How to Become a Member - Introduction

 

Notice: Effective December 1, 2009, Written Supervisory Procedure (WSP) Checklists provided in connection with a New Membership Application, Continuance in Membership Application or Membership Agreement Change must be submitted on the version of the form available on the “Forms and Additional Documents” Web page. Membership applications submitted on or after December 1, 2009, containing a WSP Checklist prepared on any other form, including any other form previously approved by FINRA, will be rejected.

 

This section of FINRA's Web site provides basic guidance for applicants preparing to seek membership in FINRA (applicants), including a description of the filing and qualification requirements, and admission standards that must be satisfied before FINRA membership is granted. This is a general guide provided for the benefit of applicants and should not be considered a replacement for the appropriate rules and regulations. Consult the applicable rules and/or contact the Centralized New Member Application (NMA) Department at (212) 858-4000 with any questions about filing the revised New Member Application Form (Form NMA).

 

Questions?

If, after reviewing this section of the Web site, you need more information, help completing forms or clarification of registration requirements, contact the Centralized NMA Department at (212) 858-4000 or an application specialist in FINRA's Department of Registration and Disclosure (RAD) at (301) 590-6500.

 

For technical questions about the online Form NMA, contact the FINRA Gateway Call Center at (301) 590-6500.

 

Note: Some applicants use service bureaus for assistance with completing membership applications. Electing to use a service bureau does not relieve an applicant of its regulatory responsibilities, including the timely submission of complete and accurate registration-related filings. FINRA does not endorse or recommend any specific service bureau.

 

Before You Apply

 

Submitting a FINRA membership application is a serious undertaking and should be considered carefully. You may wish to consider alternatives to applying for membership depending on your desired goals. For instance, working for an existing member firm or managing the branch office of a firm might achieve your objectives without going through this application process.

 

If you decide to file an application, you must fully understand all of the substantive and procedural requirements. Moreover, you must be in a position to provide, in a timely manner, information that addresses how you will satisfy the standards for admission and other applicable statutory and regulatory requirements. The first step is to read the NASD Rule 1010 Series and this section of the Web site in detail. Then, if you are ready, order the FINRA Membership Kit (see below) and read the applicable FINRA and SEC rules and regulations in detail.

 

 

To facilitate the membership application process, FINRA offers a membership kit that includes a CD with links to the necessary forms and information required to submit an application, register personnel and register any branch offices. To order a kit, send a check or money order made out to FINRA for $24.95 (includes shipping and processing) to:

 

FINRA
MediaSource
PO Box 9403
Gaithersburg, MD 20898-9403

 

Or fill out the MediaSource order form and mail it to the above address.

 

Review the Membership Application Process

The NASD Rule 1010 Series sets out the substantive standards and procedural guidelines for the entire membership application and registration process. It is imperative that prospective applicants read and fully understand the application requirements, standards of admission in NASD Rule 1014 and the membership process before submitting an application.

 

The rules require applicants to strictly adhere to specific deadlines. Failure to submit complete and accurate information in a timely manner can result in the rejection of the application at the time it is filed (i.e., for failure to file a substantially complete application) or lapse of the application (i.e., termination of the application for failure to completely and timely respond to requests for information) and loss of a portion of or all monies paid to FINRA.

 

Other Resources for Applicants

 

 

How to Apply

 

All FINRA membership applicants must submit applications online using an electronic Form NMA via the FINRA Firm Gateway. (See the Form NMA Participant Guide (PDF 1.22 MB) for instructions on how to access the Form NMA.)

 

1. Fund the applicant's CRD account. FINRA requires applicants to fund, via electronic funds transfer, the general account from which the application, examination, state and other registration fees will be drawn. Initial payment of the application fee and funding for the applicant's CRD account cannot be made by hard-copy checks.

 

2. Submit hard-copy forms.

 

  1. Applicants will need to complete and submit to FINRA the following forms at the same time (it is not possible to submit these forms online). Note: applicants must complete and submit these forms before entitlement is granted to access the Firm Gateway and begin completion of Form NMA.

    Submit these hard-copy forms together to:

    FINRA
    Registration and Disclosure Department
    9509 Key West Avenue
    Rockville, MD 20850

     
  2. In addition to the four forms above, the following items required for membership also cannot be submitted online. Applicants can submit these items after they receive entitlement to access the Firm Gateway and Form NMA (see 3. below); deadlines for each item are in Form NMA and on the Form NMA confirmation and transmittal pages. Please submit them via first-class mail, overnight courier or hand delivery to the District Office for the District in which the applicant's principal place of business will be located.

 

3. Access Form NMA via the Firm Gateway. All FINRA membership applicants must submit applications online using the electronic Form NMA via the FINRA Firm Gateway. The Firm Gateway provides consolidated access to many FINRA forms and applications, including CRD. See the Form NMA Participant Guide (PDF 1.22 MB) for instructions on how to access the Form NMA.

 

Upon notification that system entitlements have been granted (that is, after FINRA processes an applicant's hard-copy forms mentioned in 2. (a) above), FINRA will provide access to the Firm Gateway to electronically submit: (i) Forms U4 for proposed associated persons; (ii) Forms BR for each proposed location; (iii) amended Form BD, as appropriate; and (iv) Form NMA.

 

Order a Membership Kit

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