Quadrant has completed numerous NMA and CMA applications and will address your regulatory requests promptly and efficiently, ensuring a smooth and hassle-free experience for your firm.
Quadrant is well-versed in navigating the application process. We understand that dealing with requests from regulatory bodies such as FINRA, the SEC, or state regulators can be overwhelming. However, rest assured that our team is proficient in these applications and will work closely with your firm throughout the NMA and CMA process. We will address regulatory requests promptly and efficiently, ensuring a smooth and hassle-free experience for your firm.
In order to become a member of FINRA, your firm is required to submit an NMA, and upon submission, 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 process.
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 the FINRA Gateway to review the Membership Application, complete and submit Forms U-4 and BR, and complete and submit the 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
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 may be required to 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 CMA
Ensure the application meets FINRA 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