Series 28: Broker-Dealer Registration

Broker-Dealer 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 in which to respond, either granting the registration or instituting proceedings 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.

The second step is the FINRA membership application. The preparation of the application and its review is an exhaustive process that may take as long as six months or a year to complete. FINRA wants to know everything there is to know a