Title

FINRA Proposes New "CARDS" Data Collection System
Client Memorandum

Created date

10/30/2014

The Financial Industry Regulatory Authority recently unveiled a detailed proposal to implement its controversial Comprehensive Automated Risk Data System initiative. If adopted, CARDS would require FINRA members to submit extensive data to FINRA regarding, among other things, customers' profiles and their securities transactions and holdings. CARDS would allow FINRA to standardize and automate its collection of securities and account transaction information.