SRO Membership Application

To operate as a broker-dealer, a firm must generally become a member of a Self-Regulatory Organization (SRO), most commonly the Financial Industry Regulatory Authority (FINRA). The membership application (New Member Application or NMA) is a rigorous process involving the submission of business plans, financial projections, written supervisory procedures, and interviews. Approval grants the license to conduct securities business but subjects the firm to SRO oversight and rules.