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SEC Form BDW

SEC Form BDW
InvestingLaws and RegulationsSECSec and Regulatory Bodies

What Is a SEC Form BDW?

The Securities and Exchange Commission (SEC) Form DBW is a document which must be completed by all securities broker-dealers who wish to end their status as a registered broker. The form's title is SEC Form Uniform Request for Broker-Dealer Withdrawal.

All the more basically, this form lets broker-dealers close up shop or stop acting in the capacity of a broker-dealer. Financial Industry Regulatory Authority (FINRA) orders the utilization of Form DBW. Broker-dealers-who buy and sell securities for their investing clients may likewise utilize the document to make a partial withdrawal from trading activity. A partial removal ends a broker's registration inside specific purviews and self-regulatory organizations (SRO). Nonetheless, a partial withdrawal doesn't end the company's filing requirements with the SEC and with the excess SROs and purviews.

The purpose of the Form is to assist the SEC with deciding whether it is in the public's best interest for a broker-dealer to pull out their registration.

Specific Provisions of SEC Form BDW

Section 15 of the Securities Exchange Act of 1934 covers the provisions which oversee all securities brokers registered through the Securities and Exchange Commission. The purpose of the form is to assist the SEC with deciding whether it is in the public's best interest for a broker-dealer to pull out their registration. The SEC and the National Association of Securities Dealers (NASD) keep all information gave through the filing of Forms BDW on record. The information contained in the filings is accessible to the public.

Broker-Dealers might submit Form BDW electronically with the Central Registration Depository (CRD), which is additionally managed by FINRA. A few locales may likewise require a separate filing of a paper copy of the form and have extra filing requirements. Subsequently, the candidate ought to contact the proper experts for specific filing requirements, to ensure they are completely consistent.

Real World Example

As per FINRA, when broker-dealers end their company's registration involving the Uniform Request for Broker-Dealer Withdrawal, they ought to bear as a primary concern the accompanying points:

  • Before filing Form BDW, broker-dealers must correct Form BD to refresh any wrong or fragmented information.
  • Broker-dealers might file a suitable amendment Form online through Web CRD.
  • Know that a few purviews might have extra filing requirements for pulling out a registration.

Further, firms ought to ensure they contact the suitable purviews for their specific filing requirements. An index of states and wards is accessible on the North American Securities Administrators Association website.