Other US Financial Licences | Rengangyongsheng US Financial Compliance Services

REGULATORY OVERVIEW

Overview and reading notes

There is no single financial licence in the United States that covers banking, payments, securities, insurance and lending. This directory organises key federal and state licences, registrations and offering exemption frameworks by actual business activity, helping applicants identify the regulatory pathway first and then assess capital, personnel, address, documentation and ongoing maintenance responsibilities. It covers the main categories and does not claim to exhaust every licence variation in every state, city or product; authorisation to operate does not constitute a government guarantee, investment safety certification or guarantee of bank account opening.

Regulatory authority: Depending on the business, oversight is handled by the OCC, Federal Reserve, FDIC, NCUA, SEC, CFTC, FinCEN, and state banking, insurance, securities, and consumer finance regulators. FINRA, NFA, and MSRB perform applicable self-regulatory functions; NAIC, NIPR, and NMLS are not unified licensing authorities.
Scope of business: Covers national and state banks, federal savings institutions, national and state trusts, federal and state credit unions, insurance underwriting and producer sales, residential mortgages, consumer and small-dollar lending, debt collection, broker-dealers and investment advisers, NFA derivatives intermediaries, exchanges and ATSs, clearing and transfer agents, investment funds and BDCs, municipal securities, security-based swaps, NRSROs, payment stablecoins and digital asset custody. MSB and MTL are explained only as boundaries relevant to related payment activities.
Capital and finance: There is no uniform minimum capital across categories. Banks and trusts are assessed individually based on their business plans and risks; insurance requirements depend on the state of registration, line of insurance and solvency rules; securities and futures intermediaries are subject to regulatory net capital formulas; state lending and payment businesses may involve net worth, surety bonds and coverage of customer funds. Capital, customer reserves, surety bond amounts and application fees cannot substitute for one another.
Processing time information: There is no uniform approval commitment for US financial licences. The fundraising and commencement-of-business deadlines following preliminary OCC approval are not review periods; FDIC deposit insurance and NCUA federal credit union applications have conditional processes or review targets that must be understood separately. State licences, FINRA membership, complex securities market facilities and stablecoin licences should be scheduled individually based on complete materials, follow-up requests, related approvals and opening conditions; incorporation or a system number is not an approval date.

01 | Distinguishing licences, regulatory registrations, memberships and offering exemptions

银行charter、州保险certificate of authority和州贷款license属于特定业务经营授权。SEC投资顾问或券商登记、CFTC中介登记及FinCEN MSB登记分别建立不同法律下的监管关系，不能因为名称都译为‘注册’而认为效力相同。FINRA、NFA或MSRB的适用注册与会员要求，也不能由普通州公司注册替代。[1] [17] [25]

证券发行豁免解决的是某一次或某一安排下证券发行是否免于完整注册，并不允许发行人自动代客买卖、经营交易所或吸收公众存款。STO只是证券代币发行的业务描述，不是一张美国STO牌照。应分别判断发行、销售中介、交易场所、资产托管、基金及顾问角色，再匹配各自的许可或豁免。[19] [34] [35]

02 | Determine applicable category by product, customer location and flow of funds

选牌照应先回答三个实务问题：服务对象是谁、客户的钱或资产由谁控制、公司实际承诺了什么。例如撮合贷款与自有资金放贷可能属于不同州类别；只转交期货订单的IB与接收交易保证资产的FCM不是同一模式；有偿证券建议与按成交收取佣金的证券中介也不应混为一谈。[13] [16] [23] [25]

州监管范围不只取决于公司注册州。客户居住州、借款人所在州、保险风险所在地、业务人员与分支地点，以及是否向当地居民线上招揽，都可能触发额外许可。NMLS或NIPR让申请资料较容易管理，但共同系统不意味着50州拥有统一净值、费用、期限或豁免。[9] [12] [44]

03 | Practical benefits of applying and matters that cannot be guaranteed

取得适当授权的主要价值，是在核准业务范围内建立可以持续接受监管的经营结构，明确客户资产责任和信息披露义务，并为合同、招聘、审计与合作机构尽调提供依据。不同特许可能提供不同法定权力，例如合规的信托机构可具备受托权限，但不能把所有信托、数字资产或支付机构称为全功能银行。[3] [7] [44]

审批并不保证银行一定开户、合作方接受全部产品、融资成功或投资者获得回报。FinCEN明确说明，MSB名单收录不是政府推荐、合法性认证或背书；普通Form ATS也是通知而不是SEC对平台作商业批准。网站宣传应描述真实获准类别和限制，不使用‘政府认证安全’或‘全美通用金融牌照’等说法。[19]

04 | Eligibility: legal-entity existence is only the starting point

申请主体要有与业务相符的法律结构、章程目的、治理制度、可持续预算及可接受的财务记录。银行和信托通常先与监管机关讨论经营计划，解释市场需要、拟任CEO经验和资本方案，再进入正式文件审查；注册一家LLC或Corporation本身并未满足银行设立资格。[2] [6] [7]

跨境股东可以参与某些类别，但不能承诺所有类别均无外国持股、管理人国籍或居住限制。国家银行董事有法定国籍、居住和资格股份要求，并存在须获准的有限豁免；联邦储蓄机构不直接套用相同董事规定。信用合作社按会员合作制和会员范围运行，也不是境外投资者购买普通股即可取得的商业银行。[2] [5]

05 | Shareholders, directors, controllers and ultimate beneficial owners

应准备穿透至自然人及最终控制方的股权图、各层公司登记资料、投票及否决权安排、董事与高管履历、纪律及诉讼披露，以及出资人的资金来源。监管控制判断可能考虑共同一致行动、管理权和间接持股，不能只看某一层名义股份。[7] [18] [25]

披露和控制权触发阈值须按类别使用。例如纽约信托申请要求10%或以上主要股东的相关材料；FINRA特定25%股权、资产或业务变化可能触发CMA；OCC银行控制规则另有25%投票控制和特定10%可反驳推定。不得把任何一个比例宣传为美国全部金融许可的统一实益拥有人门槛。[7] [18] [45]

06 | Compliance personnel, responsible principals and examination arrangements

人员安排必须与风险匹配。银行及信托需要可以真实履职的CEO、董事监督、合规及风险管理安排；证券和衍生品中介还须按业务确定代表、主管和财务运营资格。外聘律师、顾问或兼职人员可以提供专业支持，但不应把挂名人员描述为已满足所有日常监督责任。[2] [7] [17]

州牌照MLO最低需20小时认可预教育、SAFE考试75%或以上，以及每年最低8小时继续教育，州可增加要求。NFA人员一般涉及Series 3，零售外汇还可能涉及Series 34，分支主管涉及Series 30；Series 31、Series 32及仅swaps人员路径都有明确适用条件。市政顾问代表与主管分别涉及Series 50和Series 54；州IAR考试及豁免要由各州核实，不能只凭通过考试就开业。[10] [11] [24] [29] [37]

07 | Capital, regulatory net worth and source of funds are different figures

OCC明确没有适用于所有联邦银行申请的单一最低资本美元金额。普通新设银行计划通常须满足前三年或预期稳定盈利前不低于8.0%的Tier 1杠杆率及相应审慎条件，监管机关可要求更高水平；此比例不能自动外推为所有无保险信托或特别业务的唯一资本要求。[2]

监管净资本通常须扣除不符合条件资产、市场风险折扣或其它项目，账面股本不必然等于可计入资本。FCM通常至少100万美元调整净资本或更高适用额；独立IB通常至少45000美元或更高适用额。客户资产、稳定币储备和贷款资金应与公司运营预算区分，且出资必须能够追溯，不能靠短期借入资金在报表日伪装资本。[26] [27] [42]

州要求仅能作为该州该类别的实例。加州一般非住宅CFL业务持续净值和保证保险各最低25000美元；雇用MLO并实际发放住宅贷款的lender净值最低250000美元，仅安排住宅贷款的broker为50000美元，保证保险还可能随业务量上升。这些不是全美贷款许可证统一门槛。[13] [14]

08 | Registered address, business address and substantive operations

Registered agent地址用于送达法律文书，不等于银行、信托或持有客户资金的机构具备真实经营、记录保存、人员监督与安全设施。申请资料应解释办公场所、租赁权、负责人工作地点、数据和档案位置、监管访问权限及外包控制，不能只展示一张美国地址证明。[7] [27]

NFA对FCM及Forex Dealer Member的记录办公室和驻该办公室的principal、AP有明确规定，FCM特定可比境外监管地点存在有限例外；不能推广为任何离岸团队都可远程获得同样资格。纽约信托申请要求说明纽约场所及高管实际投入时间，数字业务亦要有可运行的网络安全、资产控制和退出安排。[7] [27]

09 | Preparing formal application materials

基础包通常包括主体与关联公司资料、章程、持股及控制图、业务计划、产品及客户合同、管理层背景、财务报表和预测、资本及资金来源证据、营业场所文件，以及与业务相符的风险和合规制度。涉及客户资产时，应进一步解释保管、对账、授权、资金隔离、投诉和事件处理，而不是提交没有具体流程的制度模板。[2] [7] [27]

