Posts tagged Comprehensive Automated Risk Data System.
A little over one year ago, the Financial Industry Regulatory Authority (FINRA) announced a proposal to increase substantially its collection of brokerage data. That proposal, named the Comprehensive Automated Risk Data System (CARDS), sought to take advantage of "technological advances [that] c[ould have] be[en] leveraged to obtain, store, manage and access large quantities of data to identify and quickly respond to potentially fraudulent and abusive behavior." Almost immediately upon its announcement of the proposal, FINRA faced industry-wide backlash centered ...
Posted in: FINRA
Tags: burr forman, CARDS, Comprehensive Automated Risk Data System, data collection, Financial Industry Regulatory Authority, finra, securities litigation, Securities Litigation & Arbitration
On September 30th, the Financial Industry Regulatory Authority (FINRA) announced a proposed rule that would implement the controversial Comprehensive Automated Risk Data System (CARDS). Under the proposed rule, FINRA seeks to implement automated data gathering from clearing firms and brokerages in a two-phase approach. The proposal seeks to take advantage of "technological advances [that] can be leveraged to obtain, store, manage and access large quantities of data to identify and quickly respond to potentially fraudulent and abusive behavior." In the first phase, "CARDS ...
Posted in: FINRA