FINRA proposed amendments to NASD Rule 1010 (Membership Proceedings) to reduce burdens that the membership application process imposes on firms. The proposal is a response to the retrospective review (from March 2015) of the membership application program ("MAP") rules. If adopted, the amendments would replace the NASD Rule 1010 Series with the FINRA Rule 1100 Series (New and Continuing Membership).
The proposed amendments to the MAP rules include, among other things:
- adopting a new rule series for new membership applications and continuing membership applications ("CMAs");
- improving the MAP rules to make the application process more efficient;
- clarifying the events that would require the filing of a CMA; and
- reducing the overall application review period from 180 to 150 days.
Comments must be received by October 5, 2018.
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