Report from SIFMA’s 40th Annual Compliance and Legal Division Seminar: FINRA Officials Provide an Update on the NASD – NYSE Merger
April 2008
Russell D. Sacks,
Charles S. Gittleman
On March 31, 2008, the Securities Industry and Financial Markets Association (“SIFMA”) opened its 40th annual Compliance and Legal Division Seminar with a general session (the “March 31 Session”) principally devoted to a discussion of the results of (to date) and next steps in relation to the merger of NASD with the member regulation of the New York Stock Exchange (the “Merger”). The Merger, which was approved by the U.S. Securities and Exchange Commission (the “SEC”) in July of 2007,1 created the U.S. Financial Industry Regulatory Authority (“FINRA”), which now serves both as the principal regulator of the over-the-counter markets and as the largest regulator of business conduct in the U.S. securities industry. Virtually all U.S. broker-dealers (as measured both by number and size) are members of FINRA.
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