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We are Florida lawyers that help you navigate through the challenging, and sometimes exhausting roadblocks inherent in the FINRA, Securities Exchange Commission, Florida State Agencies, and other state regulatory agency registration process

Our goal is to get your broker/dealer approved to conduct securities business correctly and as quickly as possible.

The Broker Dealer Registration Process may most easily be divided into four phases: pre-filing, filing, pre-membership interview, and post FINRA approval.

Pre-Filing Stage

In the pre-filing stage of broker/dealer preparation you must establish a corporate business entity as a broker/dealer, adhering strictly to all corporate requirements and formalities including articles of incorporation, by laws, issuance of shares, election of directors, and naming of officers.

Once complete, the entity must reserve the prospective broker dealer business name with FINRA. In cases where the corporate identity is different than the registered name with FINRA, a Florida state DBA (Doing Business As) must be filed.

The entity must next establish an accounting system to maintain the SEC and FINRA record keeping and reporting requirements, and decide on an independent auditor for the corporate financial books.  Finally, the operators will open the necessary bank accounts, and fund the Broker/Dealer with assets to meet the net capital requirements.

In cases where the principles do not currently hold the necessary licenses required by broker/dealer management, we will also assist in acquiring the necessary study text, including possibly enrolling the principles in a study class to prepare for the FINRA examinations required for broker dealer operations.

Filing Stage

At the filing stage we interview the new broker/dealer group, gathering all the information necessary to complete the FINRA necessary broker/dealer filings, as well as required filings of other agencies. These filings include detailed correspondence with and submission of initial papers with the Securities Exchange Commission (SEC), FINRA and State regulatory agencies, and the Florida Department of Finance.

At this stage many companies also request a waiver for the 2 principal requirement, and if applicable, any other exemptions. In cases where the principles are pursuing the necessary licenses to own and operate a broker/dealer, we will submit the principal’s requests to take the required FINRA exams.

Finally, during the Filing Stage we will work with FINRA to schedule the FINRA “Pre-Membership Interview” (PMI) at the FINRA District Office where your broker/dealer will be located.

“Pre-Membership Interview” (PMI) Stage

We work with the Principals of the prospective broker/dealer in order to prepare the Principals for your firm’s FINRA Pre-Membership Interview.  Once preparation is complete, and FINRA has supplied a date for the interview, we attend the FINRA Pre-Membership Interview as your counsel.

The interview often ends with requests for additional information. We work to locate, acquire, carefully vet, and then provide FINRA any additional materials they request as a result of the Pre-Membership Interview (PMI).

In addition, we continue to correspond with the Florida Department of Finance state regulators to obtain concurrent approval.

Post FINRA Approval Stage

Once the broker/dealer and Principals are approved, we submit applications to all remaining states in which your new broker/dealer intends upon doing business, as requested by your firm.

Your broker/dealer is now formed and functional. We can remain on as your corporate counsel to ensure reconciliation and compliance with all corporate formalities, registration, and filing requirements, or we can submit to you a complete and detailed reconciliation of all remaining costs and fees, and you may call us on an “as needed” basis.

Does all this sound a bit daunting?

Don’t worry. Our South Florida Broker Dealer Attorneys serve clients in Palm Beach County, Broward County, Miami Dade County, and throughout Florida.

If you need assistance obtaining approval on a broker/dealer, would like to retain corporate counsel for your existing broker dealer, or simply have questions about the broker/dealer approval process in Florida, please contact us.  We can help.

Call us. We want to hear your story and share ours.