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Non Registered Person Ownership

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Dec 21, 2009 9:55 pm

OntheEdge

Joined: 2009-12-21Offline

I am trying to find out how much ownership a non-registered person can have in an RIA and also on the BD side. I can’t say the NASD manual is that clear to read.

  any help is greatly appreciated
Dec 21, 2009 10:04 pm

anonymous

Joined: 2005-09-29Offline

A non-registered person can own 100% of an RIA.  A non-registered person can own 100% of a B/D.

Dec 21, 2009 10:08 pm

OntheEdge

Joined: 2009-12-21Offline

Thank you for the info. My BD was telling me that in the NASD manual it states that a Non-licensed individual can only own 9% or less of a BD, and felt it was the same for an RIA. Do you know what they might be speaking of?

Dec 21, 2009 10:13 pm

anonymous

Joined: 2005-09-29Offline

Why would an RIA have to be registered at all?  One needs to be registered to sell products.