New Brunswick Business Daily

What licenses do I need to start a stock brokerage?

What licenses do I need to start a stock brokerage? Any other prerequisites? As we'll as managing money. What licenses are required?

Public Comments

1. A ton of them + generally passing System 7 & other tests. A major undertaking that requires large amount of capital. Advising 1 thing but broker not likely.
2. Not to be rude... If you are asking those questions, you have a long way to go.
3. To start your own brokerage firm, you will need To be registered with the Securities & Exchange Commission and once registered and approved by the SEC You will have to become a member of the Financial Industry Regulatory Authority, when you file for membership you submit an Audited Financial Statement, prepared by an independent accounting firm Provide insurance that you can maintain your books & records in timely manner and you have a working knowledge of books & records are required. You will have to register with the state in which your business will be domiciled. You must provide evidence of being registered with the SEC by submitting copies of your BD1 forms. Have capital in excess of $30,000 Maintain your net capital at $25,000 at all times. Net capital is the firm's capital less non-allowable assets (all assets other than cash & clearing deposits) Be prepared to have your books & records audited on a yearly basis by your independent accounting firm Once approved for membership you must apply for testing, by the FINRA. This will include a general securities brokers examination (Series 7) and a general state exam (Series 63). The whole process to become a B/D will take at least 60 days. You asked the question, I gave you the answer, I'm sure it's not want you wanted to hear.