Form BD covers the entity rather than the individual. It identifies direct and indirect owners, control affiliates, the types of business conducted, clearing arrangements, and any disciplinary events involving the firm or its principals. It is filed through the central registration system and amended when the facts change.
Registration is not complete on filing. The firm must also gain finra membership through a new member application, which examines its business plan, supervisory procedures, capital and personnel, and sets limits that later require approval to change.
Withdrawal uses Form BDW, and firms remain answerable for conduct during the registered period after they deregister.
Related: broker-dealer, finra, rule-15c3-1, compliance-manual