Looking to hold my series 7 license, anyone?

Discussion in 'Prop Firms' started by FastandFurious, Sep 19, 2007.

  1. well, my series 7 is about to expire and I am looking for someone/some group to park it. Does anyone know the procedure about doing this?
  2. "parking" a securities license is a prohibited practice, it violates NASD rule 1031.
  3. Tell them you have some business to introduce and do not let them know you are parking. Open up a few IRA accounts, no worries.
  4. I was wondering what firms does this?
  5. you should pm someone about this.
  6. who do you recommend?
  7. I believe the prop firm have to be NASD registered no?
  8. Surdo


    No kidding!

    Perhaps you should change your handle to "Slowandclueless".
  9. gangof4


    little harsh.

    if he was a broker and decided to try trading his own acct., he might not want to park it @ a prop shop as there is a stigma attached if he later tries to/needs to get back into that game. so, if not @ a prop shop, it's quite difficult to find someone who will let you hang your license without being a full time employee.

    when i went off on my own as an RIA with a 65, i did not and did not want to do transaction (ie: commish) biz, but would have preferred to keep my 7/24/63 active nonetheless. given my RIA status, related SEC requirements and the lack of a willing BD, i ended up having them all expire- not my ideal.

    my situation was 13 years ago, so you've got more options. what i will add is that it is easier to find someone to 'hire' you with a current license (which will reset the clock) than find someone to sponsor you to go thru the pain in the ass of testing for a new one. not just your 7, you've prolly got at least a 63 also. don't let it expire if you think there's a chance you'll need it later.
  10. #10     Sep 19, 2007