Membership Rules Reference

The following topics cover the requirements applicable to membership, indexed to the related sections in the NASD Manual.

 

Qualification for Membership	FINRA By-Laws, Article III
Restrictions on Admission to or Continuance in Membership	FINRA By-Laws, Article III, and NASD Rule 1017
Similarity of Membership Names	FINRA By-Laws, Article IV, Section 2
Membership Application Fee and "No Refund" Policy	FINRA By-Laws, Schedule A
Executive Representative	FINRA By-Laws, Article IV, Section 3
Registration of Branch Offices	FINRA By-Laws, Article IV, Section 8
Definition of Branch Office	NASD Rule 3010
Registration of Principals	NASD Rule 1020
Two Principal Requirement	NASD Rule 1021(e)
Categories of Principal Registration	NASD Rule 1022
General Securities Principal	NASD Rule 1022(a)
Limited Financial and Operations Principal	NASD Rule 1022(b)
Limited Principal—Investment Company and Variable Contract Products	NASD Rule 1022(d)
Limited Principal—Direct Participation Programs	NASD Rule 1022(e)
Registered Options Principal	NASD Rule 1022(f), IM-1022-1
Senior Registered Options Principal and Compliance Registered Options Principal	NASD Rule 1022(f)(1)
Persons Exempt From Registration	NASD Rule 1060
Annual Assessment of Firms and Individuals	FINRA By-Laws, Schedule A, Section 1
Fees (branch offices, registrations, examinations, firms)	FINRA By-Laws, Schedule A, Section 2
Fidelity Bond Requirement	NASD Rule 3020
SEC Net Capital Rule	SEC Rule 15c3-1
SEC Fingerprint Rule	SEC Rule 17f-2
Membership Interview	NASD Rule 1013(b)
Standards for Admission	NASD Rule 1014(a)
Lapse of an Application	NASD 1012(b)
Written Supervisory Procedures	NASD Rule 3010