Continuing Membership Guide - Application Content Guidance

When a FINRA member firm plans to undergo a material change as defined by NASD Rules 1017 and 1011, it must file a Continuing Membership Application (“CMA”).  While the precise information necessary for any application varies with each case, certain information is generally relevant to most applications, which is summarized in the Continuing Membership Guide.  

Depending on the nature of the application, firms are encouraged to supply as much of the information identified in the Continuing Membership Guide 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.