Membership Process

Companies seeking IMSA membership are required to demonstrate that they are committed to becoming IMSA qualified by adopting IMSA standards.

IMSA qualification is a two-step process:

Step 1. The company conducts a self-assessment by comparing its current policies and procedures to IMSA standards (found within the Elements of Compliance chapter of the IMSA Assessment Handbook). In order to comply with IMSA standards, the company may establish new policies and procedures and/or make modifications to current policies and procedures, as appropriate. Once the company concludes that it can demonstrate compliance with IMSA standards, it moves to the next stage.

Step 2. A Qualified Independent Assessor, selected from a list of IMSA-approved Qualified Independent Assessors, reviews the company's self-assessment evidence and performs an independent assessment to evaluate whether there is a reasonable basis for the company's determination that it has complied with IMSA standards.

Satisfactory conclusion of the two-step assessment process will allow IMSA, upon the company's completion of the application process, to confer membership in IMSA for a period of three years. However, if the company experiences i) material organizational changes, ii) acquisitions and/or iii) market conduct problems or adverse regulatory activity during the membership period, these events may require additional interim assessments. During the three-year membership period, members are encouraged to review, modify and improve their market conduct practices consistent with IMSA's "continuous improvement" concept. At the end of the three-year period, members must repeat both the self and independent assessments to renew their IMSA qualification.

Companies seeking membership may become "individual" or "fleet" members. "Individual" denotes a single company seeking membership whereas "fleet" signifies a holding company or group of related companies.