03/01/2006
Requests for Cross-Divisional Membership/Reinstatement of Membership Privileges
Members wishing to apply for Cross-Divisional Membership and/or Reinstatement of Membership privileges must submit a fully executed Cross-Divisional/ Reinstatement Application form along with a fee of $350. Processing these applications requires staff to initiate requests for various informational reports from both internal and external sources. Processing time is generally five business days but may be longer in certain cases.
Requests to Lease a Membership and to Renew an Existing Lease
- Fully executed Lease Agreements and all required ancillary documents (i.e., PCM Guarantee, transfer fee, etc.) must be submitted to the Membership Department at least two business days in advance of the date on which the lease is to become effective. Note: leases will not be put into effect until Cross-Divisional/Reinstatement review, if applicable, is complete.
- Lease requests will not be accepted unless and until all required ancillary documents are submitted to the Membership Department. Partially executed documents will not be held by the Membership Department. It is the obligation of the lessor and the lessee to make the necessary arrangements to ensure that all documents are properly executed prior to submission.
- Lease Agreements must provide for a minimum term of at least one week. Terms of less than one week will not be accepted.[1]
- Please note that regardless of the date submitted, lease processing may be delayed pending confirmation that the individual has no outstanding indebtedness to the Exchange, is not the subject of an investigation, is properly registered with the NFA or otherwise requires additional review.
- Requests to terminate a lease prior to its scheduled expiration require submission of written mutual consent of the Lessor and Lessee and revocation of the PCM guarantee.
- Lease Renewals are also required to be fully executed and submitted to the Membership Department at least ten days in advance of the renewal date. Failure to submit the bilaterally executed renewal by the time required may subject the Lessee and/or the Lessor to imposition of a late fee of $250 per day.
[1] Exceptions may be made in extremely limited situations.