Proposed SRO dubbed SIRA

NASD and NYSE's self-regulatory organization will be called the Securities Industry Regulatory Authority, or SIRA.

NASD and NYSE Regulation’s proposed self-regulatory organization governing the securities industry will be called the Securities Industry Regulatory Authority, or SIRA.
NASD chairman and chief executive Mary Schapiro, who will lead SIRA when the two regulators merge, announced the new name in a speech in Washington this afternoon.
The deal between NASD and NYSE Regulation, the regulatory body of NYSE Euronext Inc., is expected to be finalized soon and would make SIRA the largest self-regulatory organization for securities brokers and dealers in the world.
It would cover the 200 NYSE-regulated brokerage firms, which are also currently required to be registered with NASD and which account for 80% of the industry’s revenues.
Ms. Schapiro said the body—which will have about 3,000 employees—will try to help firms meet their compliments and regulatory obligations.
“The challenge for SIRA will be to protect investors and keep the markets fair while allowing the industry to thrive during a time of heightened competition and globalization,” said Ms. Schapiro said in prepared remarks.
She added that SIRA will make focus on investor education.