Guidance for Applications for an Expansion of Representatives
Overview
This Guidance is to assist applicants prepare Form CMA (Continuing Membership Application), when seeking approval of an increase in associated persons involved in sales, as defined in IM-1011-1. (See Standard 1 for further detail.) Specified parts of Form CMA are marked with an asterisk (*) to designate the information or documentation that must be submitted with the application. One factor that may impede the CMA review process pertains to the documentation and information that may be lacking in an application when it is first submitted to FINRA. Described below is some key information that may help facilitate the CMA review process. However, the information and documents listed in this Guidance are not exhaustive, and while there may be some items listed in this Guidance that may not be marked as mandatory in the application, such information and documents are often provided to facilitate the review process as Rule 1017 (Application for Approval of Change in Ownership, Control, or Business Operations) permits FINRA to request additional documents and information as necessary to render a decision on an application.
FINRA Compliance Tool Disclaimer
This optional tool is provided to assist member firms in fulfilling their regulatory obligations. This tool is provided as a starting point, and you must tailor this tool to reflect the size and needs of your applicant. Using this tool does not guarantee compliance with or create any safe harbor with respect to FINRA rules, the federal securities laws or state laws, or other applicable federal or state regulatory requirements. This tool does not create any new legal or regulatory obligations for applicants or other entities.
Updates
This tool was last reviewed and updated, as needed, on March 6, 2024. This tool does not reflect any regulatory changes since that date. FINRA periodically reviews and updates these tools. FINRA reminds member firms to stay apprised of new or amended laws, rules and regulations, and update their WSPs and compliance programs on an ongoing basis.
Additional Guidance
Member firms seeking additional guidance on certain regulatory obligations should review the Broker-Dealer Registration Topic Page and other relevant FINRA Topic Pages.
Staff Contacts
FINRA’s Office of General Counsel (OGC) staff provides broker-dealers, attorneys, registered representatives, investors and other interested parties with interpretative guidance relating to FINRA’s rules. Please see Interpreting the Rules for more information.
OGC Staff Contacts:
Kosha Dalal and Sarah Kwak
1700 K Street, NW
Washington, DC 20006
(202) 728-8000
MAP staff contacts:
Jante Turner
(202) 728-8317
MAP Intake
MAP Group
(212) 858-4000 (Option 5 – Membership Applications)