FINRA Proposes Changes to New and Continuing Membership Application Processes
On January 4, 2010, the Financial Industry Regulatory Authority (“FINRA”) proposed for public comment new rules (the “Proposed Rules”) that would govern FINRA’s New Membership Application (“NMA”) and Continuing Membership Application (“CMA”) processes.1 Of particular note, the Proposed Rules would (i) require applicants to provide, and allow FINRA to consider, detailed information on the applicant’s Affiliates,2 (ii) expand the categories of changes that would trigger a CMA filing, and (iii) institute new advance notice requirements for certain significant events that do not trigger a CMA.
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