NASD was formed as a result of this act and is the only association registered with SEC. In general the legislation was concerned with establishing the mechanism of the over-the-counter market in corporate securities. (Stock exchanges had long regulated and controlled the business practices of their members.) NASD became the means for accomplishing this control in unlisted securities. It is a truly national organization of brokers and dealers, without regard to their geographic location or the kind and volume of business done. The New York Security Dealers Association originated newspaper quotations in 1926 and turned this function over to the NASD in 1939.


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