Continuing Membership Guide - Application Content Guidance

FINRA’s current membership rules have minimum content requirements for applications filed under Rule 1017. While the precise information necessary for any application varies with each case, certain information is generally relevant to most applications, which is summarized in Section I of the Continuing Membership Guide.

Depending on the nature of the application, firms are encouraged to supply as much of the information identified in Section I as relevant, as part of the application and information required by Rule 1017. In general, items A through D of Section I are relevant to most applications for approval of business expansions or material changes in operations; those listed in sections A through C and E are relevant to most applications for removal or modification of restrictions; and D pertains to applications involving market making.

Section II of the Guide outlines information most commonly requested by FINRA in its review of typical applications for business expansions. Section II is divided into sub-sections, each of which is devoted to a separate business activity. Applicants are encouraged to supply as much information and documentation about the proposed expansion as possible with their initial applications.