The Nasdaq Stock Market Inc. has announced plans to transfer the Over-the-Counter Bulletin Board (OTCBB) business to the National Association of Securities Dealers.

Nasdaq said Friday that it plans to enter into an agreement to transfer the OTCBB business and the trade reporting of all other OTC securities to the NASD.

Nasdaq will continue to provide the technology and connectivity used to carry out the day-to-day functions of the OTCBB and OTC trade reporting, but the OTCBB business will be owned, managed and continue to be regulated by the NASD.

The exchange says that the move is designed to facilitate changes to its corporate structure to allow Nasdaq to achieve exchange status. It is not expected to have a material impact on its operating results.

The transaction is subject to approval from the US Securities and Exchange Commission, the signing of a definitive agreement, and other necessary approvals.