Compliance costs have nearly doubled in the past three years, according to a report from the Securities Industry Association. As a result, the SIA is calling for the elimination of regulatory duplication between the NASD and the New York Stock Exchange.

"Having two regulators is like having to fill out two sets of federal tax returns from two different countries, each with its own rules and requirements and each needing different tax advisers," said Marc Lackritz, SIA president.

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