Barry Silbert walks through becoming a registered broker dealer, his interactions with regulators, and operating as an alternative trading system under the SEC.
So on the regulatory front, it's pretty interesting to become a registered broker dealer, which is the kind of the FINRA designation of regulation. It's somewhat expensive, it's somewhat time consuming and you gotta put a lot of policies and procedures in place. But dealing with the regulators, it's not nearly as bad as people make it seem. And I think we've had a unique experience because the regulators, again, in my experience, they view us as the good guys. We don't create toxic assets, we don't buy these assets ourselves. We're not giving advice, we're not managing money and putting people on alternate securities. And so when the regulators come through, they come through probably once or twice a year for announced and unannounced visits. It's really been part an education process. We're educating them kind of what our business is. And then it has been them just going through. I mean, it's amazing. They review emails and all types of communications and the kind of put you through your paces. And then on the SEC front, we are an alternative trading system which we have to basically provide. I think it's probably monthly reports to the SEC on activity, but it's really not that difficult to be regulated other than expensive.
O processo de reconhecer limites, mesmo quando a vida parece exigir sempre mais.
Depois de tantas histórias, aprendizados e pausas necessárias, o @interior_iza está de volta
