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New Super SRO Named
Consolidation of NYSE/NASD regulatory arms now called Securities Industry Regulatory Authority
It's official. Mary Schapiro announced in a speech June 19 that the new self-regulatory organization (SRO) formed by the consolidation of NASD and NYSE Member Regulation is called the Securities Industry Regulatory Authority (SIRA). The NASD said the name was selected because it reflects the organization's goal: to ensure that people recognize SIRA as the largest, most effective SRO in the U.S. financial services industry. In announcing the new name, Schapiro said the SRO, "with nearly 3,000 staff, is committed to reducing regulatory costs for all firms while providing more effective protection for the tens of millions of people who invest for their future in the U.S. capital markets." The official launched date of SIRA "is forthcoming," according to the NASD. Meanwhile, the NASD says the SEC is continuing its review of the necessary regulatory filings--and NASD and NYSE staff are working to bring the transaction to a close.