SIFMA today issued the following statement from Ira Hammerman, executive vice president & general counsel, after FINRA issued a Regulatory Notice regarding a proposed rule for the development of a Comprehensive Automated Risk Data System (CARDS):
"SIFMA appreciates that FINRA is soliciting member firm feedback by issuing another Regulatory Notice on FINRA's CARDS proposal. As SIFMA noted in its two previous comment letters, CARDS raises a number of important concerns, including investor privacy, data security, duplication of regulatory data collection with the pending CAT system, and other cost-benefit concerns that remain outstanding and must be fully vetted with all interested parties. SIFMA looks forward to providing further comment on these important matters, which should be resolved before consideration of any formal proposal."
