Securities


SECURITIES
The SEC approved the consolidation of the member firm regulatory functions of the National Association of Securities Dealers Inc. and NYSE Regulation Inc. The consolidated organization will be called the Financial Industry Regulatory Authority, or FINRA.

FINRA, operating under SEC oversight, will regulate all securities firms that do business with the public, including with respect to professional training, testing and licensing of registered persons, arbitration and mediation. FINRA also will be responsible, by contract, for regulating the Nasdaq stock market, the American Stock Exchange and the International Securities Exchange.

NYSE Regulation Inc. will continue to be responsible for the regulatory oversight of trading on the NYSE.

To view the SEC order approving the amendments to NASD’s bylaws, visit www.sec.gov/rules/sro/nasd/2007/34-56145.pdf .

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