The NMA Process – Start A New Broker-Dealer

In order to start a new broker-dealer, you must submit a new membership application (NMA) to the Financial Industry Regulatory Authority (FINRA).  The NMA process is often an arduous process.  To assist clients, we have a team of experts that can simplify the process, answer any questions, and get you to the finish line.

The NMA Process – Steps to Start a New Broker-Dealer

The NMA process has six major steps as defined by FINRA to start a broker-dealer.

  • Start– Applicant prepares and submits original notarized Form BD & Web CRD Entitlement Forms
  • Orientation-Applicant accesses and reviews Applicant Interface to understand the NMA Process
  • Registration Requirements– Applicant prepares and submits Forms U4 and BR.
  • Membership Application– Applicant prepares and submits Form NMA and additional information required.
  • Interview– Staff schedules and conducts staff interview.
  • Decision– Staff issues decision on Application and Membership Agreement as appropriate.

Our Execution Strategy

Our team of experts have successfully helped many clients achieve broker-dealer ownership. Our execution strategy is well developed and has proven results.

  • Meet with the Client to plan and determine application strategy.
  • Staffing and principal licensing assessment, including a review of the required licensing and prerequisite experience of the Client and its personnel.
  • Consultation on the capital formation and minimum net capital computation of the firm, including proof of funding and bank statement requirements.
  • Assistance in the completion of a firm-specific business plan.
  • Written Policies and Procedures Manuals and a Business Continuity Plan will be drafted.
  • Assessment of the required state registrations and filings for the firm, based upon the proposed business of the Client.
  • Completion and submission of the Form NMA.
  • Assistance in responding to any FINRA requests related to the NMA process.
  • All CRD functions, including Form BD, Form BR, Form U-4’s and all other required registration functions.
  • Training for any on-site interview or reviews performed by FINRA prior to firm approval.
  • Other expert advice and/or strategies to be implemented during any of the application stages.

Conclusion

After nearly 15 years in business, we have always provided first in class service.  If you are looking to start a broker-dealer, please contact us at 404-841-1010.

To explore other important topics relating to Broker-Dealers, click here.

To read more about the Broker-Dealer registration process, visit FINRA’s website.