各系统要求不同：银行使用特许申请材料；保险承保主体采用适用UCAA程序；NMLS州许可使用相应MU表及州附件；证券顾问使用ADV和适用U4；CFTC中介使用7-R、8-R及会员材料。公开申报内容与申请保密内容还应分开处理，商业秘密不当然可以全部省略。[7] [8] [12] [23] [30]

10 | Complete application steps from business positioning to launch

第一阶段先整理客户与资金流图，作业务定性和州别分析，确认是否存在真实可用的排除或豁免。第二阶段确定法人、持股、资本及管理人员，向适用监管机关进行预申请沟通。第三阶段落实财务、办公、托管和关键外包安排，按官方清单制作可执行的业务及合规材料，而不是先出售客户产品再补牌照。[2] [6] [7] [12]

第四阶段取得系统权限并提交申请、费用与人员背景资料，持续按要求补件或面谈。第五阶段分别取得所需许可生效、会员接纳和相关批准，核对条件、产品范围、分支及人员资格。第六阶段完成筹资、系统和开业前条件，才启动获准业务，并建立年报、续费、资本监测及变更通知日历。银行charter、FDIC保险和开业确认可能互相关联，但不是同一张批文。[2] [4] [5] [17]

11 | Timing and costs: official targets are not guarantees

FDIC于2026年公布两阶段存款保险程序：对满足相关条件的新设申请，收到申请后120日内提供有条件授权，随后在取得补充资料及完成关键组织步骤后的12个月阶段内进行批准，开业前仍确认全部条件。NCUA联邦信用合作社第一阶段会员范围审查目标60日，第二阶段完整申请至发出charter目标180日。这些都不能包装为全项目固定获批周期。[4] [5]

OCC初步批准后通常需12个月内筹资、18个月内开业，属于批准后履约期限，不是OCC申请审查需12或18个月。NIPR所述州通常7至10日审阅申请，是平台一般说明，不包含所有考试、背景和特殊审批情况。加州催收官方说明满足许可要求时审查约90日，也可能因欠件而延长。[2] [9] [15]

预算应分开列监管费、系统处理费、考试与指纹费、会员会费、保证保险保费、专业服务、审计、办公室和运营资本。已读官源的例子包括NFA CPO或CTA机构申请费200美元及适用个人申请费85美元，会费另计；SD申请费15000美元，会费和人员费另计。加州催收申请费350美元、调查费150美元，系统等费用另计。提交前须重新核对官方收费表，不把这些例子当全美国费用报价。[15] [30] [31] [32]

12 | Acquisitions, change of control and business expansion

收购持牌主体不是购买一张可自由转让的证书。交易尽调要同时核对批文范围、资本缺口、客户资产、处罚与检查发现、欠缴费用、历史报表、合同转移和关键人员离任风险。某些许可不得转让，股权收购又可能触发独立控制权程序；交易条件应覆盖必要的通知、批准或无异议要求。[15] [18] [45]

FINRA Rule 1017下，适用控制或股权变更至少30日前提交CMA；某些变更可在审理完成前实施，但FINRA可施加临时限制，重大业务变化和未偿仲裁等特别情形另受限制。因此既不能说所有CMA都必须批准后才交割，也不能承诺提交30日即永久获准。银行控制、保险Form A及州许可变化，应分别核对其专门程序。[8] [18] [45]

13 | Ongoing annual reports, renewals, examinations and exit maintenance

获批后要持续管理资本、人员资格、申报、收费、客户披露及检查整改。金融监管并非统一‘每年交年费’：有的登记持续有效但须年度更新，有的州牌照须续期，有的机构需季度财务或风险报告，另有审计、会员义务和即时事件报告。暂停业务也不自动消除现有报告责任。[14] [17] [22] [23] [40]

具体例子包括：RIA通常于财政年度结束后90日内提交ADV年度更新；12月31日仍登记的transfer agent于翌年3月31日前提交TA-2；加州CFL即使无业务仍须每年3月15日报送年报；MSB按规定每两年续登而不是每周年自动续期。停止经营时还要处理客户资产、记录留存、合同和正式退出表格，不能仅注销普通公司。[14] [22] [24]

14 | Key risks to consider before applying

不要用许可名称倒推业务可做范围。‘不持客户资金’未必免除证券撮合或贷款经纪要求；‘只服务境外客户’要有实际客户和招揽限制的证据；‘技术服务商’若控制私钥或代客资产，可能已改变监管定性。豁免需要事实和持续条件支持，不是签署一句免责声明即可成立。[16] [31] [36] [44]

不得把申请中、条件批准、登记编号或已发出的有限业务授权混为一谈。官网内容应注明监管机关、实际类别、生效和限制，避免声称存款保险覆盖一切投资或代币。凡未完成核实的州费率、资本、期限及新规状态，应在产品上线或提交前再次核对，不能靠旧版网页和商业报价填空。

15 | National and state banks, savings institutions and trust authorisations

国家银行：OCC特许申请以经营计划、资本、胜任董事与管理层及安全稳健经营为核心。拟吸收受保客户存款的业务另需适用FDIC保险程序，控股结构还可能涉及Federal Reserve。取得初步批准后落实资本、场所及开业前条件；开业后接受资本、报告、审查与重大计划偏离控制。MSB登记不能替代银行charter或允许吸储。[2] [4]

州银行及州储蓄机构：申请由选定州的银行或金融监管机关处理，随后按机构是否为联储成员、是否有存款保险等因素适用Federal Reserve或FDIC监管。纽约官方流程要求先提交商业计划概要沟通，再提交组织、股东、董事、资本和场所资料。获准后仍须州与适用联邦持续维护，不能因公司在某州成立就称已获得州银行牌照。[6]

联邦储蓄机构：Federal Savings Association由OCC负责特许及监管，但业务权力、治理和董事条件不完全等同国家银行。申请须按储蓄机构类型和所有制准备，不把国家银行董事国籍与居住规定直接复制。组织、保险及开业条件完成后才可开展核准业务；转制或退出另有程序。[2]

国家信托银行：业务限于信托公司业务及相关活动，不等于全功能商业银行。OCC2026最终规则自4月1日生效，澄清可有相关非受托活动，并非授权任何证券、贷款或数字资产业务。申请需匹配资产托管风险、资本及管理层；开业与后续新产品受具体特许和监管条件约束，MSB登记不能提供受托权限。[2] [3]

州信托及有限目的信托：由相应州核准。例如纽约有限目的信托没有一般吸储和放贷权，只有直接源于受托权限的限定相关业务；资本和保证保险由DFS个案决定，须评估纽约场所、资金来源、全职高管、网络安全与wind-down计划。重要业务改变需事先取得适用批准，不应对客户宣传为有FDIC保障的全功能银行。[7]

16 | Federal and state credit unions

联邦信用合作社是会员共同所有的合作制机构，须先获得NCUA对field of membership的预批准。申请人随后完成潜在会员调查、捐赠资本、发起人和管理安排、物理地点、业务与财务计划，再完成组织及账户保险文件和监管协议。NCUA网页有60日及180日分阶段审查目标，不是新发起人从零开始一定在此期间完成。[5]

州信用合作社须向州信用合作社监管机关取得charter，适用会员资格、治理及资本要求可能与联邦路径不同；账户保险须单独核对，不能假定所有州charter均具有同一保险安排。持续维护包括会员范围、治理、审慎经营、报告和检查，合并或转制也须专门处理。该路径不是MSB登记，更不是股东可随意买卖的银行许可证。[5]

17 | Insurance underwriting companies, producers, agents and brokers

保险承保公司：承担保单风险并支付赔款的主体应申请州certificate of authority。NAIC UCAA提供Primary、扩州Expansion、变更及Form A等程序，各州接受共同申请框架，但证书由州发出，资本、偿付能力和险种权力仍按州及业务判断。公司先确定domicile、险种、管理层和财务方案，提交风险、精算及治理材料，获准后持续报送财务并维护承保州授权。MSB登记不能允许承保。[8]

Producer及保险代理、经纪：销售、招揽或谈判保险的个人与业务实体须分别判断州资格、resident或nonresident路径及获准险种。通常需完成适用考试、背景披露和实体负责人员安排，并视业务处理任命和继续教育。NIPR是申请及续期渠道，不是全国统一保险牌照；producer授权不使经纪公司变成承保保险公司，也不是MSB业务。[9]

Surplus lines及其它保险专业类别：非认可保险市场、理赔公估、保险管理或其它专业职能可能另有州资格。应按实际职能核查专门申请、财务保障、税务及续期要求，不把普通producer执照当所有专业职能通行证。本目录不逐一覆盖每州全部保险细分类别，缺少已核实具体费用和期限时，应提交前核对。[9]

18 | Residential mortgage companies, MLOs and NMLS federal registration

Mortgage lender、broker或servicer公司：州许可按发放、撮合及管理贷款等职能区分，公司通常通过NMLS提出州别申请，解释资金、净值、保证保险、控制人及分支。获准后应维护相关MLO关联、州续期、Mortgage Call Report及适用业务报表；贷款或servicing业务变更不应只修改普通公司名称。NMLS号码只是系统身份，不能替代批准状态。[12] [14]

