Series 26: Broker-Dealers And The FINRA Membership Process

Broker-Dealers and the FINRA Membership Process

For a broker-dealer, becoming a FINRA member is achieved in two steps. First, one must register with the SEC as a broker-dealer. The SEC has 45 days to respond, by either granting the registration or starting a process to determine whether the registration should be denied. In practice, the SEC will grant the registration only after FINRA has approved the application for FINRA membership, which is the second step.

Preparing the FINRA membership application and waiti