Regulatory Alerts2023-11-09 | Regulatory Notice 23-19Added · Updated
FINRA Adopts Short-Form Membership Application Process for Firms Required to Join Due to Amended SEA Rule 15b9-1
FINRA adopted Interpretive Material 1013-3 to allow eligible SEC-registered non-member firms to submit a short-form membership application instead of the standard process under Rule 1013. Eligibility is restricted to firms that have been members of a national securities exchange with a FINRA regulatory services agreement for the 12 months prior to August 23, 2023, and must apply at least 120 calendar days before the November 6, 2023 compliance date of the amended SEA Rule 15b9-1. FINRA also granted a partial waiver of the membership application fee, charging eligible firms one-half of the standard fee, though full fees apply if the firm seeks to materially expand its business operations or is required to undergo the full application process.