|
 |
| 2003
News and Press Releases |
|
|
HEADLINE:
Sen. Shelby Wants Thorough Review Of NYSE Plan
By: Staff Writer - Reuters
Forbes.com. November 20, 2003
_________________________________________________________________________
EXCERPT: U.S. Senate Banking Committee Chairman Richard Shelby on Thursday called for a thorough congressional review of a plan to reorganize the New York Stock Exchange. The Alabama Republican described public reaction to the reform plan as "decidedly mixed" and said the proposals, drawn up by interim NYSE Chairman John Reed, "may be the first step in a more lengthy reform process." Reed has proposed a board of eight independent directors and a separate board of 20 constituent representatives, a structure that would reduce the number of directors overall and divide them into two panels. He has also proposed creating a position of a chief regulatory officer reporting to a regulatory committee made up of independent directors, along with numerous new disclosures of exchange pay and operational matters. The NYSE's board will meet next week to consider identifying both a successor for Reed as well as a chief regulatory officer. In prepared remarks to be delivered to the committee, Reed said he still believed that the NYSE should not split off its regulatory arm -- a move backed by some critics who want more independent oversight of the Big Board. "In essence (critics) are calling for the end of self regulation. I strongly disagree with that view," Reed said. Reed said he hoped his plan to reorganize the NYSE would receive speed approval from the U.S. Securities and Exchange Commission, whose chairman, William Donaldson, also was due to appear before the Senate panel. Donaldson said in prepared remarks that the agency will accept public comments on the NYSE reorganization plan through Dec. 4. "The utility of self-regulation has been reiterated many times through the years," Donaldson said in his prepared remarks.
|
|
|
