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Yeah, I'm just complaining about sponsorship. I don't remember there being much else in the way of what I consider to be superfluous barriers to entry.
by julespitt 13y ago
Yeah, I'm just complaining about sponsorship. I don't remember there being much else in the way of what I consider to be superfluous barriers to entry.
- minimax 13y agoI agree that the sponsorship requirement to sit for the test is backwards, but if you are talking about barriers to entry for creating a new broker/dealer, the series 7 is a small inconvenience compared to everything else†. You have all the FinCEN stuff plus capital requirements as well as various recordkeeping, auditing and reporting requirements. It's a huge pain in the ass. †http://www.sec.gov/divisions/marketreg/bdguide.htm http://www.sec.gov/divisions/marketreg/bdguide.htm
- julespitt 13y agoYeah, they are a pain in the ass and could be improved greatly I'm sure. I'm just saying capital, record-keeping and AML requirements are not completely without a public-serving point, unlike the sponsorship requirement.
- eplumlee 13y agommmm barriers to entry. Collect that market power! I submit that anymore, about the only barriers to entry left in any industry are regulatory barriers to entry. Do you know how scarce cabby badges are in NYC?