Comment Letter: The NYSE and the End of the Structural Separation between Regulatory and Commercial Interests of the Exchange

The NYSE transformed into a for profit entity in 2006. As part of the approval process, the NYSE agreed to structurally separate the regulatory function from the business function. In doing so, the NYSE created NYSE Regulation, a non-profit with an independent board, to handle most regulatory matters. During the comment period, a spirited debate arose over the ability of a for profit company to carry out a regulatory mission. Some suggested that the regulatory function was incompatible with a "for profit" motive and that NYSE Regulation should be spun off. Others accepted the proposed structure but called for additional changes designed to reduce the possible influence of the public holding company over the regulatory function. In the end, the SEC approved the structure but with a number of prophylactic safeguards including the requirement that NYSE Regulation have a board consisting of all independent directors (save the CEO) and that directors from the for profit holding company could not make up a majority of the board. More recently, however, the NYSE has proposed to end the structural separation of the two functions and instead put in place a functional separation. The proposal would result in the termination of the delegation agreement between the Exchange and NYSE Regulation and the creation of both a Regulatory Oversight Committee of the Board of Directors of the Exchange and the creation of a Chief Regulatory Officer. This letter examines the history of the separation of the two functions and critiques the NYSE's proposal.

Reply to comment by L. Fenoglio-Marc et al. on “On the steric and mass-induced contributions to the annual sea level variations in the Mediterranean Sea”

Reply to comment by L. Fenoglio-Marc et al. on “On the steric and mass-induced contributions to the annual sea level variations in the Mediterranean Sea”.

Still Life with Flowers and a Watch

Abraham Mignon; 2 ft. 11 15/64 in.x 2 ft. 4 5/32 in.; oil on canvas

Pioneer church beginnings and educational movements in California, comment on a California church history,

Reviews The Presbyterian church in California, 1849-1927, by E. A. Wicher. New York, 1927.

A rudimentary treatise on clock and watch making : with a chapter ou church clocks... /

Mode of access: Internet.

Arts, humanities, and culture on the NII : draft for public comment /

Reprint (pp. 117-142). Originally published: Information Infrastructure: Reaching Society's Goals. Gaithersburg, MD : National Institute of Standards and Technology, 1994.

Taxes on knowledge : debate in the House of Commons, on the l5th June, 1832, on Mr. Edward Lytton Bulwer's motion "For a select committee to consider the propriety of establishing a cheap postage on newspapers and other publications" : with a comment in the form of notes, and the article from the "Examiner" newspaper, of Sunday, 17th June, 1832.

Goldsmiths'-Kress no. 27723.

Prophetic times and watch tower.

Subtile varies.

A guide to executors and administrators in the settlement of the estates of deceased persons within the State of Ohio, to which is prefixed a brief comment upon the statute of wills /

Includes bibliographical references and index.