National Supervisory Authority & Licensing Qualification Dossier • North America
FINRA
United StatesFinancial Industry Regulatory Authority
Source / Native Reference: 美国金融业监管局
- Supervisory tier
- Tier-1
- License classes
- 4
- Licensed records
- 16
- Active / regulated
- 16
Statutory Supervisory Mandate & Scope
Malta Financial Services Authority (MFSA) (MFSA) is the Tier-2 statutory financial markets and securities supervisory authority in Malta. It grants and supervises financial services licences across broker-dealers, investment advisers, asset managers, and market operators, enforcing initial and ongoing prudential capital requirements, segregated client asset rules, market conduct standards, and public register disclosures.
Supervises securities broker-dealers, registered investment advisers (RIAs), national securities exchanges, clearing agencies, alternative trading systems (ATS), ETFs, and public issuer disclosures across U.S. capital markets.
Prudential Tier Assessment
Tier-1Primary G7 federal securities & capital markets supervisor enforcing the Securities Exchange Act of 1934, Investment Advisers Act of 1940, and Investment Company Act of 1940.
National licensing qualifications & statutory authorisation classes (FINRA)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by FINRA in United States.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| Form BD (Clearing BD) | Carrying & Clearing Broker-Dealer Registration | Securities execution, margin financing, customer custody, prime brokerage, and institutional clearing. | USD $250,000 minimum Net Capital (or 2% of aggregate debit items under the Alternative Standard; often USD $10M+ for prime brokers). | Rule 15c3-1 Net Capital ratio (maximum 15:1 aggregate indebtedness or ≥2% of customer debit balances) + FOCUS Report Part II filings. |
| Form BD (Introducing BD) | Non-Carrying / Introducing Broker-Dealer | Agency order routing, institutional execution, private placements, and M&A advisory without holding customer funds. | USD $5,000 to USD $50,000 minimum Net Capital depending on dealer vs agency-only scope. | Continuous Rule 15c3-1 compliance, FINRA membership, and annual PCAOB-registered independent audit. |
| Form ADV (Federal RIA) | SEC-Registered Investment Adviser | Discretionary institutional portfolio management, pension mandate advisory, private fund (3(c)(1)/3(c)(7)) and ETF management. | Minimum USD $100 million in Regulatory Assets Under Management (RAUM) for federal registration (no fixed statutory capital floor unless holding custody). | Fiduciary duty under Section 206, annual Form ADV & Form PF filings, and surprise independent custody examination under Rule 206(4)-2. |
| Form ATS-N | Alternative Trading System / Dark Pool Operator | Operation of institutional electronic limit order books and crossing networks for NMS stocks and fixed-income securities. | Subject to Broker-Dealer Net Capital Rule 15c3-1 + Fair Access & Reg SCI systems integrity capital. | Public Form ATS-N order-type/routing disclosures, quarterly volume reporting, and Regulation SCI cyber resilience audits. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under FINRA.
Securities Investor Protection Corporation (SIPC)
- Maximum coverage per client
- USD $500,000 per customer capacity (including up to USD $250,000 for cash claims)
- Eligible counterparties & scope
- Retail and institutional securities brokerage customers of SIPC-member broker-dealers (excludes commodity futures or unregistered digital asset contracts).
SEC Rule 15c3-3 (17 CFR § 240.15c3-3 — Customer Protection Rule)
- Reconciliation & audit cadence
- Mandatory physical possession or control of fully paid and excess margin securities; weekly/daily Special Reserve Bank Account computation.
- Approved custodian requirements
- Qualified U.S. bank or registered clearing agency (DTCC / NSCC) free of any lien or encumbrance by the broker-dealer.
Spot Crypto ETP Approvals, Special Purpose Broker-Dealer (SPBD) & Howey Investment Contract Enforcement
- Travel Rule, custody & stablecoin rules
- Qualified Custodian requirement under Advisers Act Rule 206(4)-2; joint FinCEN BSA/AML Travel Rule compliance above USD $3,000.
Primary Governing Statutes & Rulebooks
- Securities Act of 1933 & Securities Exchange Act of 1934 (15 U.S.C. § 78a et seq.)