州牌照MLO个人：SAFE要求认可预教育最低20小时、考试最低75%及年度继续教育最低8小时，同时还有背景、信用、州要求和受雇关联等条件。完成考试不是自动获得经营权，应等州许可状态与适用sponsorship落实。部分州增加课程，外国申请人是否满足个人身份及工作条件须另行核对。[10] [11]

联邦登记MLO：SAFE体系区分州licensed和特定机构人员federally registered。适用联邦登记的银行等机构人员并非因此获得可自由为任何非银行贷款公司服务的州MLO牌照。更换雇主或转入非银行业务时须重新判断资格路径；这类按揭要求与MSB登记无替代关系。[11]

19 | Consumer lending, small loans and debt collection

消费及商业finance lender或broker：先区分自行放贷、经纪及被州法覆盖的产品，再逐州确认申请或豁免。加州CFL涵盖消费和商业贷款及特定经纪，牌照经纪权并非可为任何未许可贷款人撮合。申请及后续维护涉及NMLS、净值、保证保险、分支和年报，某些利率待遇不代表全部收费和消费者保护规则被豁免。MSB不提供贷款或贷款经纪权。[13] [14]

Small-dollar、payday、installment、车辆担保等贷款：可能受独立小额贷款牌照或特别产品法约束，产品名称、金额、期限、收费、展期和催收方式决定边界。应提交具体合同及现金流安排作州法分析，不以一般CFL或某一州额度推定全国可以提供相同产品。许可生命周期包括申请、产品控制、记录与报告、续期以及退出清偿安排，缺少具体州数据时不列猜测费用和天数。[12] [13]

Debt collector及debt buyer：债权购买和委外催收也可能触发州牌照。加州DCLA覆盖规定范围的催收与债权买家，申请通过NMLS，须人员背景材料、适用保障和州费用；牌照不得转让或指派，分支须登记。获准后须持续更新资料、提交年报和缴纳assessment，亦须遵守联系债务人及诉讼送达规定。催收许可不是MSB，也不是无限制使用司法催收的授权。[15]

Debt settlement、debt adjustment及信用修复等业务：并不当然属于与第三方催收相同类别，可能另有许可、注册、保证保险或费用限制。应根据是否谈判减债、接收客户付款及代付债权人重新检查消费金融和支付监管，不因已有催收号码而承诺全美可经营全部债务服务。[12] [15]

20 | Broker-dealers, investment adviser RIAs and state IARs

Broker-dealer：代客促成证券交易或从事需登记的dealer活动，通常涉及SEC Form BD、适用FINRA或其它SRO会员、SIPC适用资格及州和人员登记。私人发行证券也不会自动豁免销售中介登记。申请须建立合适监管净资本、主管和财务运营安排、书面监督、反洗钱与客户资产控制；获准后持续审计、申报、资格与会员维护，MSB不能替代券商。[16] [17]

RIA监管分界应使用regulatory assets under management（RAUM），不是公司营业额或股本。不到2500万美元通常由州监管；2500万至1亿美元的mid-sized顾问，若主办公州要求登记且受该州检查，通常走州。SEC2026官方说明主办公在纽约的mid-sized顾问属于不受州定期检查的例外，须走SEC。其它活动例外及注册豁免仍需独立判断。[23]

达到1亿美元可选择SEC登记，达到1.1亿美元通常须登记SEC；已经SEC登记的顾问一般在RAUM低于9000万美元才须转州，除非其它例外要求留在SEC。因此9000万至1.1亿美元是依既有身份和条件运行的缓冲，不表示9000万美元的新申请人无条件可选择SEC。注册公司后通常仍须州notice filing及个人IAR安排，转换监管应防止出现无注册空档。[23] [24]

仅管理符合条件私募基金的顾问可能适用低于1.5亿美元的私人基金顾问豁免，或其它专门豁免，并以ERA方式报送规定信息；这不是所有顾问的一般免牌照条件。RIA或ERA并不自动允许证券承销、交易撮合、托管银行业务或无条件吸收投资者资金；基金本身的投资公司排除及发行豁免也应另行判断。[23] [33]

21｜CFTC／NFA classification: Not a single blanket NFA licence

FCM接受期货等订单，并接受支持订单的客户金钱或资产；IB接收或招揽订单，但不接受支持这些订单的客户资产。独立IB有调整净资本及财务申报要求，guaranteed IB则依FCM或RFED保证安排及相关业务限制运行。两者均须核对机构注册、principal、AP、监督和适用客户保护责任，不能把IB宣传成可持有保证金的FCM。[25] [26] [27]

CPO经营并为commodity pool募资，CTA提供有偿商品交易建议或管理交易账户；申请通常涉及7-R、8-R、指纹、适用考试和NFA会员安排。CPO排除或豁免须符合4.5或4.13等条件，CTA豁免按4.14等具体事实判断。基金募集、证券属性和其它监管仍独立存在，CPO或CTA不是MSB，也不能仅因有编号就经营零售外汇对手方业务。[30] [31]

RFED作为规定零售场外杠杆外汇交易的对手方，须匹配RFED登记、NFA Forex Dealer Member、相关人员资格和客户资产控制。Forex Dealer Member的资本底线为2000万美元，并有按客户及对手方负债等计算的更高要求。这个门槛不是CPO、CTA或所有NFA成员通用净资本。[25] [28] [29]

Swap Dealer是掉期交易做市或交易商活动类别；一般SD交易商活动在过去12个月超过80亿美元gross notional的de minimis门槛须登记，但特殊对象和适用计算另需分析。Major Swap Participant按其它重大敞口等定义判断，不直接套SD门槛。登记由NFA办理CFTC注册，并审阅适用4s资料；SD人员有swaps proficiency及不合格人员控制要求。SEC security-based swaps另有体系，不能混用。[32] [38]

AP是相关中介的招揽、接单或监督人员类别；principal是因控制、职位或财务权益须披露的负责人身份，不是一张独立展业牌照。Floor Broker代他人在合约市场交易，Floor Trader在合约市场自营，适用登记和市场要求也不同。SD或MSP的AP不要求同样独立AP登记，但不因此免除法定不合格审查及适用训练。[25] [32]

Notice注册的券商、FCM或IB及特定非美国机构豁免，是业务受限的专门路径。不能把‘境外注册’或英国、加拿大某项考试资格，宣传为可以全面绕过美国客户业务监管。NFA登记分类、业务批准、个人资格和持续义务必须一起核对；MSB不提供期货、外汇或swaps交易权限。[25] [29]

22 | National securities exchanges and ATS trading systems

国家证券交易所：应走SEC交易所注册路径，Form 1及附件涉及章程、规则、股权和管理层、财务、系统、会员和上市安排。交易所承担市场及自律监管责任，不是成立一个撮合网站后购买证券牌照即可运营。获准后规则变更、市场监督和系统运营仍受监管；实际批准、条件和上线准备需逐项确认，MSB登记完全不能替代。[21] [46]

ATS：符合exchange定义的交易系统，可在满足Regulation ATS及相关豁免时按broker-dealer运营。普通Form ATS是运营通知，不是SEC逐一商业批准；涉及NMS股票的ATS另有公开Form ATS-N及生效审查要求。申请人应先落实券商登记、会员、交易规则、冲突控制及适用系统标准，后续持续修订和退出报送，不应宣称ATS登记等于交易所牌照或任意代币均可交易。[19] [20]

23 | Securities clearing agencies and Transfer Agents

Clearing agency：中央对手方CCP或中央证券存管CSD等活动，原则上须在开展业务前取得SEC注册或具体豁免，Form CA-1及配套规则、治理、结算、资产保护和风险材料是核心。交易撮合、链上交割或内部记账是否构成清算职能，要根据实际责任分析；获准后适用规则申报、财务资源、风险控制、恢复及退出要求。它不是ATS的附赠权限，更不是MSB。[21]

Transfer agent记录证券持有人的变化、维护名册和执行有关证券登记职能，qualifying securities业务前须向适当监管机关ARA申请TA-1并使登记生效。ARA可能是OCC、Federal Reserve、FDIC或SEC，不能全部称SEC发牌。符合条件登记一般收到申请后30日生效，但可延迟、否决或采取其它行动；12月31日仍登记者翌年3月31日前交TA-2，退出用适用TA-W或ARA程序。过户代理不是证券交易、清算或MSB许可。[22]

24 | Different life cycles of registered funds, private funds and BDCs

注册投资公司：开放式共同基金、封闭式基金、UIT及适用ETF结构，涉及1940年投资公司法和证券发行规则。应确认法律结构、董事及服务商、投资顾问、托管、估值和投资政策，按适用N-8A、N-1A、N-2或其它表格申报，完成适用生效及资本条件后才向公众发行。持续维护包括基金报告、审计、股东披露及政策执行；MSB既不能创设基金授权，也不能取代资产管理登记。[33]

