MasterCompliance has been assisting clients with the purchase or sale of broker-dealers and the related FINRA application process since 2003. At times, clients will come to us with the need for a broker-dealer, and often, the best way to accomplish that goal is to buy an existing broker-dealer. There are many benefits to purchasing an existing broker-dealer. We have years of experience and vast expertise in putting these deals together to benefit all parties involved.
Since 2003, we have been assisting firms with starting new broker-dealers and the related registration process with the FINRA, SEC, and MSRB. Some of the types of broker-dealers that we have assisted in starting new firms include Investment Banking firms; Private Placement firms; Retail firms with clearing relationships; and Merger & Acquisition firms.
Are you looking to start a broker-dealer or buy a broker-dealer? If so, we can assist you in weighing the two options. Securities Compliance Management, Inc., also doing business as MasterCompliance, is a full-service compliance consulting firm. We have assisted many clients in starting and buying a broker-dealer. There are many factors that you should consider before deciding which option is the best for you. Read More…
FINRA Rule 3210 (Accounts at Other Broker-Dealers and Financial Institutions), which replaces the previously used NASD Rule 3050, Incorporated NYSE Rules 407 and 407A and Incorporated NYSE Rule Interpretations 407/01 and 407/02, was approved by the SEC in April of 2016, and became effective in April 2017. This is a consolidated rule governing accounts opened or establishedSB Game Hacker Apk by associated persons at firms other than the firm at which they are employed, ensuring that member companies, brokers, and advisors maintain ethical standards. Read More…
[Continued from FINRA Membership Interview – Part I]
What happens during the FINRA Membership Interview?
During the FINRA Membership Interview, the participants will discuss substantially all of the aspects of the firm’s proposed business. Emphasis will be placed on the FINRA, SEC, or MSRB rules applicable to the firm’s intended business, as well as the firm’s supervisory structure, the background and experience of the firm’s principals and representatives, and plans for future direction and expansion. Questions about how the firm will process transactions and how it will supervise activities to maintain FINRA compliance, among other things, must be answered by the individual(s) who will be responsible for those functions.
So, you’ve decided to start or own a broker-dealer. You have completed Form NMA, submitted it to FINRA Gateway via the New Membership Application process with all of your supporting documents, and have gone through a round or 2 of information requests with the FINRA Membership Application Program Group (the “MAP Group”). Now, you have just received a request to sit down with FINRA for the Membership Interview.