Industry groups cite further concerns with second version of CARDS, which FINRA insists it will address
By Melanie Waddell Washington Bureau Chief, Investment Advisor Magazine
The Financial Industry Regulatory Authority’s reproposed plan to collect broker-dealer account data through its Comprehensive Automated Risk Data System (CARDS) is drawing heavy criticism from industry trade groups. In the face of such negative comments, FINRA insists that it will address such issues prior to further development of the data program.
FINRA spokesman George Smaragdis told ThinkAdvisor Tuesday that the self-regulator “welcomes comments on this important proposal and takes these comments very seriously. We are keenly focused on the specific issues raised in the comment letters, and we intend to address any and all meaningful risks before moving forward.”