Regulatory Notice 18-23

FINRA Requests Comment on a Proposal Regarding the Rules Governing the New and Continuing Membership Application Process

Comment Period Expires: October 5, 2018

Summary

FINRA seeks comment on proposed amendments to the NASD Rule 1010 Series (Membership Proceedings) (collectively, the Membership Application Program (MAP) rules). The proposal is the result of FINRA’s retrospective review of the MAP rules and processes, and is intended to reduce unnecessary burdens on new and existing firms, while strengthening investor protections. The proposed amendments would replace the NASD Rule 1010 Series with the proposed FINRA Rule 1100 Series (New and Continuing Membership). The proposed amendments would also include additional provisions to address regulatory issues FINRA staff identified and codify existing membership-related interpretations and practices.

A chart detailing the restructuring of the proposed rules and the text of the proposed rules are set forth in Attachment A and B, respectively.

Questions regarding this Notice should be directed to:

  • Kosha Dalal, Associate Vice President and Associate General Counsel, Office of General Counsel (OGC), at (202) 728-6903;
  • Sarah Kwak, Assistant General Counsel, OGC, at (202) 728-8471; and
  • Alissa Robinson, Senior Director, Membership Application Program, at (212) 858-4764.

Questions concerning the Economic Impact Assessment in this Notice should be directed to:

  • Lori Walsh, Senior Director, Office of the Chief Economist (OCE), at (202) 728-8323; and
  • Dror Kenett, Economist, OCE, at (202) 728-8208.

Related Documents: 

DateTitleFormat - Size
7/26/2018Attachment A, Restructuring of the Proposed Rules Chart PDF - 123.96 KB
7/26/2018Attachment B, Text of the Proposed RulesPDF - 334.66 KB
The views, expressions, findings and opinions expressed in the comments on this Web page are solely those of the author(s) and FINRA accepts no responsibility for the content of the comments: 
DateCommenterFormat - Size
10/5/2018ForesidePDF - 138.7 KB
10/5/2018Financial Services InstitutePDF - 238.41 KB