding of how an EDI 930 document might look, including the types of information it conveys. Remember, the actual implementation might vary based on specific business needs and partnerships.
Streamline Your Regulatory Compliance with Comparatio
Ready to enhance your adherence to regulatory codes with EDI 930? Contact Comparatio today to discover how our EDI solutions can facilitate the accurate and efficient exchange of regulatory agency codes, ensure compliance with government regulations, and improve communication with regulatory bodies.
