FINRA hopes to eliminate administrative delays in the filing by firms of continuing membership applications.
When a broker-dealer has an operation, change of ownership, or control change, they are required to file a continuing membership application (the 1017 process) which is done by an exchange of letters.
FINRA has announced part of this process will now become electronic, with certain fields populated with prior information supplied by the broker-dealer before the change occurred. It is hoped this will lessen delays and expedite a process that has been a “bone of contention” for a long time.
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