Major securities regulatory agencies are coming a step closer to joining forces.

Members of the National Associated of Securities Dealers board have voted to approve a proposal to create a new “self-regulatory organization” that would combine the broker-dealer supervision operations of both the NASD, Washington, and the NYSE Group Inc., New York.

NASD members still have to approve the proposal.

The NASD expects to mail proxy cards to member firms next week. Member firms have 30 days to submit their votes.

The NASD now regulates about 5,100 member firms, and about 200 of those are also regulated by NYSE, officials say.

NYSE would continue to regulate the markets it runs and oversee the companies listed on the New York Stock Exchange, but the deal could have a significant effect on life insurers with large, NYSE-regulated broker-dealer operations, officials say.

One merger agreement provision would guarantee “independent dealer/insurance affiliated firms” at least 1 seat on a new 23-seat SRO board.

The deal should save enough money to help the NASD reduce some member fees for 5 years and to pay each member firm $35,000 at closing.

The NASD and NYSE have not yet named the proposed SRO, but they say it would have main offices in Washington and New York, along with 2,400 staffers from the NASD and 470 members of the NYSE regulation, arbitration and enforcement team.