FINRA Provides On-Line Broker-Dealer Registration Tools

Understanding the FINRA Registration Process

Becoming a broker-dealer or making a material change to your existing broker-dealer can be challenging for those who are not familiar with the FINRA application process. The FINRA Membership Application Program Group (MAP) group reviews each application submitted to FINRA in accordance with the Standards of Admission Standards for Admission | FINRA.org, which are set forth in FINRA Rule 1014. Over the past few years, FINRA has added additional staffing and other resources to assist the membership in navigating the complex broker-dealer registration process.

Key FINRA Membership Application Resources

Membership Application Program Tools Page

• Early Firm Meetings. Oyster highly encourages all registration and Continuing Membership Application (CMA) clients to participate in these meetings. This provides FINRA with a view of your firm’s proposed business, even before an application is filed. Importantly, your firm can also get insight into questions FINRA may have on the proposed business, that you can then incorporate into your business plan.
• Application fee information for new and returning members.
• FAQs on the MAP Group.  These FAQs include the “initial review,” rejection, lapse, withdrawal of an application, “substantially complete,” timing considerations, and the coveted “fast-track” review process. Also included is a description of the possible decision outcomes of an application, which includes approval or denial, along with the appeal process.
• Videos.
• Checklists.  These helpful lists provide critical insight into information and documentation required to be provided to FINRA as part of a firm’s business plan and/or FINRA’s on-line application, sorted by business type and specific material change.

Overall, these on-line tools are extremely helpful for potential member firms and existing firms alike, providing valuable insight into what FINRA expects to see as part of any firm’s application.

Additional Broker-Dealer Registration Resources

Registering A Broker-Dealer: The NMA and CMA Process

5 Things To Know Before Registering With FINRA

How To Launch Your Alternative Trading System

Oyster Consulting: Expertise That Makes A Difference

Oyster Consulting’s registration team includes former FINRA Member Application Program specialists, regulators, and industry professionals who bring a wealth of knowledge to every engagement.  Whether you are filing a new membership application, continuing membership application, a materiality consultation, or requesting for a waiver from the two general securities principal requirement, Oyster has the expertise you need to help you navigate the challenging application process.