Press Releases

Release Date: January 21, 2007

SIFMA Praises Approval of SRO Consolidation

Contact:
Travis Larson (202) 216-2057         tlarson@sifma.org

Melissa Buden          (212) 618-0502         mbuden@sifma.org

Washington, DC January 21, 2007 – The Securities Industry and Financial Markets Association (SIFMA) today celebrated NASD member firms’ approval of the NASD/NYSE regulatory consolidation. 

“This is a pivotal victory which will deliver a more effective and efficient regulatory environment – a win for investors and for the financial industry,” said Marc Lackritz, co-CEO of SIFMA.  “Firms of all shapes and sizes will reap the benefits of being overseen by a single regulator.”

“The most recent figures available show that compliance costs have doubled in a three year period, to more than $25 billion in 2005, up from $13 billion in 2002,” said Micah Green, co-CEO of SIFMA.  “A single regulator, with one rulebook, one set of procedures and one set of examinations will eliminate regulatory confusion and reduce wasteful redundancy.”

SIFMA has been a vocal advocate of a single self-regulatory organization since 2000.  After NASD and NYSE Regulation announced the consolidation proposal in December of 2006, some of SIFMA’s individual sub-committees, including the Independent Firms Committee, Regional Firms Committee and Small Firms Committee endorsed the proposal, and subsequently played a vocal role in educating their peers about the deal. 

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The Securities Industry and Financial Markets Association brings together the shared interests of more than 650 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members’ interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.