I own a small business that does business sales consulting and I am finishing up my process of getting a securities license as issued by FINRA. The reason this is interesting is that FINRA is the government agency that regulated (or was supposed to regulate) Bernie Madoff. Based on recent reports that didn't work out so well for FINRA.
I am now going to get my securities license. Why? Because I haven't the slightest idea how the regulators will apply their rather foggy regulations. I have a small business that deals with business sales. I don't think I need a FINRA securities license but I'm not willing to take the chance so I'm doing it.
So there goes about $3,000 and about 100 hours so that I can be regulated by FINRA, who couldn't catch a guy performing a $20 billion fraud even after someone had turned him in!
Priceless.
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