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 |