- Investment Advisers Act of 1940 & Investment Company Act of 1940 (Rule 6c-11 ETF Framework)
- SEC Rule 15c3-1 (Net Capital Rule) & Rule 15c3-3 (Customer Protection & Reserve Formula)
- Regulation Best Interest (Reg BI) & Regulation ATS / Regulation NMS
Regulatory Reporting & Audit Obligations
Monthly/Quarterly FOCUS Reports (Form X-17A-5) and annual financial statements audited by a PCAOB-registered accounting firmConsolidated Audit Trail (CAT) real-time order-event reporting and Rule 13f-1 institutional holdings disclosuresSuspicious Activity Reports (SARs) via FinCEN BSA E-Filing within 30 calendar days of detection
Cross-Border Equivalence & Passporting
No automatic foreign passporting; non-U.S. broker-dealers rely on SEC Rule 15a-6 chaperoning arrangements with a registered U.S. broker-dealer to solicit Major U.S. Institutional Investors.
Supervised institutions & FINRA licence records in our database
16 licence records referencing FINRA (16 regulated/registered).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| Robinhood | 165998 | Regulated | ROBINHOOD MARKETS, INC | 2012-8-24 | |
| eToro | 298361 | Registered | ETORO USA SECURITIES INC. | 2020-04-08 | |
| Doo Prime | 24409 | Regulated | DOO FINANCIAL US, INC. | — | |
| Eddid Financial | 299423 | Registered | Eddid Securities USA Inc. | — | |
| Tiger Brokers | 18483 | Regulated | TRADEUP SECURITIES, INC. | — | |
| XTX | 289846 | Regulated | XTX MARKETS LLC | 2024-05-21 | |
| TradeZero | 282940 | Regulated | TRADEZERO AMERICA, INC. | 2019 | |
| Firstrade | 16843 | Regulated | FIRSTRADE SECURITIES INC | 2000-08-06 | |
| Ally Invest(Global network record) | Number pending check | Regulated | Ally Invest Securities LLC | 2005-11-25 | |
| E*TRADE(Global network record) | 29106 | Registered | E*TRADE SECURITIES LLC | 2002-05-02 | |
| Fidelity(Global network record) | 288590 | Regulated | Fidelity Personal and Workplace Advisors LLC | 2017-11-13 | |
| GAIN(Global network record) | Number pending check | Regulated | GAIN Capital | — | |
| M1(Global network record) | 281242/SEC#: 8-69670 | Regulated | M1 FINANCE LLC | 2016-03-25 | |
| TD Amertriade(Global network record) | Number pending check | Regulated | TD AMERITRADE, INC. | 1979-01-22 | |
| Thinkorswim(Global network record) | Number pending check | Regulated | Thinkorswim | — | |
| Wealthfront(Global network record) | Number pending check | Regulated | Wealthfront | 2010-10-15 |
FINRA (United States): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under FINRA (United States)?
FINRA (Financial Industry Regulatory Authority) supervises financial institutions in United States under Securities Act of 1933 & Securities Exchange Act of 1934 (15 U.S.C. § 78a et seq.) and Investment Advisers Act of 1940 & Investment Company Act of 1940 (Rule 6c-11 ETF Framework). Key statutory authorisation classes include: Form BD (Clearing BD) (Carrying & Clearing Broker-Dealer Registration — min. capital: USD $250,000 minimum Net Capital (or 2% of aggregate debit items under the Alternative Standard; often USD $10M+ for prime brokers).); Form BD (Introducing BD) (Non-Carrying / Introducing Broker-Dealer — min. capital: USD $5,000 to USD $50,000 minimum Net Capital depending on dealer vs agency-only scope.); Form ADV (Federal RIA) (SEC-Registered Investment Adviser — min. capital: Minimum USD $100 million in Regulatory Assets Under Management (RAUM) for federal registration (no fixed statutory capital floor unless holding custody).); Form ATS-N (Alternative Trading System / Dark Pool Operator — min. capital: Subject to Broker-Dealer Net Capital Rule 15c3-1 + Fair Access & Reg SCI systems integrity capital.). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does FINRA provide statutory investor compensation and mandatory client asset segregation?
