NYSE, NASD merge broker oversight

Author: | Published: 29 Nov 2006

The New York Stock Exchange (NYSE) and the NASD announced yesterday that they have agreed to combine their member regulation functions in a move that is likely to come as a relief to securities firms and their compliance officers in the US.

The NYSE and NASD plan to create a new self-regulatory organization (SRO) to oversee all public broker-dealers operating in the US. It will merge existing operations at each group that in many cases duplicate regulatory scrutiny of many large firms.

The new SRO is expected to start work in the second quarter of 2007 and will fold together the NASD, formerly known...