This is particularly critical today, given new, and more complex, products being brought to market. Going forward, Shapiro said, it will be important for the NASD to work with the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Municipal Securities Rulemaking Board, the 50 state insurance departments and numerous banking authorities.
Shapiro said the NASD is paying particularly close attention to products with high fees and outsize and/or complicated risk, as well as brokerages and investment firms that target “vulnerable populations.”
Shapiro said she expects the SEC to approve the merger this summer.