Registration and Post-Registration
Chapters in this video
- 0:00 Setting up shop: Form BD and the eternal consent
- 1:51 Money and maintenance: effective dates, Dec 31, and federal preemption
- 3:08 The successor switch: new entity, new consent, no new fees
- 3:51 Dodging registration: institutional and snowbird exclusions
- 5:04 The end of the road: withdrawal, one-year jurisdiction, and revocation due process
- 6:19 Rapid-fire exam recap
What this video covers
- Why the consent to service of process is filed only once at initial registration and survives forever, and how this differs from annual Form BD renewals
- The exact effective date of registration (noon on the 30th day after filing), the December 31 expiration, and what renewal requires
- How federal preemption works when broker-dealers meet the Securities and Exchange Commission (SEC) minimum net capital, freeing them from state surety bond rules
- The successor firm rule: new application, 30-day wait, no new fees until the next December 31, but mandatory new consent to service of process
- The institutional investor exclusion and the existing client (snowbird) exclusion, and why both are destroyed instantly by opening any office in the state
- How voluntary withdrawal works through Form BDW, why the Administrator retains one year of jurisdiction after effective withdrawal, and when withdrawal can be denied
- The three-step due process requirement for revocation (prior notice, opportunity for hearing, written findings of fact) and the exam trap of withdrawing during an active investigation
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Series 65 course also includes adaptive practice questions and spaced-repetition flashcards, free through December 31, 2026.