Rulebook Consolidation: Devil in the Principles-Based Details?
At the heart of the consolidation of NASD and the member-regulation arm of the New York Stock Exchange is the integration of their rulebooks, says Mary Schapiro, CEO of the Financial Industry Regulatory Authority (Finra), the newest and biggest self-regulatory organization (SRO).
The rulebook harmonization process, expected to be completed next year, involves reviewing all existing NASD and NYSE rules and changing or eliminating those that are obsolete or duplicative. Rules that apply to dual members are being analyzed to determine to what extent they should inform those in the final rulebook. And Finra is looking at new approaches in certain areas.
|
||||||||||||||||||