私募基金：常见3(c)(1)及3(c)(7)是投资公司定义的排除路径，通常分别涉及持有人数量或qualified purchaser及非公开发行条件，且可能有专门例外。发行常另用506(b)或506(c)，管理人还须评估RIA、ERA和可能CPO等条件。募集后继续控制投资者资格、人数及转让、管理人登记和合同披露，不能把私募排除宣传为SEC批准的基金牌照。[23] [30] [33] [34] [35]

BDC：Business Development Company是投资于符合框架的小型及发展中企业等的特殊封闭式公司制度，采取1940年法下专门选择和约束，而非普通注册投资公司许可。设立应评估美国主体条件、投资政策、管理协助、证券登记或发行安排及Form N-54A选择，后续履行投资、杠杆、治理和证券报告要求。相关顾问的SEC登记资格另有专门规则，不能以CPO、RIA或MSB单独号码取代BDC结构。[23] [33]

25 | Municipal securities advisers and municipal securities dealers

Municipal advisor就市政证券发行或相关市政金融产品向适用市政实体或obligated person提供个别化建议，可能须SEC登记及MSRB注册。机构需提交MA、相关自然人MA-I和MSRB A-12，配置Series 50代表及Series 54主管，并建立监督、利益冲突和适用受托义务安排。一般财务资料与特定建议边界应结合内容及实际行为判断，不能只加免责声明。[36] [37]

市政证券broker或dealer属于交易、承销或dealer角色，可能有SEC或银行适用登记及MSRB规则责任，与municipal advisor不可互相替代。银行、律师、RIA或承销商的某些排除或豁免只覆盖特定活动，不因机构已有另一牌照就全部免登记。持续维护须按具体角色管理人员、申报、收费与监督；MSB不提供任何市政证券建议或交易授权。[16] [36]

26 | Security-Based Swap Dealers and Major Participants

以特定证券或规定证券指数等为基础的security-based swaps适用SEC体系，Security-Based Swap Dealer和Major Security-Based Swap Participant的定义与CFTC SD或MSP并不相同。申请按已有身份使用SBSE、SBSE-A或SBSE-BD，并有SBSE-C高级人员和CCO认证；须建立业务合规、关联人员不合格审查及适用记录报告制度。CFTC或NFA注册不是SEC登记的直接替代。[38]

资本、保证金和客户资产隔离按银行或非银行、是否同时为券商和是否采用内部模型区分。SEC已发布规则的非银行、非内部模型stand-alone SBSD固定净资本底线2000万美元，并与适用2%margin factor取较高要求；其它组合可能适用显著不同标准。后续须持续计算及申报、管理风险和关联变化，退出采用适用SBSE-W程序。该体系不是MSB，也不能凭固定资本金额推定一定获准。[38] [39]

27 | NRSRO credit rating agency registration

NRSRO指依证券交易法登记的Nationally Recognized Statistical Rating Organization，不是银行、证券销售中介或融资公司。申请应按拟评级类别准备Form NRSRO，说明经验、方法、信息来源、人员能力、治理、资源和冲突控制。评级类别包括金融机构、保险公司、企业发行人、资产支持证券及政府等证券，不能仅靠公司名称写有‘评级’就声称拥有NRSRO身份。[40] [41]

登记后需按要求公开资料、更新及年度认证，维护评级方法审查、业绩和历史披露、内部控制报告、CEO相关认证以及分析人员训练。销售营销对评级的影响和人员跳槽造成的冲突也要持续控制。获登记不代表SEC保证评级正确或认可被评级投资，MSB不能替代NRSRO；没有核实到适用最新费用或统一总周期时，不提供猜测数字。[40] [41]

28 | Payment services: MSB registration and state MTL remain separate

FinCEN MSB是BSA体系下的联邦登记，并非政府背书或全美经营牌照。通常由拥有或控制业务的人负责按要求申报Form 107，成立后180日内初始登记，每两年续登，并在美国规定地点保留有关材料。适用豁免和重新登记事件需单独判断；180日申报期限不是无州牌照可先经营180日的宽限许可。[47] [48]

MTL等州支付许可关注当地客户或资金传输活动，通常涉及资本或净值、保证保险、客户资金保护、控制人及持续报告。即使MSB表格勾选了全部州，也不表示已取得全部州经营授权；例外要依据具体州法和业务实际成立。若同时接收贷款还款、证券资产或代币，要重新评估其它许可而非只填写MSB业务类别。[12] [44] [47]

29 | GENIUS payment stablecoins: Enacted, rules issued, and not yet effective

GENIUS Act于2025年7月18日成为Public Law 119-27。OCC于2026年10月21日公布GENIUS最终规则，公告明确规则及法案生效日为2027年1月18日。因此截至本页2026年11月4日检视，不能称该OCC最终框架已经生效，也不能继续把已发布最终规则描述成仅有拟议方案。BSA、AML和OFAC配套将另行规则制定，本页未确认其它机关全部细则已完成或所有新许可受理已开放。[42] [43]

法律框架区分获准payment stablecoin issuer的不同联邦及州路径，银行或信用合作社子公司、联邦合格非银行发行人、符合条件州发行人及外国发行人不共享同一手续。州路径合并未偿发行总额不超过100亿美元且州框架须实质相似，并涉及认证及联邦过渡等条件；这是规模门槛，不是申请人最低资本。具体实施与过渡应按适用生效规则和监管通知落实。[42] [43]

法律要求至少1:1的可识别储备，并限制合格储备资产，涉及赎回政策、储备披露及相应认证。储备与公司资本、operational backstop及客户托管控制是不同义务。新设申请应先确定发行人路径、控制结构、储备和赎回系统、托管及治理，获准且在适用生效条件满足后展业；不能以MSB登记、州公司或一般代币技术白皮书替代发行授权。[42] [43]

30 | Custody and digital asset activities must be classified according to the assets and control

证券、现金、虚拟币及支付稳定币的托管，不是同一个美国‘托管牌照’。应确定客户法律权利、谁控制私钥或转账、托管人是否承担受托义务、资产是否用于证券或衍生品交易，以及客户所在地要求。信托charter、券商客户资产规则、州虚拟币许可及GENIUS相关托管要求可能分别适用，MSB不自动使机构成为合格或受托custodian。[7] [22] [39] [43] [44]

纽约BitLicense覆盖规定虚拟币传输、代客保管、买卖兑换及发行等活动，不赋予信托受托权限。经DFS核准虚拟币业务的纽约有限目的信托可具有受托权限，并可在纽约money transmission不另取MTL；BitLicense本身则不替代法币MTL。这项纽约安排不能推广为其它州均豁免。申请、币种或业务变更、资本、客户保护和持续检查均需维护，官方没有统一获批时间承诺。[44]

31 | STO and securities offering exemptions are not standalone financial business licences

证券代币发行应先按实际权利、销售安排及投资预期分析证券属性。若采用506(b)，不得一般招揽，非accredited但具评价能力投资者须满足包括任何90日最多35人的现行要求；若采用506(c)，可以一般招揽，但全部购买者须为accredited investor且发行人采取合理验证步骤。首售后通常15日内提交Form D，州notice及fees和bad actor条件仍要检查。[34] [35]

Form D是发行通知，不是SEC审批牌照。其它注册发行或豁免路径应按各自资格、金额、投资者、公开销售及持续报告规则另行评估，本页不猜测未核实的金额。发行豁免不解决代销券商、ATS、过户、清算、基金或顾问许可，链上登记也不消除限制转让和资产保管责任；MSB不能取代证券发行合规。[16] [19] [22] [33] [34] [35]

32 | Rengangyongsheng professional explanation and information-use notes

本专题由仁港永胜（香港）有限公司拟定，唐上永（唐生）业务经理专业讲解。实务评估的重点是把客户计划转化成可核对的活动、角色、资金流及州别要求，再安排人员、资本、文件和维护责任；不以牌照名称、商业报价或机构编号代替监管分析。

本页依据下列监管机关、官方法律文本及自律组织资料整理，监管事实属于相应来源，不作为本公司原创发现。检视日期为2026年11月4日；个别基础官方指南年代较早，本页只采用其仍须与现行法规结合理解的框架，不采用旧名单统计或旧罚款收费。内容用于业务规划和初步沟通，不构成个案法律、税务或投资意见；提交、交割及上线前应由适用美国专业人员核实最新规则和批文条件。

Business classification and entry requirements by category

National Bank

Apply to the OCC for a bank charter. The application is reviewed based on the business plan, shareholder funds, qualifications of directors and management, and safety and soundness requirements; deposit-taking activities insured by the FDIC are also subject to separate insurance and pre-opening requirements. After approval, ongoing reporting, examinations, capital and material-change management are required; bank control procedures apply to acquisitions. MSB registration does not authorise deposit-taking or banking. [2] [4] [45]

Capital requirements: There is no universal dollar threshold for all applications; ordinary newly established banks are generally subject to a minimum 8% Tier1 leverage ratio during the first three years or until stable profitability, and to higher requirements on a case-by-case basis.
Personnel and qualifications: Directors and the CEO must be competent; assess the nationality, residency, and qualifying shares of national bank directors under statutory requirements and any approved exemptions.
Ongoing maintenance: Continue to monitor regulatory capital, examinations, reporting, customer protection and approval conditions; material departures from plans and changes in equity control must be addressed separately.

