“In the face of fierce opposition from industry bodies, Wall Street watchdog Finra appears to be backtracking on proposals to introduce an automated data collection system designed to help identify risky and suspicious activities.
First proposed in 2012, the Comprehensive Automated Risk Data System (Cards) plan would require brokerage firms to hand over huge amounts of customer account data - although not personally identifiable information - in an automated, standardised format.
Industry-funded regulator Finra argues that the system would boost investor protection and ensure market integrity by allowing it to identify and quickly respond to high-risk areas and suspicious activities that it might not identify through normal surveillance and examination programmes.”
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