Regulatory Notice 14-37
FINRA Requests Comment on a Rule Proposal to Implement the Comprehensive Automated Risk Data System
Executive Summary
FINRA is requesting comment on a proposed rule to implement the Comprehensive Automated Risk Data System (CARDS). FINRA initially released CARDS as a concept proposal in Regulatory Notice 13-42. This rule proposal reflects the comments received on the concept proposal.
The rule proposal would be implemented in phases and would exclude the collection of personally identifiable information (PII) for customers, including account name, account address and tax identification number. The first phase would require approximately 200 carrying or clearing firms (i.e., firms that carry customer or non-customer accounts or clear transactions) to periodically submit in an automated, standardized format specific information that is part of the firms’ books and records relating to their securities accounts and the securities accounts for which they clear. The information to be submitted would include data relating to securities and account transactions, holdings, account profile information (excluding PII), and securities reference data. A carrying or clearing firm would not, however, be required to submit specified account profile information primarily related to suitability, for the securities accounts it carries or clears on a fully-disclosed or omnibus basis for others. For all other securities accounts, carrying or clearing firms would be required to submit these account profile-related data elements as part of the first phase of CARDS. The second phase of CARDS would require fully-disclosed introducing firms to submit the specified account profile-related data elements either directly to FINRA or through a third party.
The text of the proposed rule can be found at www.finra.org/notices/14-37.
Questions concerning this Notice should be directed to:
- Daniel M. Sibears, Executive Vice President, Regulatory Operations/Shared Services, at (202) 728-6911;
- Jonathan Sokobin, Sr. Vice President, Office of the Chief Economist, at (202) 728-8248; or
- Victoria L. Crane, Associate General Counsel, Office of General Counsel, at (202) 728-8104.
Date | Commenter | Format - Size |
---|---|---|
11/6/2014 | 867 Independent Financial Advisors | PDF - 226.14 KB |
10/2/2014 | Whitehall-Parker Securities, Inc. | PDF - 41.84 KB |
10/2/2014 | Sprott Global Resource Investments Ltd. | PDF - 53.24 KB |
10/6/2014 | M. E. Allison & Co., Inc. | PDF - 58.24 KB |
10/7/2014 | Buckman, Buckman & Reid, Inc. | PDF - 136.47 KB |
10/15/2014 | PFS Group | PDF - 28.24 KB |
10/30/2014 | Kenneth Loebel | PDF - 18.79 KB |
10/30/2014 | Cetera Advisor Networks | PDF - 17.12 KB |
10/30/2014 | Woodbury Financial Services | PDF - 18.04 KB |
10/30/2014 | First Allied Advisory Services, Inc. | PDF - 72.65 KB |
10/30/2014 | Jamison Financial Group | PDF - 18.25 KB |
10/31/2014 | Frank Deptola & Associates, LLC | PDF - 18.6 KB |
10/31/2014 | Martens & D’Angelo, LLC | PDF - 18.91 KB |
11/3/2014 | Mari Peterson Consulting | PDF - 17.61 KB |
11/3/2014 | Myrna Grigsby | PDF - 17.33 KB |
