Proposed Rule Change to the FINRA By-Laws Regarding Membership Fees

FINRA has filed with the SEC a proposed rule change to amend Section 4 of Schedule A to the FINRA By-Laws to adopt a waiver process for the continuing membership application fee in which FINRA determines that the application is proposing changes that do not require substantial staff review. The proposed rule change also would amend NASD Rules 1013 ("New Member Application and Interview") and 1017("Application for Approval of Change in Ownership, Control, or Business Operations") to provide for a refund of the application fee (less a $500 processing fee) if a new member applicant or continuing membership applicant withdraws an application within 30 days after filing it.

See: Text of Proposed Rule Change (links externally to FINRA website).