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June 25, 2007 at 03:17 PM
The combined New York Stock Exchange and National Association of Securities Dealers regulatory body will try to avoid startling financial services companies, a NASD official says.
“Once the merger takes place, there’s not going to be a dramatic change in the world of the compliance officer,” NASD Vice Chairman Douglas Shulman said here today during a compliance and regulatory affairs conference organized by NAVA Inc., Reston, Va., the group formerly known as the National Association for Variable Annuities.
When the NYSE, New York, and NASD, Washington, close the regulatory combination deal, the deal will create a new Securities Industry Regulatory Authority.
The only change companies under SIRA’s jurisdiction should notice will be a more coordinated examination force, Shulman said.
“There shouldn’t be any big surprises for you,” Shulman said.
SIRA will work towards making regulation more efficient and flexible, with the understanding that “one-size-fits-all rulemaking is not always the best approach,” Shulman said.
