According to the US Financial Regulatory Authority, which is planning to to overhaul its registration and disclosure arrangements, new software is going to reduce costs for regulated firms.

There are to be several phases to the overhaul, which will affect (among other things) the Central Registration Depository, FINRA's central licensing and registration system that it operates for the US securities industry and its regulators, which in turn provides the backbone of BrokerCheck, apiece of software that allows investors to see information that may be helpful in the selection and vetting of this-or-that financial advice provider or broker/brokerage firm, such as descriptions, services offered, credentials, sanctions, registrations and more. The first phase of 'the transformation,' as FINRA calls it — a new WebCRD interface that highlights important information that requires the immediate attention of firms, branches and individuals — goes into effect on 30 June.

The is to make the registration and disclosure process for firms, investors and regulators more efficient, while reducing firms' compliance costs. FINRA expects to complete the whole project in 2021.

FINRA has developed and now operates several systems that allow various people in the securities industry to register and make compulsory disclosures. Securities firms use these systems to register and maintain the records of associated persons who operate in the securities industry, and investors use them (through BrokerCheck) as well. Cloud-based technology is to come into play for the first time.

The systems that, in FINRA's somewhat strangulated parlance, "support registration and disclosure requirements" include the following.

• The Central Registration Depository or CRD, which maintains the registration records of close to 3,800 SEC-registered broker-dealers (more than 3,700 are member firms) and more than 630,000 FINRA-registered professionals.
• Web CRD – the online registration system that allows the securities industry, federal and state regulators, and securities exchanges to interact with CRD.
• The Investment Advisor Registration Depository, the registration system for investment advisors and their federal and state regulators.
• Investment Advisor Public Disclosure, the public disclosure system for investment advisors.
• The Private Fund Reporting Depositor – the Securities and Exchange Commission's private fund reporting system.
• BrokerCheck.