11/3/2014 | Foothill Securities | PDF - 18.75 KB |
11/4/2014 | Daniel Bonder | PDF - 18.92 KB |
11/6/2014 | The Linnwood Group, LLC | PDF - 22.71 KB |
11/7/2014 | Muriel Siebert & Co., Inc. | PDF - 38.33 KB |
11/11/2014 | TMiller Financial | PDF - 52.86 KB |
11/11/2014 | Thomas Capital Management, LLC | PDF - 45.23 KB |
11/11/2014 | Bradford Tharp | PDF - 15.6 KB |
11/12/2014 | Thomas Deppe | PDF - 15.95 KB |
11/12/2014 | Conny Saab | PDF - 80.69 KB |
11/12/2014 | Dwight Moats | PDF - 55.3 KB |
11/12/2014 | Choice Mortgage Bank | PDF - 10.71 KB |
11/14/2014 | Peter Elish Investments Securities | PDF - 238.26 KB |
11/21/2014 | Diamant Investment Corporation | PDF - 376.67 KB |
11/21/2014 | Cutter Advisors Group | PDF - 41.74 KB |
11/24/2014 | PIABA | PDF - 256.23 KB |
11/24/2014 | Nilos Sakellariou | PDF - 77.5 KB |
11/25/2014 | M Holdings Securities, Inc. | PDF - 197.41 KB |
11/26/2014 | First Asset Financial Inc. | PDF - 18.93 KB |
11/28/2014 | Cetera Financial Group | PDF - 29.76 KB |
11/28/2014 | Thomas Reuters | PDF - 61.21 KB |
11/28/2014 | Stephens Inc. | PDF - 244.78 KB |
11/28/2014 | Cantella & Co., Inc. | PDF - 31.09 KB |
11/29/2014 | The Center for Copyrights Integrity | PDF - 104.6 KB |
11/29/2014 | Stephen A. Kohn & Associates, Ltd. | PDF - 47.22 KB |
12/1/2014 | Michigan State University College of Law | PDF - 450.21 KB |
12/1/2014 | Financial Information Forum | PDF - 318 KB |
12/1/2014 | Lincoln Financial Network | PDF - 172.46 KB |
12/1/2014 | Consumer Federation of America | PDF - 70.05 KB |
12/1/2014 | Commonwealth Financial Network | PDF - 56.52 KB |
12/1/2014 | Charles Schwab & Co., Inc. | PDF - 969.36 KB |
12/1/2014 | Plexus Consulting Group, LLC | PDF - 71.37 KB |
12/1/2015 | Fidelity Investments | PDF - 123.42 KB |
12/1/2014 | Center for Capital Markets Competitiveness | PDF - 260.17 KB |
12/1/2014 | Insured Retirement Institute | PDF - 800.17 KB |
12/1/2014 | Michigan State University College of Law | PDF - 1.94 MB |
12/1/2014 | Wells Fargo Advisors, LLC | PDF - 173.98 KB |
12/1/2014 | Financial Services Roundtable | PDF - 89.95 KB |
12/1/2014 | Wachtel & Co., Inc. | PDF - 452.92 KB |
12/1/2014 | Stifel Financial Corp. | PDF - 371.18 KB |
12/1/2014 | M. A. NEAL Financial Services | PDF - 13.37 KB |
12/1/2014 | Cambridge Investment Research, Inc. | PDF - 550.33 KB |
12/1/2014 | DST Market Services, LLC | PDF - 1.08 MB |
12/1/2014 | SIFMA | PDF - 1.35 MB |
12/1/2014 | AARP | PDF - 492.97 KB |
12/1/2014 | Squire Asset Mangement LLC | PDF - 45.32 KB |
12/1/2014 | Bond Dealers of America | PDF - 139.88 KB |
12/1/2014 | Pace Law School | PDF - 111.83 KB |
12/1/2014 | Janney Montgomery Scott LLC | PDF - 278.88 KB |
12/1/2014 | Cornell Law School | PDF - 183.66 KB |
12/1/2014 | CFA Institute | PDF - 67 KB |
12/1/2014 | Financial Services Institute | PDF - 363.35 KB |
12/2/2014 | NASAA | PDF - 263.89 KB |
12/3/2014 | ACLU | PDF - 282.65 KB |
12/15/2014 | SIFMA | PDF - 252.57 KB |
12/18/2014 | Modern Woodmen | PDF - 96.5 KB |
12/19/2014 | Adamson Financial Planning | PDF - 115.16 KB |
2/4/2015 | Mercatus Center at George Mason University | PDF - 586.21 KB |
2/5/2015 | Sara Hitchens | PDF - 38.1 KB |