On November 17, Richard G. Ketchum, Chief Regulatory Officer of the New York Stock Exchange, Inc. ("NYSE"), and Robert Glauber, Chairman and CEO of NASD, testified before the U.S. House of Representatives Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises on the topic of "Self- Regulatory Organizations: Exploring the Need for Reform."
In their remarks, Mr. Ketchum and Mr. Glauber addressed rule changes proposed by the Securities and Exchange Commission ("SEC") in November 2004 regarding the governance, administration, transparency and ownership of selfregulatory organizations ("SROs") that are national securities exchanges or registered securities associations. The proposals also relate to the periodic reporting of information by these SROs regarding their regulatory programs, and the listing and trading by SROs of their own or affiliated securities. Further, Mr. Ketchum and Mr. Glauber discussed the SEC's related concept release concerning self-regulation, which was issued concurrently.
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