FINRA’s New Form NMA
Broker-dealers familiar with FINRA’s “filing cabinet” system know it has often been cumbersome. In Regulatory Notice 26-09, FINRA announced enhancements to the Form NMA for applicants seeking FINRA membership before the Membership Application Program (MAP) Group. These updates are a welcome improvement.
What’s New
The enhanced form allows applicants to cross-reference documents across sections, eliminating the need to upload duplicative materials. Anyone who has uploaded multiple copies of document in the current form knows that alone is a win. FINRA has also clarified and revised certain information requests, replaced free-text responses with structured elements such as checkboxes and tables, and embedded links to CRD records, FINRA rules, and applicable securities laws.
Applications submitted using the legacy Form NMA before April 15 will continue to be processed under that format. However, any application initiated on or after deployment of the enhanced form—whether in draft or submission—must use the new Form NMA. FINRA will retire the legacy form on July 15, 2026.
Finally, something to welcome on April 15.
Because broker-dealers, registered investment advisers and their representatives want to the spend their time serving their clients, not their regulators.
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