Start a Broker/Dealer
All you need to know about starting a FINRA registered Broker/Dealer


State Registration


All persons engaged or to be engaged in the investment banking or securities business of a member who are to function as representatives shall be registered as such with FINRA in the category of registration appropriate to the function to be performed, as specified in Rule 1032.

 

In addition to SEC and FINRA registration requirements, broker/dealers are also subject to individual state securities laws and rules know as “Blue Sky Laws”. State Blue Sky laws are based on the Uniform Securities Act, but there is little uniformity by the different state regulatory agencies. Consequently, members need to carefully review the requirements of the state(s) in which they do or plan to do business, in order to comply with applicable blue sky rules. Nearly every state, at a minimum, requires a registered person to take and pass the FINRA Series 63 exam.

 

The HedgeCo Legal and Compliance Consulting Group provides an experienced staff and a network of lawyers, accountants, and Registered Principals who can assist your firm's compliance officer or serve in a full capacity on behalf of the firm to identify and incorporate state specific licensing and registration requirements, pursuant to state Blue Sky laws. Our services include:

 

  1. Review securities sales activities in a state to determine what is permitted

  2. Analyze various state interpretations and application of regulations

  3. Answer questions regarding particular statutory provisions and regulations

  4. Prevent delays and inadvertent violations

  5. Facilitate the transfer of registration from another broker/dealer

  6. Determine registration requirements for representatives, principals, and support staff

  7. On-line and hard-copy exam training material

  8. Liaison services with state securities commissioners

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