The broker-dealer (BD) registration process for broker-dealers is complex, confusing and very time consuming. The seasoned professionals at the LeGaye Regulatory Support Services have extensive experience with the broker-dealer registration process with the Financial Industry Regulatory Authority (FINRA), the Securities Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), National Futures Association (NFA), the Municipal Securities Rulemaking Board (MSRB) and the various state jurisdictions.
We have extensive experience providing registration services for a variety of clients which include full retail brokerage firms that clear on a fully disclosed basis through clearing firms, bank and insurance company broker-dealer affiliates, and public finance, research, private placement and investment banking broker-dealers.
During that process, we have counseled senior management of the respective firms on the alternatives available in the structuring and registration of their brokerage firms so as to allow them to maximize the scope of their business while working to minimize the time and resources needed during the registration period. To this end, we work to educate our clients so as to allow them to make better decisions about the proposed business and its operations. We also provide on-going operational and compliance support, which allows them to efficiently address their regulatory and operational needs, while focusing on revenue generation.
Ultimately, our goal is to not only to obtain the respective registrations on our clients behalf with the respective jurisdictions, but to also make sure you have the knowledge and compliance tools necessary to successfully circumnavigate the regulatory environment.
As a part of our full service broker-dealer registration platform, we:
- Co-ordinate and respond to all questions from the SEC, FINRA and respective states regarding the respective registrations.
- Prepare and file all necessary documents that are required to register your firm as a broker-dealer with the SEC, and as a member firm with the FINRA, including in part, the the firms’ Business Plan, Written Supervisory Procedures, Continuing Education Program, Business Continuity Plan, Form BD and Form U-4’s.
- Handle the application for membership in the Securities Investor Protection Corporation (SIPC), coordinate obtaining a fidelity bond and to complete a Lost or Stolen Securities Program registration, if applicable.
- Participate in the Broker-Dealer’s FINRA Pre-Membership Interview or prepare the firm’s principals for the interview.
- Prepare and file all necessary documents required to register the firm as a broker-dealer with your home state.
- Prepare and submit the appropriate registration filings with FINRA as registered principals and representatives.
- Provide training on the FINRA website and CRD system.
In addition to handling new membership applications (NMA) with FINRA, we also have substantial experience with respect to the handling of continuing membership applications (CMA) for FINRA broker-dealers that have a change in ownership and or a material change in their business activities.