Guidance for New Member Applications (NMA)

Overview

The following is a guide to assist applicants as they prepare and submit information and documentation for FINRA Form New Member Application (NMA). To conduct securities transactions and businesses with the investing public in the US, a broker-dealer and its associated persons must be registered with FINRA. An important step in the registration process is to seek approval for FINRA membership, which is initiated through the submission of the New Member Application (or Form NMA), which is reviewed by FINRA’s Membership Application Program (MAP) Group. MAP’s review of Form NMA is governed by Rules 1011 through 1019 (collectively, the MAP rules) under the FINRA Rule 1000 Series (Member Application and Associated Persons Registration). For purposes of this Checklist, a prospective applicant should carefully review in particular, Rules 1012 (General Provisions), 1013 (New Member Application and Interview), and 1014 (Department Decision).

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 firm. 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 firms or other entities.

Updates

This tool was last updated on April 14, 2023. 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. Applicants are also encouraged to avail themselves of MAP’s pre-filing meeting process by contacting MAP at 212-858-4000 – Option 5 – Membership Applications or by email.

Staff Contact(s)

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.

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)