The Financial Industry Regulatory Authority is seeking comments on a proposal to require clearing firms to keep databases of customer records to streamline the process in case of collapse. "If a carrying or clearing member firm can no longer continue to operate due to financial or operational problems, it is essential that regulators be able to take prompt action to protect investors," FINRA said. "Regulators may need, among other things, to identify a clearing firm that would be able to take all customer accounts of the liquidating member firm in an expedited manner."

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