After You Apply as a Funding Portal

After receiving a complete application, FINRA will review and process it within 60 calendar days.

Here's how the process works.

1. FINRA Conducts Preliminary Review of the Application

Once the application fee payment is verified and the application is submitted through FINRA's system for processing, FINRA staff will assess the application within 14 days to determine if it is complete. Applicants should note that, pursuant to Funding Portal Rule 110(a)(5), an application that is not complete within the 14-day period will be rejected and deemed not to have been filed. FINRA staff will issue a notice to that effect to the applicant, and refund the application fee less a processing fee.

Applicants should further note that, pursuant to Funding Portal Rule 110(a)(6), FINRA may, within 14 days of the filing of the application, serve an initial request for additional information or documents necessary to render a decision on the application. The applicant must file the requested information or documents within 14 days after FINRA serves the request. FINRA may serve subsequent requests for additional information or documents at any time during the application process. The applicant must file any such subsequently requested information or documents within seven days after service.

2. FINRA Evaluates Application Against Standards for Admission

Each applicant for funding portal membership will be assessed in accordance with the standards for admission as set forth under Funding Portal Rule 110(a)(10). Learn more about the standards for admission.

Under Funding Portal Rule 110(a)(3)(B), applicants subject to a statutory disqualification must disclose that information during the new member application process. Please see

January 2016_Funding Portal_SD Guide.pdf

3. FINRA May Require Amendments to an Application

If FINRA requests additional information or documents as part of its review, the applicant may need to amend its application via Funding Portal Gateway so as to accurately reflect the information or documents. Applicants should note that amendments to an application may delay the time for FINRA to make a decision, so submitting a complete and accurate application from the outset will help reduce delays in processing.

4. FINRA Interviews the Applicant

Pursuant to Funding Portal Rule 110(a)(9), FINRA staff will conduct one or more membership interviews with each applicant for funding portal membership. The interviews may be conducted by video conference or another means as FINRA may specify.

Learn more about the interview process.

5. FINRA Issues a Decision

Pursuant to Funding Portal Rules 110(a)(10) through (12), in issuing a decision, FINRA considers the application, other information and documents provided by the applicant during the application process, other information and documents obtained by FINRA, and the public interest and the protection of investors. As discussed above, FINRA makes a determination whether the applicant meets the standards for admission as set forth under Funding Portal Rule 110(a)(10). If FINRA determines to grant the application, FINRA will serve a written decision to that effect. The applicant’s approval for membership will be contingent on the member filing an executed membership agreement. The executed membership agreement must be filed with FINRA within seven days after service by FINRA.

In cases where FINRA determines to deny the application, the Funding Portal Rules set forth procedures by which applicants may file an appeal. Please see Funding Portal Rule 110(a)(13) for details about the appeal process.

Withdrawing an Application

Pursuant to Funding Portal Rule 110(a)(7), if an applicant withdraws an application within 14 days after filing the application, FINRA will refund the application fee, less a processing fee, which FINRA shall retain. If the applicant determines to again seek funding portal membership with FINRA, the applicant must submit a new application and fee.

Lapse of Application

Pursuant to Funding Portal Rule 110(a)(8), an application will lapse if the applicant fails to: (1) respond fully within 14 days after service of an initial request for information or documents, or within seven days after service of a subsequent written request; (2) appear at or otherwise participate in a scheduled membership interview; (3) file an executed membership agreement within seven days after service. FINRA will not refund any fee for a lapsed application.

If an applicant wishes to again seek membership subsequent to the lapse of an application, the applicant will need to submit a new application and fee.