Membership Decision and Appeals

Decision Issuance

After considering the application, the membership interview, documents provided by the Applicant, other information, the public interest and the protection of investors, FINRA will issue a decision as to whether membership will be granted, granted with restrictions or denied. The decision will be based upon a determination as to whether the Applicant meets the Standards for Admission set forth in FINRA Rule 1014, or in the case of Funding Portals, FP Rule 110. 

If the decision either grants with restrictions or denies the membership application, the written decision will explain the rationale referencing the applicable standard(s). 

After the FINRA MAP Group receives an executed Membership Agreement and confirms that there are no deficiencies on the firm's account, the MAP Group staff will send an acknowledgement to the Applicant welcoming the Applicant to FINRA and informing the newly admitted member or funding portal that it may commence business operations. 

Appealing the Decision

Under FINRA Rule 1015, or in the case of Funding Portals, Funding Portal Rule 110 paragraph (a)(13)(A), an applicant may file a written request for review of the membership decision with FINRA's National Adjudicatory Council within 25 days (14 days for Funding Portals) of service of the decision by sending a written request to: 

National Adjudicatory Counsel
Office of General Counsel
FINRA
1700 K Street, N.W.
7th Floor
Washington, DC 20006

A copy of this request must simultaneously be sent to the FINRA MAP Group. A request for review must include, with specificity, the reasons why the Applicant believes that the decision is inconsistent with the membership standards or otherwise should be set aside. If the Applicant would like to present information at a hearing, the written request for review must indicate that a hearing is requested. 
 
The decision of the FINRA National Adjudicatory Council is the final action of FINRA, subject to review at the discretion of the FINRA Board. An Applicant aggrieved by final action of FINRA may apply for review by the SEC pursuant to Section 19(d)(2) of the Exchange Act. The filing of an application for review will not stay FINRA's decision until the SEC otherwise orders.