The Financial Industry Regulatory Authority, FINRA, has published a regulatory notice (23-17) to inform that it will discontinue its data collection under FINRA Rule 4540. FINRA’s Rule 4540 mandates that clearing and self-clearing member firms report specific data electronically about themselves and the members they clear for to facilitate risk analysis of the Authority. Specifically, the data collected through this rule was used in FINRA’s INSITE program to identify risk patterns at member firms. However, due to the availability of more comprehensive data from alternative sources like the consolidated audit trail, supplemental reports, and margin statistics, FINRA has decided to discontinue the Rule 4540 data collection. This will reduce reporting costs for clearing and self-clearing members without compromising regulatory oversight. However, FINRA reserves the right to reintroduce the Rule 4540 data collection, if so needed.