Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, July 26, 2007

SEC Approves Consolidation of NYSE and NASD Regulatory Arms

The SEC formally gave its blessing to the consolidation of the regulatory arms of NASD and NYSE.  The new organization will be known as the Financial Industry Regulatory Authority (FINRA) and will be responsible for regulating all securities firms that do business with the public, including professional training, testing and licensing of registered persons and arbitration and mediation. FINRA also will be responsible, by contract, for regulating The Nasdaq Stock Market, Inc., the American Stock Exchange LLC, and the International Securities Exchange, LLC. Finally, FINRA will be responsible for operating industry utilities, such as trade reporting facilities and other over-the-counter operations. NYSE Regulation, Inc. will continue to be responsible for the regulatory oversight of trading on the NYSE.

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