Contact: Laine Williams, (202) 897-4757, lwilliams@allonadvocacy.com
Washington, DC, April 3, 2026 – The Financial Data and Technology Association (“FDATA”), a trade association representing more than 30 financial technology companies and consumer-permissioned data access platforms, today submitted additional comments to the Ohio Division of Securities on its proposed revisions to Rule 1301:6-3-44 governing investment adviser practices.
Building on its prior submission, FDATA commended the Division’s continued engagement and thoughtful approach to refining the rule to balance innovation, investor protection, and market accountability.
“Ohio continues to demonstrate leadership in developing a modern regulatory framework that reflects how investors and advisers use technology today,” said Steve Boms, Executive Director of FDATA.
In its latest letter, FDATA offered targeted recommendations to further improve clarity and reduce ambiguity, including:
- Narrowing references to broad “guidelines” to prevent overbroad interpretation
- Clarifying liability standards to focus on breaches resulting in loss of client funds
- Removing language that may create unnecessary operational friction
- More clearly defining key terms such as “read-only” access
FDATA emphasized that these refinements would support a more secure, competitive ecosystem while preserving investors’ ability to benefit from modern, technology-enabled advisory tools.
FDATA reiterated its appreciation for the Division’s collaborative process and stands ready to continue supporting the rule’s development.
A full copy of the letter is available here.
About FDATA
FDATA represents more than 30 financial technology companies and consumer-permissioned data access platforms across the United States and Canada. FDATA advocates for policies that empower consumers and small businesses to securely access and share their financial data in order to improve financial outcomes and drive innovation.
