How to register a broker-dealer
Registering a broker-dealer means registering with the SEC, becoming a FINRA member through the new membership application, registering in the states where you do business, and standing up a compliance program.
Registering a broker-dealer is a multi-step process: registering with the SEC, applying for FINRA membership through the new membership application, registering in the states where you will operate, qualifying your principals, and building the supervisory and compliance program the firm will run on. Each step gates the next.
The steps, in order
They are sequential, and the FINRA NMA is the long pole.
- SEC broker-dealer registration
- FINRA membership via the new membership application
- State registrations where you conduct business
- Qualified principals and required examinations
- Written supervisory procedures and the compliance program
Where firms underestimate the work
The application and the compliance program are the real work, not the forms. Firms that treat the NMA as paperwork stall; firms that treat it as building a compliant business get through.
Common questions
How long does it take to register a broker-dealer?
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