FINRA New Member Application – Starting a Broker-Dealer
Starting a Broker-Dealer
What is FINRA Broker-Dealer registration? In order to become a Broker-Dealer, you must be a member of FINRA. To become a member of FINRA, an application is submitted for registration through the new member application process. Applying for this membership is an extensive process with multiple steps whose planning process typically takes months. Once the application is completely filed, FINRA has 180 calendar days to review and process the application. There are multiple deadlines throughout the process, that if not met FINRA will terminate the application and the applicant must begin the application process again. Oyster Consulting’s registration experts will explain what to expect during the application process and during the membership interview process. We know how to navigate the application process, saving you time and effort.
The Process
The FINRA New Member Application (NMA) process can be intimidating and time consuming. From application to disposition the NMA process is a time you want the most qualified and competent team on your side. We have successfully guided many new Broker-Dealers through the process, from start-ups to complex organizations. If your firm is now subject to Exchange Act Rule 15b9-1, we can help.
Our team of registration experts you will review your business structure, plan and documentation to determine the best approach. We understand how to design practical and reasonable regulatory compliance programs. Take advantage of our experience and let our industry NMA experts turn one of your firm’s toughest challenges into a smooth process.
Digital Assets and Registration
It is important to understand that an offering of digital assets must comply with the SEC’s registration rules, and also the firm may be required to register as a broker-dealers who must comply with FINRA’s rules. Our FINRA Registration experts have successfully guided many new broker-dealers through the process, from start-ups to complex organizations. Our team of registration experts you will review your business structure, plan and documentation to determine the best approach.
The Oyster Difference
Our consultants come from all areas of the industry and can assist with the following aspects of your application:
- Anti-Money Laundering (AML) Compliance Program
- Broker-Dealer Compliance Program Review
- Branch Exams
- Broker-Dealer Rule 3120/3130 Services
- Clearing and Custodian Contract Review
- Code of Ethics, Policies & Procedures Manual, Written Supervisory Procedures
- FINOP/POO/PFO
- Operations
- Outsourced Chief Compliance Officer (CCO)
- Outsourced FINOP Services
- Trading Supervision
- System Assessment, Due Diligence, Selection & Implementation
Download the Starting Your Broker-Dealer eBook to learn about registration, the benefits of outsourcing your CCO and FINOP roles, testing requirements and clearing platform assessment, selection, and conversion.
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Our Process
Step 01
Discover
We listen to your goals and priorities. We create transformative change by inviting a two-way discussion.
Step 02
Plan
We customize your project by creating a scope and timeline to deliver the best experience for your team.
Step 03
Implement
Oyster maintains consistent communication to monitor and reinforce project goals while completing project deliverables.
Step 04
Deliver
Whether your need is ongoing consulting or project based, Oyster will deliver a quality product that encapsulates your goals and expectations.