subject: Bd Compliance Services For Start Up Broker/dealer Firm [print this page] Broker/dealer or BD compliance services can assist the start up broker/dealer firms to meet with the various rules and regulations laid down by various regulatory authorities.
Building a brand new broker/dealer is a good decision. As in the case of other businesses broker/dealer too has to meet with various regulations which are laid down by the concerned regulatory authorities. The following guidelines will help you set up your broker/dealer firm in the shortest of time:
Have a clear vision: While setting up your own firm you need to have a clear idea of the products, services, operations that you wish to offer. Be clear on these aspects so that you can hire employees accordingly and train them so per the requirement.
FINRA membership- The first and foremost thing that you need to concentrate upon is to get the license of the FINRA. The financial industry regulatory authority is concerned with the regulations of securities of various businesses. It is advised to retain the qualified principals to meet the regulations of the regulatory body for your products and services which are planning to make available. It however requires a lot of time and efforts if you set to do it on your own. You can take the help of consultants who offer BD compliance services.
Licensing- It is very important to get your firm licensed. The type of license which you ought to get depends on the type of business. It is essential to license the owners, brokers/dealers of the firms. For a broker/dealer firm a consultant can help in rendering various BD compliance services as far as the registration and licensing is concerned. They can help you in electronic filling of the forms, monitor the regulatory element training requirement, assist you in attestation and so on.
Expenses- Make sure that you have adequate financial support to fund the operations of your business especially during the start up phase. Also make it a point to set some funds aside in case of emergencies. Acquire adequate fund so that your firm can run for at least one year in a no profitable situation.
If you have these four things set then all you are all geared up to set up your own broker/dealer firm. You can take the help of the consultant to meet these guidelines. They can provide you with the expertise in their BD compliance services which can help you make sure that you firm is operating in adherence with the regulations. They can guide you with the regulations which are required for smooth running of the business throughout.
