e, must carefully prepare for the FINRA membership application process and ongoing compliance with applicable FINRA rules. SEC, "Fact Sheet: Exemption from National Securities Association Membership", available here (last visited September 1, 2023).See Katten's article on this topic, available here. The amendments are identical to the amendments proposed by the SEC on July 29, 2022. A more fulsome summary of the amendments as proposed and the SEC's rationale for the amendments is available here.See 15 U.S.C. § 78c(a)(5). Note that the SEC proposed new rules last year that, if adopted, would significantly expand the definition of a "dealer"and require such person to register with the SEC and become FINRA members. See Katten's advisory on this topic, available here.See generally FINRA Rule 6700 Series. Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend FINRA's Trading Activity Fee, 88 Fed. Reg. 42404 (June 30, 2023). Exemption for Certain Exchange Members, SEC Release No. 34-98202, (Aug. 23, 2022), at 72, available here.