FINRA says it is proposing to cut out many of the administrative delays involved with applications for continuing membership.
Firms file continuing membership applications to reflect material changes in a firm’s business operations, such as ownership or control, according to a proposed rule change that FINRA has filed with the SEC. Currently, broker-dealers typically exchange letters with FINRA to initiate and continue the continuing membership application process, says Todd Cipperman, principal of Cipperman & Co., a law firm in Wayne, Penn.
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