State banks and state savings institutions

Apply for a bank or corresponding savings charter in the selected state. First obtain approval for the business plan and organisation, then meet capital, management and opening requirements; federal oversight and insurance are arranged separately based on the institution's status. After commencing operations, maintain state and applicable federal obligations; interstate business and changes of control are not automatically authorised. An ordinary company or MSB cannot substitute for a state charter. [5] [6]

Capital requirements: Assess under state law, business risks, insurance, and other conditions; do not present New York or OCC figures as uniform thresholds across all 50 states.
Personnel and qualifications: The state reviews the qualifications of sponsors, directors, senior officers and significant shareholders; assess the related federal conditions separately.
Ongoing maintenance: State requirements and applicable FDIC or Federal Reserve reporting, examinations, capital and change procedures.

Federal Savings Association

Apply to the OCC for an FSA charter, preparing charter, business, personnel and financial materials based on the savings association and its ownership, and complete applicable insurance and pre-opening requirements. Thereafter, comply with FSA-specific prudential and governance rules; conversion and termination require separate procedures. An FSA is not an MSB, and its director requirements are not entirely the same as those for a national bank. [2]

Capital requirements: Apply the capital requirements and case-specific charter conditions applicable under the OCC; a single registration fee is not a substitute.
Personnel and qualifications: An appropriate management team is required. Board composition is governed by FSA rules; national-bank nationality and residency requirements should not be applied directly.
Ongoing maintenance: Prudent capital, reporting, examinations, governance and charter restrictions remain in effect.

National Trust Bank

The OCC-approved charter is limited to trust company business and related activities. The 2026 rules clarified related non-fiduciary activities but did not grant unlimited powers. The application is reviewed for capital, customer assets and management capability; after approval, the charter controls new products, custody and changes. It is not a full-service bank, and an MSB does not provide fiduciary authority. [2] [3]

Capital requirements: Assessed case by case according to the business and its risks; not directly equivalent to the capital scheme for insured commercial banks.
Personnel and qualifications: Management must have the relevant trust, custody, risk and compliance capabilities.
Ongoing maintenance: If advisory fees are deducted only from brokerage customer accounts, is a surprise audit still required?

State trust / limited-purpose trust

Apply to the state regulator for trust authority. In New York, for example, first discuss the plan and submit information on shareholders, capital, New York premises, governance and exit analysis; business may begin only after completing organisational and authorisation requirements. This does not confer general deposit-taking or lending powers; material business changes require approval as applicable. MSB status cannot replace a trust licence. [7]

Capital requirements: The New York DFS determines capital and surety insurance according to the business model and risk; it does not publish one minimum amount applicable to all states.
Personnel and qualifications: Due diligence on major shareholders and their backgrounds, senior management experience and actual commitment, with at least an appropriate full-time senior management arrangement.
Ongoing maintenance: Maintenance of regulatory agreements, customer assets, BSA and cybersecurity, financial matters and material changes.

Federal Credit Union

NCUA first approves the membership scope, then reviews the investigation, donated capital, sponsors, location and operating plan. Operations begin after completion of the charter and account insurance documents. It is a member cooperative, not an ordinary equity bank; membership, prudent operations and examinations must be maintained on an ongoing basis. It cannot be replaced by MSB status, and it cannot be promised that ordinary investors can buy shares to obtain control.[5]

Capital requirements: Determine capital support based on the business plan and sustainability; no unverified uniform figure is provided.
Personnel and qualifications: Founding members and a competent management and governance team; the NCUA-approved field of membership is central.
Ongoing maintenance: Membership scope, governance, applicable insurance, capital, reporting and examinations; mergers and conversions require approval.

State credit union

Apply for a charter from the state credit union regulator and verify the state’s membership, capital, organisation and governance requirements; arrange any applicable account insurance separately. After opening, comply with state and applicable insurance-regulator reporting and examinations. Expansion of membership, merger or conversion requires separate assessment; a credit union is not an MSB or a general bank stock company. [5]

Capital requirements: State requirements and insurance programmes differ; verify them for the target state.
Personnel and qualifications: Member governance and operating personnel are subject to state requirements.
Ongoing maintenance: State reports, examinations, membership and applicable insurance requirements; do not assume all have the same insurance.

Insurer

The risk-bearing entity that underwrites and pays claims applies to the state for a certificate of authority, using processes such as UCAA Primary and Expansion into additional states. First determine the domicile, lines of insurance, management and finances, then obtain state authorisation. Thereafter, maintain solvency, financial compliance and compliance in the states where it underwrites. Changes of control involve Form A and other requirements. An MSB has no authority to underwrite insurance.[8]

Capital requirements: Capital, surplus and solvency requirements vary by state of registration and line of insurance; there is no uniform nationwide quote.
Personnel and qualifications: Biographical affidavits for directors, senior officers, and key managers; professional functions are arranged according to the insurance line.
Ongoing maintenance: Financial filings, capital and solvency, certificates in each underwriting state, and product and control changes.

Insurance producer / agent / broker

Apply as an individual or entity according to state, insurance type, and resident or nonresident status; complete applicable examinations, background checks, and responsible-person arrangements, and submit through channels such as NIPR. After approval, maintain appointments, continuing education, and renewals. A sales licence does not grant underwriting authority and is not an MSB. [9]

Capital requirements: Verify according to the individual or entity, type of insurance, and state coverage requirements; do not apply an insurer capital standard uniformly.
Personnel and qualifications: Check state requirements for applicable individual qualifications, responsible licensed personnel, examinations and continuing education.
Ongoing maintenance: State renewals, CE, and maintenance of contact details, business scope and appointments.

Surplus Lines and Insurance Professional Roles

For non-admitted insurance markets or claims, management and other functions, verify specific qualifications required by the target state; an ordinary producer licence does not automatically cover them. The application should match the professional scope, personnel and financial safeguards. After commencing operations, maintain records, pay taxes and fees, and renew as required. Where specific state figures are unavailable, verify them before filing. An MSB does not provide insurance professional authorisation. [9]

Capital requirements: Verify surety bond or financial requirements under the actual state and professional category.
Personnel and qualifications: Professional category examinations and prerequisite qualifications must not be lumped together under the generic term “producer”.
Ongoing maintenance: Records, tax, reporting and renewals generally apply, with distinctions by state and role.

Mortgage Lender / Broker / Servicer companies

Select NMLS licences state by state for originating, brokering, or servicing; submit company, control person, financial, surety bond, and branch information, and complete institutional and applicable MLO affiliations before operating. Subsequently maintain renewals, reports, and material changes. An NMLS number or MSB registration is not mortgage authority. [12] [14]

Capital requirements: Depends on state and function; California CFL residential lender and broker net worth examples differ, and the surety bond may increase in tiers.
Personnel and qualifications: Controllers, responsible management, and applicable MLO and sponsorship arrangements.
Ongoing maintenance: State renewals, NMLS updates, applicable Mortgage Call Report, annual reports and branches.

State-licensed Mortgage Loan Originator (MLO) individual

Complete at least 20 hours of pre-licensing education, pass the SAFE exam with a score of at least 75%, meet state background-check and other requirements, and obtain state approval and any applicable employer affiliation before engaging in MLO activities. Thereafter, complete at least 8 hours of annual CE, with states able to impose additional requirements; update the information when changing employers or states. An exam or MSB status alone does not constitute an MLO licence. [10] [11]

Capital requirements: Individual financial responsibility or guarantee arrangements should be verified by state; company net worth does not substitute for individual qualifications.
Personnel and qualifications: Individual background, credit, examination and employment requirements, and state requirements.
Ongoing maintenance: State renewals, CE, NMLS individual-profile and sponsorship management.

Federally registered MLO

Personnel at certain institutions record their identity and institutional association through the SAFE federal registration pathway, rather than obtaining an ordinary state MLO licence for a non-bank company. Determine the applicable employer status before starting business and keep the registration updated. Reassess state qualifications when moving to non-bank business; this registration is not interchangeable with an MSB or an ordinary state licence. [11]

Capital requirements: No industry-wide company capital threshold is imposed by this individual registration.
Personnel and qualifications: Must be within an applicable institution and registration arrangement; it cannot be promised that the person may work for any non-bank company.
Ongoing maintenance: Update institutional and individual federal registrations, and promptly address employment changes.

Consumer / Commercial Finance Lender or Broker

Determine own-account lending or broker licensing based on the product and state law, submit NMLS or state-designated materials and meet financial safeguards. After opening, comply with contracts, interest rates, consumer protection, reporting and renewals; assess branches and material changes separately. An MSB is not a lending licence.[12] [13] [14]

Capital requirements: Requirements vary by state; California generally requires ongoing net worth and a bond of 25000 US dollars each for a CFL, with higher requirements for residential roles.
Personnel and qualifications: Background of controllers and managers, and qualifications for the corresponding business.
Ongoing maintenance: Capital, bond, annual reports, assessments, examinations and branches; California requires annual reports even if there is no business activity.

