Regulatory Notice 12-33

FINRA Amends Electronic Form NMA and Adopts New Electronic Form CMA Filing Requirements

 

Implementation Date: July 23, 2012

Executive Summary

FINRA has amended Form NMA and adopted new Form CMA. Beginning July 23, 2012:

  • all prospective applicants for FINRA membership (new member applicants or NMA applicants) pursuant to NASD Rules 1012 (General Provisions) and 1013 (New Member Application and Interview) must submit the revised Form NMA as part of their new member applications; and
  • all prospective applicants for approval of a change in ownership, control or business operations (continuing membership applicants or CMA applicants) pursuant to NASD Rules 1012 and 1017 (Application for Approval of Change in Ownership, Control, or Business Operations) must submit the new electronic Form CMA as part of their continuing membership applications.

FINRA filed the rule change to amend online Form NMA for immediate effectiveness on March 5, 2012, with no changes made to existing rule text. On May 31, 2012, the Securities and Exchange Commission approved the rule filing to amend NASD Rules 1012 and 1017 to adopt the new standardized electronic Form CMA.

 

The text of NASD Rules 1012 and 1017 as amended is set forth in Attachment A.

Screenshots of revised Form NMA are set forth in Exhibit 3 to SR-FINRA-2012-017, and screenshots of new Form CMA are set forth in Exhibit 3 to SR-FINRA-2012-018.

 

Questions concerning this Notice should be directed to Joseph Sheirer, Director and Counsel II, Membership Application Program, at (212) 858-5132.

 

Questions concerning technical requirements and the Forms NMA and CMA should be directed to FINRA’s Gateway Call Center at (301) 590-6500.

 

The July 23, 2012, implementation date for required use of the new electronic Form CMA has been revised by SR-FINRA-2012-036 to August 27, 2012. However, firms may begin using the electronic Form CMA on July 23, 2012. The implementation date for the amended electronic Form NMA remains July 23, 2012.