This Interpretive Material sets forth a membership waive-in process for certain NYSE American LLC ("NYSE American") member organizations to become members of FINRA as part of the acquisition by NYSE Euronext of the Amex Membership Corporation. It applies to any NYSE American member organization that (i) holds a valid 86 Trinity Permit as of the date such firm transfers its equities
(a) Filing by Applicant or Service by FINRA
(1) An Applicant for membership shall file an application in the manner prescribed in Rule 1013, including the timely submission of an application fee pursuant to Schedule A to the FINRA By-Laws.
(2) An Applicant seeking approval of a change of ownership, control, or business operations shall file an application in the manner prescribed in Rule 1017,
This interpretive material concerns the types of business expansions that will not require a member to submit a Rule 1017 application to obtain FINRA's approval of the expansion. This safe harbor applies to: (1) firms that do not have a membership agreement, and (2) firms that have a membership agreement that does not contain a restriction on the factors listed below.
The safe harbor is not
Unless otherwise provided, terms used in the Rule 1000 Series shall have the meaning as defined in Rule 0160.
(a) "Applicant"
The term "Applicant" means a person that applies for membership in FINRA under Rule 1013 or a member that files an application for approval of a change in ownership, control, or business operations under Rule 1017.
(b) "Associated Person"
(a) Filing Requirement
Except as provided in Rule 1013(a)(2), all forms required to be filed by Article IV, Sections 1, 7, and 8, and Article V, Sections 2 and 3, of the FINRA By-Laws shall be filed through an electronic process or such other process FINRA may prescribe to the Central Registration Depository.
(b) Supervisory Requirements
(1) In order to comply with the supervisory procedures
(a) The Financial Industry Regulatory Authority, Inc. delegates to its subsidiaries, FINRA Regulation, Inc. and FINRA CAT, LLC (hereinafter "Subsidiaries"), the authority to act on behalf of FINRA as set forth in a Plan of Allocation and Delegation adopted by the Board of Governors and approved by the SEC pursuant to its authority under the
(a) The terms used in the Rules, if defined in the FINRA By-Laws, shall have the meaning as defined in the FINRA By-Laws, unless a term is defined differently in a Rule, or unless the context of the term within a Rule requires a different meaning.
(b) When used in the Rules, unless the context otherwise requires:
(1) "By-Laws"
The term "By-Laws" means the
(a) Obligations of the Registered Person
(1) A registered person shall decline being named a beneficiary of a customer’s estate or receiving a bequest from a customer’s estate upon learning of such status unless one of the following conditions is satisfied:
(A) The customer is a member of the registered person's immediate family; or
(B) Upon learning of such status, the
(a) Each member that is a party to an arbitration in which more than $25,000, exclusive of interest and expenses, is in dispute must pay non-refundable process fee, due at the time the parties are sent arbitrator lists in accordance with Rule 13403(b), as set forth in the schedule below.
Process Fee Schedule
Amount of Claim
(exclusive of interest
and expenses)
Process Fee
(a) Hearing Session Fees
(1) Hearing session fees will be charged for each hearing session. The total amount chargeable to the parties for each hearing session is based on the amount in dispute, as specified in the schedule below. In the award, the panel will determine the amount of each hearing session fee that each party must pay.
Hearing Session Fees
Amount of Claim(exclusive of
