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Pile on additional regulation for banks: Finra's Comprehensive Automated Risk Data System (CARDS) proposal will require member firms to submit a standardized set of customer and product information. The cost required to manage that data management will ultimately fall on end investors unless broker-dealers find more innovative ways to pay for it...Thank you Mr. Regulator
Securities Industry and Financial Markets Association's President and Chief Executive Kenneth E. Bentsen Jr., speaking at the SIFMA Tech 2014 conference in New York, pointed to the potentially onerous demands of the Financial Industry Regulatory Authority Inc.'s proposed Comprehensive Automated Risk Data System. “Policy makers and regulators must consider that these additional new rules … will have to be absorbed by the firms and ultimately their customers through additional costs or reduced services and choice,” Mr. Bentsen said.
http://www.investmentnews.com/article/20140618/FREE/140619920
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