SECURITIES

SEC OKs Rule Change to Alter NASD Board Composition: The change lets the National Assn. of Securities Dealers, which regulates the Nasdaq Stock Market, change its bylaws so that it can bring on more members representing investors’ interests. Currently, less than 20% of the board is made up of public members. The change follows the recommendations of an extensive report released last month by an independent panel. As a result of the Securities and Exchange Commission action, the NASD board will eliminate one board position from a New York district and one from its Atlanta district, NASD board Chairman Ian Davidson said. Openings resulting from these changes and unrelated retirements will allow six new public and three new industry members with a final board of 27 to 29 members, he said. A further increase in the number of non-industry officials on this board and other governing boards will come after current members approve steps for revamping the entire regulatory structure.