NASD Chairman Zarb And Board Member Davidson Send Joint Letter To Members On The NASD Restructuring

On Thursday, the National Association of Securities Dealers, Inc. (NASD®) Chairman and CEO Frank G. Zarb and NASD Board Member and President of Zeus Securities, Inc., Smithtown, New York, Alan L. Davidson sent an electronic joint letter to all NASD members on the upcoming NASD restructuring. The restructuring was approved unanimously by the NASD Board on January 4, subject to a vote of the NASD membership. A private placement memorandum and proxy materials are expected to be distributed to the members in the coming weeks, with the vote expected to be completed in late March or early April. Its purpose, as noted in the letter, is "…to briefly describe the transaction and tell you why we think this Board decision to restructure is so vital…." Commenting on the joint letter, Alan Davidson noted, "We encourage members to review the private placement memorandum and proxy materials and vote on this matter." The National Association of Securities Dealers, Inc., is the largest securities-industry, self-regulatory organization in the United States. It is the parent organization of The Nasdaq Stock Market®, The American Stock Exchange®, and NASD Regulation, Inc. For more information about the NASD and its subsidiaries, please visit the following Web sites: www.nasd.com; www.nasdaq.com; www.amex.com; www.nasdr.com; or the Nasdaq NewsroomSM at www.nasdaqnews.com.