The National Association of Securities Dealers Inc. has notified the U.S. Securities and Exchange Commission about proposed by-law changes related to the pending consolidation of NASD regulatory functions with those of NYSE Regulation Inc.

One provision of the proposal would create a board seat that would go either to an independent dealer or to an insurance affiliate of a securities broker or dealer.

Comments on the proposal are due April 16.

The notice of the proposed rule change is on the Web at Document Link