From: The Wall Street Journal | Opinion
Finra walks back its needless and risky house of Cards.
There are no permanent victories in Washington, but in the Obama era we’ll take whatever we can get. So investors should be toasting a retreat by the Financial Industry Regulatory Authority from its plan to vacuum up monthly account information from America’s roughly 4,000 brokerage firms.
The Comprehensive Automated Risk Data System (Cards) was intended to allow “bird’s-eye view surveillance” of the securities markets, said Finra chief Richard Ketchum last year. But in remarks prepared for delivery Friday at a House hearing, Mr. Ketchum will say that Finra is ditching its current proposal and “will not move forward with an amended version until we conclude that the concerns raised in the comments have been addressed.”
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