Update: FINRA’s CARDS Proposal

In a significant win for FSI and our industry, FINRA Executive Vice President of Regulations Susan Axelrod announced recently that her agency will no longer pursue its Comprehensive Automated Risk Data System (CARDS) initiative, which would have created a vast new system to monitor client investment accounts and trading activity. In its place, FINRA will utilize existing data sources in order to meet its stated goal of boosting investor protections. You can read more about her remarks here.

While FSI supports FINRA’s investor protection objectives, we have had serious concerns regarding CARDS since FINRA first proposed the initiative. We applaud FINRA for being willing to listen to the industry and for ultimately tabling this initiative. FSI will continue to work constructively with FINRA to ensure they consider the input of independent firms and advisors as they move forward with their use of data. We thank all of our members for their engagement on this important issue.


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