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.
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.