Banking

A bank seeking US licensure would have to follow the application process specified by the appropriate bank supervisory authority/authorities. All regulators require an application form and supporting documentation, such as audited financial statements, business plan, fingerprints and background checks for senior management and directors; comprehensive policies and procedures; and required application fees. No banking business may be conducted until the application is approved by the appropriate regulator. In addition, if a holding company structure is utilized, an application to, and approval by, the Federal Reserve is also required.

Securities and investments

Broker-dealers are required to submit a New Member Application to FINRA and submit a completed Form BD to the SEC to register with the SEC and FINRA. All materials are submitted online through FINRA. Required application information can include audited financials, a business plan, written compliance and supervisory procedures, forms of customer agreements, fingerprint cards/background checks for individuals registering as associated persons or being listed as principals, and registration fees.

Depending on the amount of assets under management, investment advisers are required to submit a completed Form ADV to either the SEC or the state(s) where the investment adviser will conduct business. The information required in the Form ADV depends on the contemplated business but includes ownership information, proposed business activities and arrangements, background regarding principals, and disclosure and management of conflicts of interest.

Investment companies must register both their securities and their entities with the SEC.

Derivatives

To register with the CFTC, applicants must submit applications to the National Futures Association (NFA), which handles the registration process for the CFTC. Depending on the type of registrant, required information may include applications, audited financials, written compliance and supervisory procedures, fingerprint cards/background checks for individuals registering as associated persons or being listed as principals, and registration fees.

Insurance and money transmission

Each state has its own process for authorizing insurance companies and money transmitters, but licensing and registration will typically involve the submission of an application, registration fee, background and fingerprints for senior management, and details regarding the intended business.  Most money services businesses will submit state applications through the Nationwide Multistate Licensing System (NMLS), while a handful of states manage the application process directly.