Under FINRA's framework, investor protection is governed by Securities Investor Protection Corporation (SIPC) with maximum coverage of USD $500,000 per customer capacity (including up to USD $250,000 for cash claims) (Retail and institutional securities brokerage customers of SIPC-member broker-dealers (excludes commodity futures or unregistered digital asset contracts).). For client money and custody assets, supervised firms must comply with SEC Rule 15c3-3 (17 CFR § 240.15c3-3 — Customer Protection Rule), performing mandatory physical possession or control of fully paid and excess margin securities; weekly/daily special reserve bank account computation. with qualified u.s. bank or registered clearing agency (dtcc / nscc) free of any lien or encumbrance by the broker-dealer..
How does FINRA regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
FINRA's digital-asset regime is structured around Spot Crypto ETP Approvals, Special Purpose Broker-Dealer (SPBD) & Howey Investment Contract Enforcement (Active federal enforcement & Spot Bitcoin/Ether ETP Exchange-Traded Product surveillance-sharing framework.). Custody and AML/CFT compliance obligations require: Qualified Custodian requirement under Advisers Act Rule 206(4)-2; joint FinCEN BSA/AML Travel Rule compliance above USD $3,000.
How can I verify an institution's FINRA licence number and check our 16 recorded licence entries?
Our database currently tracks 16 licence records referencing FINRA (16 marked regulated or registered). To verify a counterparty at the primary source, open FINRA's official public register (https://www.finra.org/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from VolSurface Desk relevant to FINRA and United States.
Second-Order Greeks & Hedging
FINRA Rule 4210 Portfolio Margin vs. Reg T Strategy-Based Options Haircuts: Dealer Delta/Gamma Hedging Equations & E-Mini S&P 500 Futures Impact (15.0% Broad-Based Index Stress Range Benchmark)
FINRA Rule 4210 Portfolio Margin vs. Reg T Strategy-Based Options Haircuts (PORTFOLIO-MARGIN-TIMS) stands at 15.0% (Broad-Based Index Stress Range) (Source: FINRA / OCC Portfolio Margin, 2026-10-20), governing intraday f
OCC Margin & Dispersion Desk
FINRA Rule 4210 Portfolio Margin vs. Reg T Strategy-Based Options Haircuts: Partial Derivative Formulas, Scaling Units & Tenor Surface Grid (15.0% Broad-Based Index Stress Range Benchmark)
FINRA Rule 4210 Portfolio Margin vs. Reg T Strategy-Based Options Haircuts (PORTFOLIO-MARGIN-TIMS) stands at 15.0% (Broad-Based Index Stress Range) (Source: FINRA / OCC Portfolio Margin, 2026-10-20), governing exact Blac
0DTE Gamma & Volatility Surface
FINRA Rule 4210 Portfolio Margin vs. Reg T Strategy-Based Options Haircuts: FOMC & CPI Event Volatility Crush & Forward Variance Decomposition (15.0% Broad-Based Index Stress Range Benchmark)
FINRA Rule 4210 Portfolio Margin vs. Reg T Strategy-Based Options Haircuts (PORTFOLIO-MARGIN-TIMS) stands at 15.0% (Broad-Based Index Stress Range) (Source: FINRA / OCC Portfolio Margin, 2026-10-20), governing extracting
VIX Term Structure & Skew
FINRA Rule 4210 Portfolio Margin vs. Reg T Strategy-Based Options Haircuts: Constant-Maturity Contango Roll Drag & Backwardation Flip Triggers (15.0% Broad-Based Index Stress Range Benchmark)
FINRA Rule 4210 Portfolio Margin vs. Reg T Strategy-Based Options Haircuts (PORTFOLIO-MARGIN-TIMS) stands at 15.0% (Broad-Based Index Stress Range) (Source: FINRA / OCC Portfolio Margin, 2026-10-20), governing daily VX1-
Statutory licensing classes, base capital rules, and investor protection summaries for FINRA (United States) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on FINRA’s official public register.