Wall Street has always been illuminated by a golden glow, but the astronomical trading volumes of recent years make the stock market one of the most lucrative platforms to operate in. For all the news media hype that has surrounded cryptocurrencies and other emerging financial instruments, the reality of Wall Street is that equity securities still rule the markets, and they continue to generate handsome profits for firms that operate as broker-dealers.
If you are interested in operating as a broker-dealer based in New York, you will need to register with the Financial Industry Regulatory Agency (FINRA). When you submit a FINRA membership application in NY, the process can take anywhere from four to six months if everything in your New Member Application (NMA) checks out. Depending on the scope of services your firm will provide, the initial NMA packet will include four other forms, and each will feature items that FINRA adjudicators will evaluate and inquire about.
What many Wall Street firms do to ensure that their NMA package sails through is retain the services of compliance specialists who can help them with setting up anti-money laundering systems, assisting with individual licensing, establishing custodial account services, and more. Doing this can have a significant impact on whether an approval can be obtained in a few months instead of a few years.
Need more information about applying for a FINRA membership application in NY? Visit Quadrant Regulatory Group today to learn more about the process and other interesting topics related to financial and business compliance.
