WASHINGTON, D.C. -The Financial Technology Association submitted a comment letter to the Ohio Division of Securities on proposed amendments to Rule 1301:6-3-44, which governs investment advice and account access for Ohio investors.
FTA applauds the Division’s progress in balancing data protection with modern financial technology, specifically supporting the exemption of read-only data aggregation tools from power of attorney requirements and the rule’s push toward API-based access. However, FTA urged the Division to address two concerns to protect competition and consumer choice. Undefined “reasonableness” standards for API availability and cybersecurity measures could allow custodians to use those definitions as a competitive barrier against independent advisers. And language requiring advisers to “not disclaim responsibility” for activities outside their control creates liability exposure that could be exploited through frivolous litigation to harm small businesses.
Read the full letter here to learn more.
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The Financial Technology Association (FTA) is a network of fintech industry leaders shaping the future of finance. We champion financial innovation and advocate for policies that expand competition, access, and opportunity.