A recent New York Stock Exchange rule filing would require all current NYSE-only member firms to become members of the Financial Industry Regulatory Authority (FINRA) and would amend NYSE rules to require FINRA membership as a condition of NYSE membership for future applicants. The filing is related to the recent consolidation of the NASD and NYSE Regulation. In a separate, related filing, NASD (now FINRA) proposed to establish a “waive-in” process to enable the approximately 95 NYSE member organizations that were not also members of NASD on July 25, 2007 to automatically become members of FINRA. Qualifying firms would be required to submit a special application to FINRA to effect the “waive-in.” FINRA will become the Designated Examining Authority for all NYSE member organizations.