Series 24: 1.1.1.1. FINRA Membership And SEC Registration

1.1.1.1. FINRA Membership and SEC Registration

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 waiting for its review may take as long as a year to complete. FINRA wants to know everything there is to know about you, your business, and the people you employ. The application may document