Small-Dollar / Payday / Installment and Other Loans

Small-dollar, payday, instalment or vehicle-secured products may be subject to specific state licences or product laws. Review contracts, amounts, charges and extensions before choosing an application; after approval, maintain product and record controls, renewals and exit handling. A general lending licence from one state or MSB promotion does not authorise nationwide products. [12] [13]

Capital requirements: Verify the target state's specific product net-worth and financial security requirements; no amounts are listed if they have not been verified.
Personnel and qualifications: Management and marketing, as well as post-loan functions, must meet state requirements.
Ongoing maintenance: Product amounts, terms, fees, extensions, reporting and collection restrictions must be implemented state by state.

Debt Collector／Debt Buyer

Third-party debt collection or collection of purchased bad debts may require a state licence. In California, submit company and background information through NMLS and pay the fees; after approval, maintain reports and comply with consumer contact rules. That state licence cannot be transferred or assigned; changes in ownership or branches must be addressed separately. An MSB does not authorise debt collection. [15]

Capital requirements: State financial and surety bond requirements must be checked case by case; no nationwide threshold is assumed.
Personnel and qualifications: Background applicants such as MU2, management personnel and affiliated entities must make disclosures as required.
Ongoing maintenance: NMLS updates, annual reports, assessments, applicable surety requirements, and lawful contact and service of process.

Debt Settlement/Adjustment and Other Debt Services

Negotiating debt reduction, receiving customer funds or paying creditors on their behalf is not the same as ordinary debt collection. Check separately, state by state, for licensing or registration requirements and limits on consumer fees. Disclose the flow of funds when applying, and maintain contracts, security and records during operations; a debt collector number or MSB does not cover every debt service. [12] [15]

Capital requirements: Verify net worth or coverage according to the state and whether customer funds are received; do not enter unverified fees.
Personnel and qualifications: Personnel responsible for negotiations, client funds and compliance oversight must perform their duties in substance.
Ongoing maintenance: State licences or registrations, fees and restrictions on client funds, applicable reporting and exit.

Securities Broker-Dealer

A securities-trading intermediary or dealer required to register may first need to complete Form BD, applicable SRO membership, state and personnel arrangements, and customer-asset policies. Sales of private offerings are not automatically exempt from registration. After authorisation, ongoing financial, audit, supervisory, membership and material-change management obligations apply; MSB status does not confer authority to conduct securities trading. [16] [17] [18]

Capital requirements: SEC regulatory net capital is determined using formulas based on the business, custody of customer assets and other roles; there is no single universal minimum amount.
Personnel and qualifications: Qualifications for representatives, supervisors and finance and operations personnel depend on the actual business and cannot be determined solely by shareholder status.
Ongoing maintenance: Applicable matters include finance and audit, supervision, anti-money laundering, personnel CE, BD, BR, CMA and state renewals.

RIA / state IAR / ERA

Choose SEC or state registration according to RAUM, the principal office state's examination status, and the activities; use ADV and address state IAR and notice filings. ERA is a reporting status available only after meeting a specific exemption. After commencing operations, update ADV, state and personnel information, and contractual disclosures; avoid gaps when changing regulators. This does not replace broker-dealer, fund offering, or MSB authority. [23] [24]

Capital requirements: The RAUM threshold is not equity capital; state net worth or bond requirements and customer asset custody conditions must be verified separately.
Personnel and qualifications: Appropriately qualified CCO, supervisory personnel and state IAR qualifications; SEC firm registration does not replace individual state requirements.
Ongoing maintenance: The annual ADV update is generally due within 90 days after fiscal year-end, along with material changes and applicable state notices and personnel renewals.

FCM Futures Commission Merchant

Accepting orders and funds or assets supporting orders requires CFTC entity registration, NFA membership, principal and AP arrangements, and financial and customer-asset arrangements. Operations may begin after review and approval; capital and segregation, reporting and examinations must be maintained on an ongoing basis. FCM status cannot be substituted by IB, CPO or MSB status. [25] [26] [27]

Capital requirements: Adjusted net capital is generally at least US$100 × ten thousand or a higher applicable amount; customer and business risks may increase the requirement.
Personnel and qualifications: principal, AP and applicable examinations; responsibility for and staffing of recordkeeping offices are governed by the rules.
Ongoing maintenance: Capital and early-warning thresholds, segregation of client funds, financial statements, examinations, membership and personnel.

Independent IB and Guaranteed IB

For soliciting or accepting orders without holding the assets supporting those orders, the application must select either an independent financial route or an FCM/RFED guarantee, and complete materials on the organisation, personnel and supervision. After approval, maintain capital or a guarantee and comply with business restrictions; changes to the guarantor must be addressed. Neither MSB nor IB status authorises holding customer margin. [25] [26] [27]

Capital requirements: An independent IB requires adjusted net capital of at least 45000 dollars or a higher amount; the same fixed threshold does not apply to a guaranteed IB, which is subject to guarantee and business restrictions.
Personnel and qualifications: principal, AP and the corresponding futures, forex or swaps qualifications.
Ongoing maintenance: Financial filings or a valid surety, supervision, firm and individual updates, and membership maintenance.

CPO Commodity Pool Operator

If operating and raising funds for a commodity pool, first assess the specific exclusion or exemption. A registrant must complete 7-R, 8-R, fingerprinting, personnel qualifications and NFA membership. During operations, maintain the fund, customer disclosures, and applicable reporting and financial responsibility; exemption conditions must continue to be met. Neither MSB status nor a securities-offering exemption replaces CPO registration. [30]

Capital requirements: Not applicable to all FCM or RFED minimum capital requirements; funding and operating capital, as well as specific financial arrangements, are required.
Personnel and qualifications: At least one applicable principal must be an AP; forex or swaps activities also require the corresponding qualification.
Ongoing maintenance: Fund and investor records, applicable disclosures and reports, membership and individual qualifications; verify exemption filing maintenance against the relevant provisions.

CTA Commodity Trading Advisor

For compensated commodity advice or managed accounts, first assess specific exemptions such as 4.14. Those required to register must complete entity and personnel filings; NFA membership applies to certain activities, including individualised advice or managed accounts. After commencing operations, maintain advisory authorisations, disclosures, reports and qualifications. Do not extend limited facts supporting non-registration to public solicitation; MSB or RIA status does not automatically replace CTA status. [31]

Capital requirements: Do not apply a uniform FCM or RFED capital requirement; determine the arrangement according to the specific role and operational responsibilities.
Personnel and qualifications: Applicable principal, AP and futures, forex or swaps qualifications and exemptions.
Ongoing maintenance: Client authorisations, compliance disclosures, records, applicable reporting, and maintenance of membership or exemption conditions.

RFED and Forex Dealer Member

Requires counterparties to retail off-exchange leveraged foreign exchange transactions to meet the applicable RFED and NFA FDM conditions, and undergo reviews of capital, finances, customer funds, personnel, and systems. Ongoing compliance with substantial capital and customer asset requirements and examinations is required; ordinary NFA numbers or MSB status cannot be used to promise retail foreign exchange services. [25] [27] [28]

Capital requirements: The FDM minimum is US$2000 × ten thousand, with a higher amount calculated based on liabilities to customers, affiliates and other counterparties, among other factors.
Personnel and qualifications: principal, AP and applicable Series 3 or equivalent and Series 34; verify office supervision conditions separately.
Ongoing maintenance: Capital and early-warning thresholds, finance, client funds, trading supervision, membership and business approvals.

CFTC Swap Dealer／Major Swap Participant

An SD is assessed based on swap-dealer activity and applicable thresholds; an MSP is assessed under the other major-participant definitions. The firm registers through NFA ORS and provides 4s materials. Once operating, it maintains business conduct, risk, capital and margin, and reporting requirements. SD personnel must meet applicable proficiency requirements; SEC security-based swaps fall under a separate framework. MSB registration is not a substitute.[32]

Capital requirements: Depending on bank or non-bank status and the applicable CFTC rules, the SD80 × one hundred million US dollars dealing threshold is not a minimum capital requirement.
Personnel and qualifications: principals and background; SD/MSP APs do not need the same separate AP registration, but there are controls on disqualified persons and SD training.
Ongoing maintenance: 4s compliance, risk, margin and reporting, with NFA applicable-member and personnel training maintenance.

NFA AP／Principal／Floor Broker／Floor Trader

These are distinct personnel or status classifications: an AP solicits or supervises; a principal is disclosed as a control person; an FB acts for customers on the floor; an FT trades on the floor for its own account. Complete applicable registration and qualification requirements before beginning activities, and thereafter maintain employment, background and market requirements. Principal status alone does not authorise business activities and is not an MSB licence. [25] [29] [32]

Capital requirements: Personnel status does not constitute the entity's entire capital standard; verify separate market requirements applicable to the specific individual or entity.
Personnel and qualifications: Assess based on activities, control, position, and financial interests; examination substitutions and exemptions must specifically apply.
Ongoing maintenance: Identity, employer, background, qualifications, applicable markets and membership records updates.

