Maloney Act of 1938 An amendment to the Securities Exchange Act of 1934 that gave the NASD the authority to regulate the over the counter market. The NASD is now part of FINRA.
The Maloney Act of 1938 created the NASD as the Self Regulatory Organization for the OTC market. The OTC market was a relatively un regulated market place where securities traded over the telephone between dealers. Today the OTC market has developed in to a very efficient electronic exchange known as NASDAQ as well as into other markets where shares of less established issuers are traded. The NASD is know part of the larger industry regulator known as FINRA.
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