X

FINRA Makes Operational Changes to Membership Application Program

FINRA notified firms of operational changes to its Membership Application Program ("MAP"). Firms are not required to take any action in response to these changes.

According to the FINRA Information Notice, changes to MAP include:

  • a new centralized MAP intake function to (i) enable applicants to request early-filing meetings, (ii) manage the new centralized resources for firms and (iii) continue to assess applications for completeness, determine whether applications are eligible for expedited review and assign applications to the appropriate MAP group for review; and

  • dividing FINRA MAP review teams into the same three groups used by the FINRA Examination and Risk Monitoring programs: (i) Retail; (ii) Diversified, Carrying and Clearing, Trading & Executions; and (iii) Capital Markets.

Primary Sources

  1. FINRA Information Notice 4/19/22: FINRA Membership Application Program Transformation
  2. FINRA Regulatory Notice 22-11

Tags

Regulated Activities
Registration Process
Sub-Activity
Continuing Membership Application, FINRA Membership Process
Regulated Entities
Broker-Dealers
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
FINRA / MSRB / SEC Exchanges / SIPC / Accountants
Sub-Author
FINRA