On July 17, 2024, FINRA published three new tools to help firms in the process of filling a new or continuing membership application. New Membership Application Programs (MAP).
FINRA’s MAP serves as the entry point to the securities industry by ensuring that prospective and current FINRA members meet FINRA’s Standards for Admission (Standards). Prospective FINRA members must seek approval for membership through the submission of a New Member Application (NMA). Existing FINRA members must file a continuing membership application when they are contemplating a material change in business operations or when other changes specified by applicable FINRA rules require a Continuing Member Application (CMA). MAP reviews both types of applications – NMAs and CMAs. The FINRA Rule 1000 Series (Member Application and Associated Persons Registration) governs MAP’s review of NMAs and CMAs.
