Monday, May 4, 2015

FINRA Kills CARDS

As I have discussed in the past at the Securities Law Blog, FINRA, a non-governmental, private entity, has been pushing its proposal to force brokerage firms to deliver details of every transaction in every brokerage account, including yours, to it, every day.  The proposal, know as Comprehensive Automated Risk Data System  or CARDS, is simply mind boggling. I noted then that FINRA already has access to trade data of every trade done every day, and if is so desired, it could have it in real time, for every transaction on every exchange. FINRA also has the ability to compel brokerage firms to provide data on any transaction, any account, at any time.

For the full article go to FINRA's CARDS Proposal Shelved. at the Securities Lawyer Blog

---

--- The attorneys at Sallah Astarita & Cox, LLC include veteran securities litigators and former SEC Enforcement Attorneys. We have decades of experience in securities litigation matters, including SEC and FINRA investigations, insider trading cases, securities arbitrations and class actions, nationwide. For more information call 212-509-6544 or send an email.

Post a Comment