How to Apply as a New Funding Portal
For your firm to become a registered funding portal with FINRA, your firm must complete the following steps.
1. Reserve Your Firm’s Name
Make sure to request and reserve a proposed name for your firm from FINRA before filing with the SEC. FINRA checks that the name is not identical to an existing member firm’s name or so similar that it will confuse or mislead others.
To reserve a name, please complete the Firm Name Reservation Request Form (PDF 108 KB).
2. File with the SEC
Applicants must complete SEC Form Funding Portal and submit it to the SEC electronically using EDGAR. The SEC will assign your firm an SEC file number that is required to gain access to the FINRA Entitlement Program.
Learn more about registering with the SEC.
3. Complete the FINRA Entitlement Form
Each funding portal firm must designate a Super Account Administrator by completing the the New Funding Portal Organization Super Account Administrator (SAA) Entitlement Form. For more information on FINRA’s Entitlement Program and designating an SAA, visit Entitlement for Funding Portals.
4. Submit Fingerprints
SEA Rule 17f-2 generally requires your firm to submit fingerprints for each person who is a partner, director, officer or employee of your firm, subject to certain exceptions. Once your firm receives its Organization ID# generated through the FINRA Entitlement Program, submit fingerprints for your associated persons to FINRA. For additional information regarding fingerprints visit Fingerprints for Funding Portals.
5. Pay Your Application Fees
Send payment of your application fee to FINRA before filing Form FP-NMA. Funding Portal applicants have two options to submit this initial payment:
- Initiate an ACH payment in E-Bill for your firm’s Flex-Funding Account, or
- Use the following instructions to submit payment via wire transfer to FINRA:
|Bank Name:||Bank of America|
|Transfer funds to:||FINRA|
|Wire ABA Number:||026009593|
|ACH ABA Number:||054001204|
|FINRA Account Number:||226005684771|
|Reference Number:||Funding Portal – [INSERT FIRM’S LEGAL NAME—RESERVED BY FINRA]|
6. Complete Funding Portal New Member Application Form
Once your firm is entitled (i.e., receives login credentials), access Funding Portal Gateway to submit
(the new member application for funding portals).