If you're an IA or BD and you want to play ball in the state, you have to have the cash to back you up. The state Administrator sets a minimum net capital amount, which you need to have to register. The Administrator can waive that minimum, but you better pay him off handsomely.
And as you take the incomprehensibly life-complicating step of becoming a custodian for client assets or accepting upfront payments from clients, you'll have to bare your audited balance sheets to the...
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