Contact: Laine Williams, (202) 897-4757, lwilliams@allonadvocacy.com
Washington, DC, February 24, 2026 – The Financial Data and Technology Association (FDATA), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms in Canada and the United States, today submitted comments to the Ohio Division of Securities in response to its proposed revisions to Rule 1301:6-3-44 governing investment adviser and investment adviser representative practices.
FDATA welcomed the Division’s revised proposal, praising its balanced approach to enabling advisers to use secure, modern technology tools while maintaining strong investor protections for Ohio investors and retirement accountholders.
“By recognizing the role of investor-permissioned data access and clearly distinguishing between read-only data use and transactional authority, the Division is providing much-needed clarity for advisers, technology providers, and investors alike,” said Steve Boms, Executive Director of FDATA.
FDATA also commended the Division for removing earlier provisions that could have allowed custodians or other incumbents to block investors from authorizing advisers to use third-party software tools, noting that such restrictions have historically limited competition and consumer choice. While strongly supportive of the proposal, FDATA recommended a narrow technical clarification to ensure the rule remains focused on transactional access and is not used to justify anticompetitive limitations on investor-permissioned tools.
FDATA applauds the Division’s thoughtful engagement with stakeholders and looks forward to continued collaboration as the rulemaking process moves forward.
A full copy of the letter is available here.
About FDATA
FDATA is the leading trade association advocating for consumer-permissioned access to financial data. FDATA’s members enable millions of consumers and small businesses to securely access and use their financial information for payments, account aggregation, personal financial management, credit underwriting, fraud prevention, and other legitimate financial services. FDATA works with policymakers, regulators, and industry stakeholders to advance open finance frameworks that empower consumers while promoting safety, soundness, and innovation.
