On March 6, 2013, FINRA published Regulatory Notice 13-11 (“RN 13-11″). The notice outlines the process for requesting fee waivers for continuing membership applications (“CMAs”) when changes do not require a “substantial staff review.” RN 13-11 also indicates that FINRA will refund CMA and new membership application (“NMA”) fees if applicants withdraw their applications within 30 days of submitting Form NMA or Form CMA.
CMA changes that would qualify for the application fee waiver include these examples:
Besides the circumstances described above, FINRA indicated it would consider fee waivers for other changes based on the individual facts and circumstances presented by CMA applicants. In all cases, to apply for CMA fee waivers, applicants must submit their requests in writing as part of their Form CMA.
As noted above, RN 13-11 also addressed amendments to NASD Rules 1013 and 1017 that describe new NMA and CMA fee refunds. Specifically, if firms withdraw their NMA or CMA applications within 30 days of submitting them to FINRA, their application fee will be refunded less a $500 processing fee.
For more information, please contact your ACA consultant or Dee Stafford at (310) 322-8840.