WASHINGTON -- The Securities and Exchange Commission yesterday gave final regulatory approval related to the consolidation of the member firm regulatory functions of the National Association of Securities Dealers, Inc. and NYSE Regulation, Inc., a wholly-owned subsidiary of New York Stock Exchange, LLC.
The consolidated organization will be known as the Financial Industry Regulatory Authority, or FINRA. The commission approved rule changes that allow for the consolidation of member firm regulation into a single, consolidated self-regulatory organization.
The consolidation is intended to help streamline the broker-dealer regulatory system, combine technologies, and permit the establishment of a single set of rules governing membership matters, with the aim of enhancing oversight of U.S. securities firms and assuring investor protection, according to SEC.
FINRA will also be responsible, by contract, for regulating the NASDAQ Stock Market, Inc., the American Stock Exchange LLC, and the International Securities Exchange, LLC.
The consolidated organization will be known as the Financial Industry Regulatory Authority, or FINRA. The commission approved rule changes that allow for the consolidation of member firm regulation into a single, consolidated self-regulatory organization.
The consolidation is intended to help streamline the broker-dealer regulatory system, combine technologies, and permit the establishment of a single set of rules governing membership matters, with the aim of enhancing oversight of U.S. securities firms and assuring investor protection, according to SEC.
FINRA will also be responsible, by contract, for regulating the NASDAQ Stock Market, Inc., the American Stock Exchange LLC, and the International Securities Exchange, LLC.
