FINRA Plan To Monitor Risk Data Needs Changes, SIFMA Says

Law360, New York (March 24, 2014, 3:23 PM EDT) -- The Securities Industry Financial Markets Association said Friday that it “cannot support” the Financial Industry Regulatory Authority’s plan to collect account and security information from retail brokerage accounts to monitor their risk unless FINRA makes changes and addresses data security concerns.  

In a letter to FINRA’s corporate secretary office, SIFMA general counsel and Executive Vice President Ira D. Hammerman said the authority needed to provide more information about its comprehensive automated risk data system’s required data elements, data standardization and other technical details before proceeding any...
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