Which of the following responses describes a FINRA member?
A.
An associated person of a registered brokerage firm
B.
A natural person who is employed by a broker-dealer (BD)
C.
A registered representative with a national securities exchange
D.
A BD regulated by a national securities association
The Answer Is:
D
This question includes an explanation.
Explanation:
A FINRA member is a broker-dealer that is registered with FINRA and regulated by a national securities association. Individuals employed by the member firm (e.g., registered representatives) are associated persons, not members themselves.
D is correctbecause FINRA membership applies to broker-dealers, not individuals.
A,B, andCare incorrect because they refer to individuals or roles within member firms, not the firms themselves.
[Reference:FINRA Rule 0140 (Membership), ]
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