On March 12, 2012, the SEC approved the proposed FINRA amendment to the Standardized Membership Application Form (“Form NMA”) applicants must file pursuant to NASD Rule 1013.
Each applicant for FINRA membership must now complete and electronically file the standardized online Form NMA as part of its new member application. Also, information requests on specific topics that currently are located throughout the form are group together to help reduce current duplicative information requests in Form NMA. The new amendments are effective April 12, 2012, (30 days after filing with the SEC). Standard Group 6 (Communications and Operational Systems) includes information requests regarding an applicant’s communications and operational systems currently in Sections VI (Policies and Procedures) and VII of existing Form NMA (e.g., communications and operational systems descriptions, supervision arrangements of multiple locations, business continuity plan documents). The standard also incorporates requests for additional information (e.g., information relating to the use of social media sites).