All persons engaged or to be engaged in the investment banking or securities business of a member who are to function as representatives shall be registered as such with FINRA in the category of registration appropriate to the function to be performed, as specified in Rule 1032.
In addition to SEC and FINRA registration requirements, broker/ dealers are also subject to individual state securities laws and rules know as “Blue Sky Laws. State blue sky laws are based on the Uniform Securities Act but there is little uniformity by the different state regulatory agencies. Consequently, members need to carefully review the requirements of the state(s) in which they do or plan to do business, in order to comply with applicable blue sky rules. Nearly every state, at a minimum, requires a registered person to take and pass the FINRA Series 63 exam.
Taurus Compliance Consulting, LLC includes an experienced staff and network of lawyers, accountants, and Registered Principals who can either assist your firm’s compliance officer or serve in a full capacity on behalf of your firm to identify and incorporate state specific licensing and registration requirement, pursuant to state blue sky rules. Our services include but are not limited to:
- Review Securities Sales Activities in a State to determine what is Permitted, or Not Permitted
- Analyze Various State Interpretations and Application of Regulations
- Answer Questions Regarding Particular Statutory Provisions or Regulation
- Prevent Delays and Inadvertent Violations
- Facilitate the Transfer of the Registration from another broker/dealer
- Determine Registration Requirements for Representatives, Principals and Support Staff
- On-line and Hard-copy Exam Training Material
- Liaison Services with State Securities Commissioners
For more information on how Taurus can partner with you, call us on 1-888-963-9519.