Season 2 Episode 11:
Part 1: Broker Dealer Compliance Deep Dive: Regulatory Foundation — Registration, WSPs, Capital Requirements, and FINRA Approval
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Watch on YouTubeIn Part 1 of this broker-dealer compliance deep dive, Jephte Lanthia and Erik Dolan discuss the regulatory foundation behind forming and operating a broker-dealer, including FINRA registration, written supervisory procedures (WSPs), net capital requirements, supervision systems, and recordkeeping obligations. The conversation also explores the distinction between broker-dealer and investment adviser activity, outside business activities, and the importance of building compliance systems that reflect how a firm truly operates.
Podcast highlights you shouldn’t miss:
- What activities trigger broker-dealer registration requirements under U.S. securities laws.
- How FINRA evaluates broker-dealer applications, including business plans, supervisory systems, and personnel experience.
- Why written supervisory procedures (WSPs) must align with how a firm actually operates instead of relying on generic templates.
- What broker-dealers should understand about net capital requirements, FINOP responsibilities, and financial supervision.
- How firms should approach recordkeeping, outside business activities, and off-channel communications compliance.
Host: Jephte Lanthia
Jephte Lanthia advises on corporate and securities, fintech, and compliance, assisting fund managers with investments, securities offerings, broker-dealer regulation, and industry compliance matters.
Guest: Erik Dolan
Erik Dolan is a compliance and risk management professional with more than 25 years of experience in financial services. He has served in regulatory and compliance roles with organizations including the MSRB, FINRA, and the CFTC, advising firms on complex regulatory and enforcement matters. Erik has worked with investment advisers, private equity firms, broker-dealers, and fund complexes, helping organizations strengthen compliance programs and navigate evolving regulatory requirements.
If this episode resonates with what you’re working through, contact info@basswoodcounsel.com. We’ll help you bring clarity to the key decisions, risks, and priorities, with the right support across our complementary practice areas.
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