NFA Notice: Registration and Limited Exemptions for Non-US Persons

Notices relating to securities futures and pathways for certain non-US institutions apply only to restricted business. Verify the underlying registration, market and customer conditions before commencing, and maintain the restrictions and required filings. Do not claim that an offshore company or foreign examination automatically grants full US futures authority; MSB status is no substitute. [25] [29]

Capital requirements: Depends on the underlying status and scope of authorisation; it cannot be uniformly described as requiring no capital.
Personnel and qualifications: Confirm separately the applicable personnel qualifications and the limited recognition of foreign examinations.
Ongoing maintenance: Core registration, business and customer restrictions, applicable notices and ongoing exemption conditions.

National securities exchange

Proceed with exchange registration using SEC Form1 and its exhibits, describing the charter, market rules, systems, membership, ownership, personnel and finances. Once approved and the conditions for actual launch are met, ongoing market and self-regulatory responsibilities apply; rules and material changes require separate filings. This is not an ATS notice or MSB authority.[46]

Capital requirements: Adequate financial resources and specific approval conditions are required; financing amounts from individual cases are not a uniform national threshold.
Personnel and qualifications: Management, market surveillance, rule enforcement, technology and risk teams.
Ongoing maintenance: Market surveillance, rules and Form1 updates, systems, and governance and regulatory obligations.

ATS and NMS Stock ATS

Broker-dealer registration and applicable membership are foundational. Operate through the RegATS notification pathway or the public disclosure and effectiveness review pathway for NMS stock ATS-N. After the business is authorised, maintain trading rules and reporting on conflicts, data and operational changes, and withdrawal; FormATS is not business approval, and MSB registration does not authorise securities matching.[19] [20]

Capital requirements: Underlying broker-dealer regulatory net capital and systems/operating resources, determined according to role.
Personnel and qualifications: Arrangements for broker-dealer supervisors, representatives, finance, and trading-system supervision.
Ongoing maintenance: ATS or ATS-N amendments, effectiveness and related broker-dealer, market and system obligations.

Clearing Agency／CCP／CSD

Obtain SEC registration or a specific exemption before carrying out clearing functions, and submit CA-1 together with materials on rules, governance, risk, finances, settlement, and asset protection. Continue to maintain sound clearing, financial resources, and recovery and wind-down arrangements. A trading platform or MSB does not automatically have clearing authority. [21]

Capital requirements: Applicable clearing risk and financial resource requirements; there is no universal flat minimum capital amount.
Personnel and qualifications: Independent governance, risk, settlement, legal, technology and compliance capabilities must be matched to scale.
Ongoing maintenance: Rule filings, risk standards, governance, systems, financial resources, and recovery and wind-down plans.

Transfer Agent: securities transfer agent

Before qualifying securities business, submit TA-1 to the appropriate ARA and make the registration effective; establish roster, asset and internal-control procedures. Registered entities must maintain TA-2 and record protections; withdrawal is through the relevant ARA or TA-W. This is not a clearing, securities trading or MSB licence. [22]

Capital requirements: Verify separately the financial and safeguarding requirements for the specific bank or non-bank role; no unverified uniform figure is provided.
Personnel and qualifications: Appropriate personnel for fingerprinting, background checks and managing registration records and internal controls.
Ongoing maintenance: Registrants as of 12-31: TA-2 by 3-31 of the following year; information updates, records, internal controls and exit maintenance.

Registered investment funds / ETFs / UITs

Address the Investment Company Act of 1940 and offering registration according to the structure; prepare applicable N-series forms, governance, adviser, custody, and valuation arrangements. Make the public offering after satisfying effectiveness and capital conditions. Continue to maintain subsequent reporting, audits, and investment rules. MSB status does not authorise fund or asset management. [33]

Capital requirements: Public offerings must meet applicable statutory capital requirements; this page does not quote unverified amounts.
Personnel and qualifications: Governance, advisory, custody, audit, and compliance service arrangements applicable to the directors or structure.
Ongoing maintenance: Applicable fund reports, audits, shareholder disclosures, valuation and investment policies.

Private fund 3c1 / 3c7 structures

Assess investment company exclusions, offering exemptions and adviser qualifications separately. At formation, select investor and transfer conditions and implement applicable arrangements such as RIA, ERA or CPO. After raising funds, maintain compliance with investor numbers, eligibility, disclosure and reporting requirements. An exclusion is not SEC approval, and an MSB cannot replace these requirements.[23] [30] [33] [34] [35]

Capital requirements: Fund assets, operating budget and the manager's finances are distinct; there is no uniform capital requirement across structures.
Personnel and qualifications: Managers, compliance, fund administration, audit and custody should be configured according to the strategy and applicable rules.
Ongoing maintenance: Investor and transfer restrictions, adviser or CPO conditions, contracts and applicable reports.

BDC Business Development Company

Choose the dedicated BDC regime and meet requirements concerning the US entity, investments, management assistance and other matters; handle N-54A and applicable securities registration and offerings. Once operating, the entity is subject to investment, governance, leverage and reporting constraints. Adviser registration is assessed separately; RIA or MSB must not be treated as a BDC licence.[23] [33]

Capital requirements: Subject to BDC investment and financing constraints; this is not a general financial company capital threshold.
Personnel and qualifications: Directors, advisers, and teams providing relevant investment and management assistance.
Ongoing maintenance: Investment and leverage rules, governance, securities reporting and changes in status.

Municipal Advisor

For certain municipal financial advice, first determine whether the activity falls within the definition and whether a limited exemption applies. Those who need registration must complete SEC MA, MA-I and MSRB A-12 and meet personnel qualifications. Ongoing requirements include fiduciary duties, conflicts, supervision and registration. RIA status does not exempt a person from everything, and MSB status does not authorise municipal advice. [36] [37]

Capital requirements: Verify according to the entity and its actual role; no general minimum amount is confirmed on this page.
Personnel and qualifications: Appropriate Series50 representatives and at least an appropriate Series54 supervisor; passing an examination without registration is not sufficient.
Ongoing maintenance: SEC and MSRB updates, supervision, conflicts, records, fees and applicable fiduciary duties.

Municipal Securities Broker／Dealer

Municipal securities underwriting roles are separate from advisory roles and operate under applicable securities or banking registration and MSRB rules. Operations begin after roles and personnel arrangements are in place. Ongoing trade supervision, filings and updates are required; the underwriter exclusion covers only limited activities. MSB is not a municipal dealer licence. [16] [36]

Capital requirements: Apply requirements according to the underlying broker-dealer or bank status and transaction activities; do not substitute adviser thresholds.
Personnel and qualifications: Applicable transaction, underwriting and principal qualifications; verify the specific MSRB requirements before submission.
Ongoing maintenance: The role is subject to applicable MSRB, underlying securities or banking regulation, and transaction reporting.

SEC Security-Based Swap Dealer / Major Participant

Determine SBSD or MSBSP status under the security-based swap definition; use the relevant forms such as SBSE and SBSE-C, and establish controls for capital, margin, records, and disqualified personnel. Maintain ongoing filings and risk controls after commencing operations, and exit using SBSE-W. CFTC SD or MSB registration does not replace SEC status. [38] [39]

Capital requirements: For a non-bank stand-alone SBSD that does not use internal models, the higher of the fixed floor of US$2000 × ten thousand and the 2% margin factor applies; different rules apply to other combinations.
Personnel and qualifications: Senior personnel, CCO, background certification for associated persons, and genuine supervisory capability.
Ongoing maintenance: Capital, surety bonds and segregation, records and reporting, risks and registration changes.

NRSRO credit rating agencies

Apply using FormNRSRO for the applicable rating category, demonstrating rating methodologies, experience, resources, personnel, and conflict controls. After registration, make public disclosures, updates, and annual certifications, and maintain internal controls and methodologies. Ratings do not constitute a government guarantee, and MSB status does not authorise credit rating status. [40] [41]

Capital requirements: Adequate resources and financial sustainability should be in place; do not state uniform capital or fees that have not been verified.
Personnel and qualifications: Rating analysts, methodology validation, supervision and compliance personnel, according to competence and conflict management.
Ongoing maintenance: Annual certifications, public information, rating history and methodology, internal control reports, and related CEO certifications.

FinCEN MSB Federal Registration

Determine applicability based on BSA activities and complete initial Form107 registration, renewals, and applicable re-registrations; filing is generally due within 180 days after establishment, and US records must be maintained. Ongoing maintenance does not constitute government endorsement or a state MTL, and does not authorise banking, securities, insurance, or lending activities. [47] [48]

Capital requirements: Registration itself does not establish capital thresholds for all business activities; state and other business requirements are separate.
Personnel and qualifications: The owner or person in control is responsible for filings and the corresponding compliance arrangements.
Ongoing maintenance: Renew registration every two years as required, re-register upon applicable control-related and other events, and maintain records; fulfil anti-money laundering responsibilities separately.

