Series 24: 1.2.2.2. FINRA Membership

1.2.2.2.  FINRA Membership

The Exchange Act requires every broker-dealer to be registered with a national securities association (unless it is a member of a securities exchange). FINRA is the only such association.

The following documents must accompany an application for FINRA membership. They are all found on FINRA’s Firm Gateway system, a web-based tool that provides ready electronic access to FINRA compliance and registration forms and submissions.

New member agreement (Form NMA). On the NMA, the applicant identifies its ownership and organizational structure (from Form BD), its intended business activities, its settlement and clearing procedures, and its communications and operations systems. The applicant must identify every associated person in the firm and their responsibilities and disciplinary history, as well as all other personnel and consultants. It must compute its net c