The Broker Dealer Registration Process
Phase I - What you need to do first before we file with FINRA.
Phase II - The staff of B/D Solutions moves into action.
Phase III - The FINRA "Pre-Membership Interview" (PMI).
Phase IV - After FINRA approval.
The Bottom Line
Contact us about broker dealer registration.
Phase I - What you need to do first before we file with FINRA
- Establish a corporate entity as the broker/dealer.
- Determine who will be the officers and directors of the B/D.
- Reserve a name for the B/D with FINRA.
- Establish an accounting system and decide on an independent auditor.
- Fund the B/D with assets allowable for net capital.
- Enroll in a study class and prepare for the required FINRA examinations.
Phase II - The staff of B/D Solutions moves into action
- We gather all the information necessary for filing with FINRA and other agencies.
- We file initial papers with the SEC, FINRA and State regulatory agencies.
- We submit the requests to take the required FINRA exams.
- We request waivers for the 2 principal requirement (if applicable) and any other exemptions.
- We work to schedule the FINRA "Pre-Membership Interview" (PMI) at the FINRA District Office.
But, you have responsibilities too:
- You complete and pass all required FINRA examinations.
- You create stationery and business cards for the B/D.
Phase III - The FINRA "Pre-Membership Interview" (PMI)
- We prepare the Principals of your firm to attend the FINRA Pre-Membership Interview.
- We attend the FINRA Pre-Membership Interview with you.
- We work to provide FINRA any additional materials they request as a result of the PMI.
- We continue to communicate with your Home State regulators to obtain concurrent approval.
Phase IV - After FINRA Approval
- We submit applications to all remaining states requested by your firm.
- We will submit to you a complete and detailed reconciliation of all costs and fees.
The Bottom Line
Regardless of the roadblocks created by FINRA, the States and other regulatory agencies, the staff of B/D Solutions will do everything we can to get your broker/dealer approved to conduct securities business as quickly as possible. Contact us about broker dealer registration today!
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