Series 24 Chapter 1
Form NMA - correct answer ✔New Member Application filed thru Firm
Gateway
180 Day Application Review Period
Broker - correct answer ✔Any person engaged in the business of effecting
transactions in securities for the account of others
Dealers - correct answer ✔Any person acting on behalf of their own
proprietary trading account
Investment Adviser - correct answer ✔Person who, for compensation,
advised others regarding securities
Do not register with FINRA
Form BD - correct answer ✔Uniform App for BDs to register with SEC,
SROs, states thru CRD
Must update form promptly (no later than 30 days) when
inaccurate/imcomplete or any changes
Form CMA - correct answer ✔Required to be filed if member firm has
change in ownership, control or business operations (including additional lines
of business)
Required by NASD Rule 1017 - filed electronically
NASD Rule 1014 - correct answer ✔Standards for Admission for
Membership (12)
, All applicants, except sole proprietorship, must have at least two officers
qualified to become registered as principals.
General Securities - Series 24
Limited to Invst Co Products - Series 26
New Member Application Process - correct answer ✔File Application with
Department of Member Regulation (DMR) at district office where applicant
has main office;;
Premembership Interview (PMI) takes place after initial review;
DMR issues application decision within 30 days of PMI
FINRA required to conduct an inspection of a newly registered firm within 6
months of registration
Form BR - correct answer ✔Uniform Branch Office Registration Form
Used to Register Branch Office
FINRA must be notified within 30 days, via Form BR, of opening a new branch
Form BRW - correct answer ✔Used when entire firm ceases business or
withdraws registration from SEC, FINRA and states;
Notice of withdrawal generally effective on the 60th day from filing unless SEC
imposes terms and conditions
Office of Supervisory Jurisdiction (OSJ) - correct answer ✔The BD office
responsible for supervising the activities of the register reps and associated
persons in that office and other offices in the region.
Each OSJ required to have at least one resident principal
Form NMA - correct answer ✔New Member Application filed thru Firm
Gateway
180 Day Application Review Period
Broker - correct answer ✔Any person engaged in the business of effecting
transactions in securities for the account of others
Dealers - correct answer ✔Any person acting on behalf of their own
proprietary trading account
Investment Adviser - correct answer ✔Person who, for compensation,
advised others regarding securities
Do not register with FINRA
Form BD - correct answer ✔Uniform App for BDs to register with SEC,
SROs, states thru CRD
Must update form promptly (no later than 30 days) when
inaccurate/imcomplete or any changes
Form CMA - correct answer ✔Required to be filed if member firm has
change in ownership, control or business operations (including additional lines
of business)
Required by NASD Rule 1017 - filed electronically
NASD Rule 1014 - correct answer ✔Standards for Admission for
Membership (12)
, All applicants, except sole proprietorship, must have at least two officers
qualified to become registered as principals.
General Securities - Series 24
Limited to Invst Co Products - Series 26
New Member Application Process - correct answer ✔File Application with
Department of Member Regulation (DMR) at district office where applicant
has main office;;
Premembership Interview (PMI) takes place after initial review;
DMR issues application decision within 30 days of PMI
FINRA required to conduct an inspection of a newly registered firm within 6
months of registration
Form BR - correct answer ✔Uniform Branch Office Registration Form
Used to Register Branch Office
FINRA must be notified within 30 days, via Form BR, of opening a new branch
Form BRW - correct answer ✔Used when entire firm ceases business or
withdraws registration from SEC, FINRA and states;
Notice of withdrawal generally effective on the 60th day from filing unless SEC
imposes terms and conditions
Office of Supervisory Jurisdiction (OSJ) - correct answer ✔The BD office
responsible for supervising the activities of the register reps and associated
persons in that office and other offices in the region.
Each OSJ required to have at least one resident principal
