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Initial Licensing of Broker-Dealer Firms

A. FINRA Members:

Submissions to WebCRD:
FINRA Members are required to register or submit a license application through, and to submit the required fees to, WebCRD, not to DISB. Visit the FINRA website at FINRA.org for guidance and instructions regarding Broker-Dealer registration through WebCRD, including completion of Form BD, the Uniform Application for Broker-Dealer Registration, and payment of the $250.00 filing fee. Under Rule 102.8, if the Broker-Dealer is a sole proprietorship, all forms must be signed by the proprietor; if a limited partnership, by a general partner; if a corporation or partnership, by a duly authorized officer, partner or agent. Through WebCRD, the authorized signature is electronic and submitted simultaneously with the license application. You will be given detailed guidance about this process at the FINRA's website. Please see Law Available Online for links to the DC Securities Act of 2000 and the implementing regulations.

Submissions to the Securities Bureau, DISB:
FINRA Members must also submit the following paper documents directly to DISB. No license application will be considered complete without the following documents:
A. A notarized Statement of Financial Condition. This statement may be unaudited. If the statement is unaudited, then the statement must be certified by an appropriate person within the firm. The statement should include a balance sheet, income statement and net capital computation prepared within thirty days of the date of filing. (A copy of the applicant's most recent FINRA FOCUS Report may be submitted in lieu of the notarized Statement of Financial Condition.)
B. A copy of any subordination agreement(s) that the applicant relies on to meet its net capital requirements.
C. A completed District of Columbia Broker-Dealer Transaction Certification Form.
D. The District of Columbia Clean Hands Form submitted by the principal of the firm.

An applicant must also register at least one Agent with DISB. See Initial Licensing of Broker-Dealers Agents for more information.

B. Non-FINRA Members:

Non-FINRA members must submit the following paper documents and check or money order in the amount of $250.00, payable to the "DC Treasurer," to the DISB Securities Bureau's Lock Box*.

Under Rule 102.8, if the Broker-Dealer is a sole-proprietorship, all forms must be signed by the proprietor; if a limited partnership, by a general partner; and if a corporation or partnership, by a duly authorized officer. Please see Law Available Online links to the DC Securities Act of 2000 and the implementing regulations.

Form BD, the Uniform Application for Broker-Dealer Registration. With Visit FINRA’s website to obtain the Form BD.

A notarized Statement of Financial Condition. If the Broker-Dealer has been in the securities business six (6) months or less from the date of filing the license application, it must submit a copy of the Broker-Dealer's bank statement which coincides with the date of the Statement of Financial Condition. The notarized Statement of Financial Condition may be unaudited. If the statement is unaudited, then the statement must be certified by an appropriate person within the firm. The statement should include a balance sheet, income statement and net capital computation prepared within 30 days of the date of filing. Broker-Dealers licensed or required to be licensed under the "Act" are also required by Rule 111.1 to have and maintain minimum net capital as required by Rule 15c3-1, as amended (§ 240.15c3-1 of Title 26 Code of Federal Regulations 217) under the Securities Exchange Act of 1934.

A copy of any subordination agreement(s) that the applicant relies on to meet its net capital requirement.

A completed District of Columbia Broker-Dealer Transaction Certification Form.

The District of Columbia Clean Hands Form submitted by the principal of the firm.

An applicant must also register at least one Agent with DISB. See Initial Licensing of Broker-Dealers Agents for more information.