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.