FINRA filed for immediate effectiveness proposed amendments that would update its Continuing Membership Application Form to conform to Membership Application Program ("MAP") rule amendments going into effect on September 1, 2021.
Among other things, FINRA's proposed changes would modify Form CMA to (i) provide in the "Type of Continuing Membership Application" section a list of the events under FINRA Rule 1017(a) ("Events Requiring Application") requiring members to file Form CMA, and (ii) make non-substantive and technical updates to enhance the form's "clarity and consistency, and to promote efficiency."
FINRA stated that the amendments would aid (i) applicants in providing the information necessary to demonstrate that they can satisfy the criteria for admission as a member under FINRA Rule 1014(a) ("Standards for Admission") and (ii) FINRA in its review of applications for membership following the effective date of the amendments to the MAP rules.
To coincide with the effective date of the amendments to the MAP rules, FINRA asked the SEC to waive the usual requirement that the proposed rule change not become operative until 30 days after the FINRA filing. FINRA stated that aligning the operational date of these proposed amendments to Form CMA will facilitate compliance with the amended MAP rules.
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