Broker-Dealer Registration and Compliance

SEC registration is a critical aspect in the regulation of broker-dealers. Most “brokers” and “dealers” must register with the SEC and join a self-regulatory organization (“SRO”) such as FINRA. Very broadly, a broker is defined as any person engaged in the business of effecting transactions in securities for the account of others, while a dealer is defined as any person engaged in the business of buying and selling securities for his own account, through a broker or otherwise. Often times you or your firm will be acting as both a broker and a dealer, hence the term broker-dealer. If you will be acting as a broker-dealer, you must not engage in the securities business until you are registered with the SEC and join FINRA.

Our Broker-Dealer Regulation attorneys assist clients with the formation of and ongoing compliance matters pertaining to securities broker-dealers.

  • Assisting with all aspects of the “new member application” process, including preparing and filing documents such as the Form BD, entitlement documents, Forms U4 or U5, Written Supervisory Procedures, Business Plan, Anti-Money Laundering Procedures, Business Continuity Plan, Firm Element/Continuing Education Manual;
  • Providing advice on all aspects of U.S. federal and state securities and commodities laws, including regulation by the national securities exchanges, FINRA and other self- regulatory organizations;
  • Assisting with ongoing issues related to continuing education, licensing, and enforcement matters and monitoring developments in regulatory and compliance matters including SEC and FINRA rule proposals; and
  • Representing broker-dealer clients in litigation, arbitration and regulatory enforcement proceedings.
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