FINRA Proposes New Form CMA for 1017 Applications
FINRA has submitted to the SEC a proposal that would streamline the process for submitting continuing membership applications. The new Form CMA would become the new vehicle by which firms would submit applications to FINRA under NASD Rule 1017, which requires FINRA approval for certain material events such as changes in equity ownership and material changes in business operations. An electronic form designed to follow the format of Form NMA (new member applications), Form CMA includes 12 sections, some of which will be pre-populated. According to FINRA, the new form will allow some flexible textual information. FINRA says that the new form will streamline the approval process.