Members of the National Association of Securities Dealers Inc. have approved an agreement to combine NASD regulatory operations with those of the New York Stock Exchange.
About 83% of the 5,058 firms that were eligible to vote voted, and 64% of the firms that voted supported the by-law changes needed to allow the combination, according to the NASD, Washington.
The by-law changes still must be approved by the U.S. Securities and Exchange Commission, NASD officials say.
The NASD and the New York Stock Exchange have promised that one seat on a new 23-seat self-regulatory organization board will go to “independent dealer/insurance affiliated firms.”
The American Council of Life Insurers, Washington, endorsed the deal.