Securities Law Prof Blog

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

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Tuesday, May 4, 2010

FINRA Will Take Over NYSE Reg Surveillance and Enforcement Functions

NYSE Euronext (NYSE: NYX) and the Financial Industry Regulatory Authority (FINRA) today announced that they have agreed that FINRA will assume responsibility for performing the market surveillance and enforcement functions currently conducted by NYSE Regulation. The agreement is subject to review by the Securities and Exchange Commission.  Under the agreement announced today, FINRA would assume regulatory functions for NYSE Euronext's U.S. equities and options markets – the New York Stock Exchange, NYSE Arca and NYSE Amex. FINRA currently provides regulatory services to the NASDAQ Stock Market, NASDAQ Options Market, NASDAQ OMX Philadelphia, NASDAQ OMX Boston, The BATS Exchange and The International Securities Exchange.

The final agreement is expected to be completed in the next several weeks, with an effective date anticipated to be at or prior to the end of June.

 NYSE Euronext, through its subsidiary NYSE Regulation, will remain ultimately responsible for overseeing FINRA's performance of regulatory services for the NYSE markets. It will also retain staff associated with rule interpretations, and oversight of listed issuers' compliance with the NYSE markets' financial and corporate-governance standards. The agreement involves approximately 225 staff, most of whom will be transferred to FINRA.

http://lawprofessors.typepad.com/securities/2010/05/finra-will-take-over-nyse-reg-surveillance-and-enforcement-functions.html

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