WASHINGTON -- FINRA on Tuesday issued a long-awaited regulatory notice outlining the proposal for a controversial data-sharing system known as CARDS, asking for comments from the industry and other stakeholders on how to refine the proposal to better protect investors without unduly burdening brokerage firms with the new reporting requirements.

Of the various proposals currently under consideration at FINRA, few have garnered as much consternation within the industry as the CARDS program, though the issue remains a top priority within FINRA, Susan Axelrod, the group's executive vice president of regulatory operations, said Monday at the FSI's financial advisor conference.

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