State money transmitter and other payment licences

Determine MTL and other requirements according to actual funds transmission and customer states. Apply by submitting control person, capital, coverage, customer funds, and operational materials, and operate once state approval is obtained. Subsequently maintain renewals, reports, and changes state by state. Selecting every state in FinCEN does not replace any state licence. [12] [44]

Capital requirements: Net worth, bonds and customer funds coverage vary by state; this page does not list a uniform nationwide amount.
Personnel and qualifications: Controllers, responsible management, and day-to-day oversight of anti-money laundering and customer funds.
Ongoing maintenance: State renewals, financial and business reports, surety bonds, customer funds, agents and changes of control.

GENIUS Payment Stablecoin Issuer

Distinguish pathways for bank or credit union subsidiaries, federal non-bank issuers, state issuers and foreign issuers; prepare reserves, redemption, capital and governance, and satisfy applicable licensing and effectiveness conditions. The OCC final rule takes effect on 2027-01-18; the date stated on this page has not yet taken effect. MSB does not replace issuance authorisation, and neither full implementation of all provisions nor the opening of acceptance can be promised. [42] [43]

Capital requirements: 1:1 reserves are not share capital; the US$100 × one hundred million state route is a limit on outstanding issuance, with capital and operational backstop to be checked separately.
Personnel and qualifications: Management, compliance, reserves, redemption, audit and control personnel for the matching pathway.
Ongoing maintenance: Maintain reserves, redemption, public reporting, certifications, capital, and regulatory compliance under the effective framework; track the separate BSA rules.

Custody of digital assets and payment stablecoins

First identify the nature of the assets, private keys and control of funds, fiduciary duties and customer states; select the applicable trust, securities customer asset, state VC or GENIUS-related pathway. After applying, operate within the approved business scope and maintain security, reconciliations and change controls. MSB status does not automatically make an entity a qualified or fiduciary custodian. [7] [39] [43] [44]

Capital requirements: Custodial capital, customer assets and security protection are calculated separately, in accordance with the specific charter and asset rules.
Personnel and qualifications: Configure custody operations, keys, security, risk and compliance in a genuine and appropriate manner.
Ongoing maintenance: Client ownership, segregation, reconciliation, security, outsourcing, reporting and exit handover.

New York BitLicense virtual currency licence

For transmission, custody on behalf of others, buying, selling, exchange and issuance involving New York or New Yorkers, use the DFS licence or approved bank/trust pathway. Only a complete submission through NMLS enters substantive review. Once operating, maintain capital, safeguards, currencies and change approvals. A BitLicense has no fiduciary powers and does not replace an MTL for fiat currency; MSB status does not affect the application obligation. [44]

Capital requirements: Capital is assessed case by case based on risk; the DFS FAQ’s client-protection bond or account generally has a minimum of 500000 dollars and may be increased; it is not capital.
Personnel and qualifications: Personnel for control, management, compliance, cybersecurity and customer assets must be appropriate to the business.
Ongoing maintenance: Reports, assessments, capital, protection, currencies, business changes and regulatory examinations.

STO / Registered Securities Offering or Offering Exemption

Not a single licence. Securities tokens must be registered or qualify for a genuine offering exemption based on their securities status. 506b or 506c is also subject to requirements concerning investors, solicitation, verification and FormD. Post-issuance transfers, state notices and compliance for other roles must also be addressed; MSB or FormD does not authorise securities intermediation or a market. [34] [35]

Capital requirements: Founding members and a capable management and governance team; NCUA-approved field of membership is central.
Personnel and qualifications: The issuer, applicable securities counsel and sales intermediaries; qualifications should be assessed separately for each role.
Ongoing maintenance: Offering and transfer restrictions, state notices, disclosures and applicable ongoing reports; separately check platform and custody matters.

Frequently asked questions

Is there one licence covering all financial activities in the United States?

No. Banking, insurance, lending, securities, derivatives and payments are each subject to different authorisations or registrations. Even if a company holds multiple categories, it must comply with the restrictions applicable to each business, customer, product and state; this directory also does not claim to list every specialised licence in every state.[2] [8] [12] [25]

Does FinCEN MSB registration allow transfers, lending or operation of a securities platform throughout the United States?

No. An MSB is a BSA registration, and FinCEN expressly states that its list is not government endorsement. State MTL, lending, broker-dealer, ATS and other requirements must be assessed separately; 180 days after formation is the initial filing deadline, not a 180-day grace period to operate without state licences. [12] [19] [47] [48]

Must an RIA reach one hundred million US dollars before it can register with the SEC?

Generally, SEC registration may be chosen at US$1 × one hundred million and is required at US$1.1 × one hundred million; existing SEC registrants generally need to move to state registration only below US$9000 × ten thousand. There are also exceptions determined by activities, examination arrangements in the state of the principal office and other factors. New York mid-sized advisers are an important exception; a single AUM figure is not enough.[23]

Can any new RIA choose its regulator if the amount is between US$9000 × ten thousand and US$1.1 × one hundred million?

No. The buffer applies according to initial or existing registration status and other conditions. A new adviser with US$9000 × ten thousand cannot unconditionally choose SEC registration solely on the basis of the buffer; the option upon reaching US$1 × one hundred million and the withdrawal threshold below US$9000 × ten thousand for an adviser already registered with the SEC should be understood separately.[23]

Can CPOs, CTAs, IBs and RFEDs substitute for one another?

No. A CPO operates a commodity pool, a CTA provides commodity trading advice, an IB solicits or accepts orders but does not hold assets supporting those orders, and an RFED is a prescribed retail off-exchange forex counterparty. An FCM may also receive assets supporting customer transactions, and has different net capital and customer protection requirements; personnel, forex or swaps approval, and membership obligations must also be checked. [25] [26] [28] [30] [31]

Does completing SAFE or Series exams mean you are licensed?

No. Examinations are only one part of qualification. Institutional and individual applications, background disclosures, applicable employment or sponsorship, state licensing or registration, and business approval are also required. Course, continuing education and examination-waiver requirements may also differ by state or business. [10] [11] [29] [37]

Does a trust charter amount to a bank licence permitting the acceptance of public deposits?

That is an overgeneralisation. National or state limited-purpose trusts operate under their charters and conditions. A New York limited-purpose trust has no general deposit-taking or lending powers, and clarification of related non-fiduciary activities for national trusts is not authorisation as a full-service bank. FDIC insurance status and specific business powers must be checked.[3] [7]

Can a US registered address meet all the office requirements of financial institutions?

No. A Registered agent is for service of legal process; it does not replace arrangements for actual management, records, personnel supervision, information security or regulatory access. Banks, trusts, FCMs and forex dealers may have specific requirements for an actual office and responsible personnel. [7] [27]

Can a licensed company be acquired and its business and controller changed on the same day?

Do not assume this is permitted. Review whether changes in control, assets or material business trigger notice, approval or CMA requirements, and whether the licence may be non-transferable. Certain FINRA equity changes must be filed at least 30 days in advance, but material business changes and special arbitration circumstances are subject to different restrictions; banks and insurance have their own procedures.[8] [15] [18] [45]

Are Form ATS and Form ATS-N the same approval document?

No. The standard Form ATS is a notice; the SEC does not thereby approve each platform's commercial operations individually. An NMS stock ATS must separately use the public ATS-N and meet the effectiveness review requirements. Neither replaces the underlying broker-dealer registration or other applicable requirements. [19] [20]

Can just one security token licence be applied for an STO?

There is no unified STO licence in the United States. Offering registration or exemptions, sales intermediaries, trading venues, transfer agents, clearing, funds and custody should be analysed by role. Rule 506(b) or 506(c) and Form D address only offering conditions within their prescribed scope; they do not permit unrestricted token trading or constitute government endorsement. [16] [19] [22] [34] [35]

Have the GENIUS payment stablecoin rules taken effect as of this page's date?

The Act was enacted in 2025, and the OCC issued a final rule in 2026-10, but its official notice expressly states that it takes effect on 2027-01-18. As of 2026-11-04, it must not be promoted as already effective; this page also does not confirm that all supporting rules from BSA and other agencies are complete or that all applications are open. [42] [43]

Are 1:1 stablecoin reserves or the US$100 × one hundred million state-route threshold minimum capital?

No. 1:1 is the reserve requirement corresponding to outstanding stablecoins, while US$100 × one hundred million is the statutory limit on aggregate outstanding issuance under the state pathway; neither represents the company's minimum share capital. Company capital, operational backstop, reserves and customer protection must each satisfy the applicable rules.[42] [43]

Does a prolonged period without conducting business mean there is no need to maintain licences or make filings?

Not necessarily. A California CFL must file annual reports even if it has no business; registered RIAs, transfer agents and other entities still have update and reporting requirements. Before formally suspending or exiting, address client assets, records and applicable exit filings, rather than merely stopping fee payments or dissolving an ordinary company. [14] [22] [24]

Regulatory and official source citations

The following links are reference materials cited in this guide. Before proceeding, verify the relevant official website for specific statutory matters, current forms and applicable requirements.

Regulatory and official sources

The numbering corresponds to citations in the text. Please check current official forms and rules before proceeding.

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This page provides general information only and does not constitute legal, tax or investment advice, nor does it promise approval, processing times or bank account opening outcomes. Actual requirements and fees may change and should be verified with the competent authorities and relevant professionals before proceeding.

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