Frank G. Zarb, chairman of the National Association of Securities Dealers, will propose a reduction in the number of board members while leaving intact the industry body's three boards, NASD executive A.A. Sommer Jr. said this week..

NASD has separate boards that oversee the parent body, the regulatory unit that polices all U.S. brokers, and the Nasdaq Stock Market unit.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.