Registered Representatives Brochure

Testing/Training - Roles & Responsibilities

Introduction

FINRA welcomes you to your new career as a FINRA member firm registered representative. This brochure—tailored for prospective and currently employed registered representatives and other securities industry professionals—addresses testing and qualifications issues, how registered representatives are to conduct business, and the need for professionalism and fair dealing with investors. Not every situation you encounter can be covered in a publication of this size and some of the points covered may not apply to your firm's business. In your training, you will learn that there is an extensive support system available to help you comply with these requirements.

 

Authorized by an act of Congress in 1938, FINRA is a membership self-regulatory organization (SRO) of securities firms. FINRA sets the overall strategic direction and policy agendas of the whole organization, oversees the effectiveness of its subsidiaries, and ensures that the organization's statutory and self-regulatory obligations are fulfilled.

 

FINRA regulates the securities markets for the ultimate benefit and protection of the investor. FINRA helps ensure that member firms and their employees comply with FINRA and Municipal Securities Rulemaking Board (MSRB) rules, as well as federal and state securities laws and regulations.

 

Among FINRA's many functions is the maintenance of the qualification, employment, and disciplinary histories of registered securities employees of member firms through the Web Central Registration Depository (CRD®) system. This system was developed jointly by the North American Securities Administrators Association (NASAA) and FINRA. It is a registration data bank and application processing facility. In addition to FINRA representative and principal registrations, the Web CRD system also processes applications for agent registration in all states, the District of Columbia, Puerto Rico, and for the securities exchanges. The Web CRD system permits individuals seeking registration with multiple organizations and states to do so by submitting a single form and a combined payment of fees to FINRA. In addition to individual registration, the Web CRD system also processes the membership registration and withdrawal forms for broker/dealers.

 

Records of securities professionals are available to the public through FINRA BrokerCheck, which pulls data from the Web CRD system. Information is free to investors for personal use. The telephone number of FINRA BrokerCheck is (800) 289-9999. For more information, visit FINRA BrokerCheck.