FINRA Membership Application

FINRA’s New Membership Application (NMA) and Continuing Membership Application (CMA) processes can be time intensive and stressful processes. Quadrant is very familiar with the application process, and we employ several individuals that worked within FINRA’s Membership Application Department. Our team has several years of experience reviewing and conducting applications for membership. We will work with your firm throughout the application process to address all requests from FINRA, the SEC, or state regulators.

FINRA New Membership Application

In order to become a member of FINRA, your firm is required to submit an FINRA New Membership Application. Once the NMA is submitted, it normally takes 120-180 days to complete. It is very important to provide FINRA with complete and accurate information in the initial application, as this will reduce the items subsequently requested by FINRA to complete the application. Below are some of the services that we provide for firms interested in becoming new FINRA members:

  • Apply for and obtain approval of your firm’s name, and ensure the general account is funded
  • Complete and submit required hardcopy forms to FINRA including the Form BD, Super Account Administrator Entitlement Form, E-mail Notification Contact Form, and New Assessment Report
  • Access Firm Gateway to review the Membership Application, complete and submit Forms U-4 and BR, and complete and submit Form NMA
  • Monitor the application process and respond timely to inquiries of FINRA staff
  • Act as a liaison between you and the FINRA examiner assigned to your application

FINRA Continuing Membership Application

Whenever your firm changes its business lines, adds new representatives or branches beyond the safe harbor, changes its ownership structure, or other material changes, FINRA requires you to file a CMA. Your firm must file a CMA whenever you seek to modify or remove restrictions previously imposed in a Membership Agreement. Quadrant can either provide guidance to your firm’s compliance officer with the process, or complete the entire application on your behalf. Below are services that we provide for firms interested in changing ownership, control or business operations:

  • Prepare the FINRA Continuing Membership Application
  • Ensure the application meets NASD Rule 1014 standards
  • Liaise with FINRA’s Membership Application Program Department to facilitate the application
  • Review the new membership agreement to ensure it contains the requested modifications

Membership Application