I. Starting a Broker-Dealer-
Becoming an owner of a broker-dealer (BD) is a time-consuming and expensive endeavor. Although the United States Securities and Exchange Commission (SEC) requires BD registration pursuant to the Securities Exchange Act of 1934 (Exchange Act), the SEC primarily delegates the approval process to securities self-regulatory organizations (SROs) such as the Financial Regulatory Authority (FINRA) and the various exchanges as well.
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