FINRA-Registered Firms | FINRA.org

FINRA-Registered Firms
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Firms must be registered with FINRA to conduct securities business with the investing public. Firms must meet certain criteria to attain membership with FINRA, and register with the U.S. Securities an Exchange Commission, other self-regulatory organizations and state regulators. A FINRA member firm’s securities’ activities may include underwriting, trading, sales of securities, and custody of customer assets.

2.1 Sizes and Counts

Figure 2.1.1

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Table 2.1.3

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Table 2.1.5

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Table 2.1.9

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Figure 2.1.10

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2.2 Entrance and Exit of Firms

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Table 2.2.5

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2.3 Geographic Distribution

Figure 2.3.1 Geographic Distribution of FINRA-Registered Firms by Number of Branches, 2024
(See linked page)

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Table 2.3.2

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Figure 2.3.3 Geographic Distribution of FINRA-Registered Firms by Headquarters, 2024
(See linked page)

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Table 2.3.6

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2.4 Advertising and Products

FINRA Rule 2210 governs member broker-dealers’ communications with the public, including communications with retail and institutional investors. The rule provides standards for the content, approval, recordkeeping and filing of communications with FINRA. FINRA’s Advertising Regulation Department reviews firms’ advertisements and other communications with the public to ensure they are fair, balanced and not misleading. FINRA rules do not require all communications to be filed, and the figures presented below therefore represent only a segment of such communications.

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2.5 Capital Formation

Capital Acquisition Brokers (CABs) engage in a limited range of activities, including advising companies and private equity funds on capital raising and corporate restructuring, and acting as a placement agent for sales of unregistered securities to institutional investors under limited conditions. The CAB rules took effect in 2017. Funding Portals (FPs) also engage in a limited range of activities: those prescribed under the JOBS Act and the SEC’s Regulation Crowdfunding. The FP rules took effect in 2016.

 

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2.6 Business Models and Segments

On October 1, 2018, FINRA announced that it was moving toward an exam and risk monitoring program structure that is based on the business models of the firms FINRA oversees. FINRA has grouped firms according to the primary business(es) in which they are engaged. In 2026, FINRA has further updated its terminology: ’Business Model’ replaces ’Firm Grouping’ and ’Business Segment’ replaces ’Firm Sub-Grouping’; this change is reflected in the 2026 Industry Snapshot. The following tables break down business segments by firm size.


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2.7 Financials

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