National Supervisory Authority & Licensing Qualification Dossier • North America
SEC
United StatesU.S. Securities and Exchange Commission
Source / Native Reference: 美国全国多州许可系统与注册处
- Supervisory tier
- Tier-1
- License classes
- 4
- Licensed records
- 36
- Active / regulated
- 35
Statutory Supervisory Mandate & Scope
Supervises securities broker-dealers, registered investment advisers (RIAs), national securities exchanges, clearing agencies, alternative trading systems (ATS), ETFs, and public issuer disclosures across U.S. capital markets.
Prudential Tier Assessment
Tier-1Primary G7 federal securities & capital markets supervisor enforcing the Securities Exchange Act of 1934, Investment Advisers Act of 1940, and Investment Company Act of 1940.
National licensing qualifications & statutory authorisation classes (SEC)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by SEC in United States.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| Form BD (Clearing BD) | Carrying & Clearing Broker-Dealer Registration | Securities execution, margin financing, customer custody, prime brokerage, and institutional clearing. | USD $250,000 minimum Net Capital (or 2% of aggregate debit items under the Alternative Standard; often USD $10M+ for prime brokers). | Rule 15c3-1 Net Capital ratio (maximum 15:1 aggregate indebtedness or ≥2% of customer debit balances) + FOCUS Report Part II filings. |
| Form BD (Introducing BD) | Non-Carrying / Introducing Broker-Dealer | Agency order routing, institutional execution, private placements, and M&A advisory without holding customer funds. | USD $5,000 to USD $50,000 minimum Net Capital depending on dealer vs agency-only scope. | Continuous Rule 15c3-1 compliance, FINRA membership, and annual PCAOB-registered independent audit. |
| Form ADV (Federal RIA) | SEC-Registered Investment Adviser | Discretionary institutional portfolio management, pension mandate advisory, private fund (3(c)(1)/3(c)(7)) and ETF management. | Minimum USD $100 million in Regulatory Assets Under Management (RAUM) for federal registration (no fixed statutory capital floor unless holding custody). | Fiduciary duty under Section 206, annual Form ADV & Form PF filings, and surprise independent custody examination under Rule 206(4)-2. |
| Form ATS-N | Alternative Trading System / Dark Pool Operator | Operation of institutional electronic limit order books and crossing networks for NMS stocks and fixed-income securities. | Subject to Broker-Dealer Net Capital Rule 15c3-1 + Fair Access & Reg SCI systems integrity capital. | Public Form ATS-N order-type/routing disclosures, quarterly volume reporting, and Regulation SCI cyber resilience audits. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under SEC.
Securities Investor Protection Corporation (SIPC)
- Maximum coverage per client
- USD $500,000 per customer capacity (including up to USD $250,000 for cash claims)
- Eligible counterparties & scope
- Retail and institutional securities brokerage customers of SIPC-member broker-dealers (excludes commodity futures or unregistered digital asset contracts).
SEC Rule 15c3-3 (17 CFR § 240.15c3-3 — Customer Protection Rule)
- Reconciliation & audit cadence
- Mandatory physical possession or control of fully paid and excess margin securities; weekly/daily Special Reserve Bank Account computation.
- Approved custodian requirements
- Qualified U.S. bank or registered clearing agency (DTCC / NSCC) free of any lien or encumbrance by the broker-dealer.
Spot Crypto ETP Approvals, Special Purpose Broker-Dealer (SPBD) & Howey Investment Contract Enforcement
- Travel Rule, custody & stablecoin rules
- Qualified Custodian requirement under Advisers Act Rule 206(4)-2; joint FinCEN BSA/AML Travel Rule compliance above USD $3,000.
Primary Governing Statutes & Rulebooks
- Securities Act of 1933 & Securities Exchange Act of 1934 (15 U.S.C. § 78a et seq.)
- Investment Advisers Act of 1940 & Investment Company Act of 1940 (Rule 6c-11 ETF Framework)
- SEC Rule 15c3-1 (Net Capital Rule) & Rule 15c3-3 (Customer Protection & Reserve Formula)
- Regulation Best Interest (Reg BI) & Regulation ATS / Regulation NMS
Regulatory Reporting & Audit Obligations
Monthly/Quarterly FOCUS Reports (Form X-17A-5) and annual financial statements audited by a PCAOB-registered accounting firmConsolidated Audit Trail (CAT) real-time order-event reporting and Rule 13f-1 institutional holdings disclosuresSuspicious Activity Reports (SARs) via FinCEN BSA E-Filing within 30 calendar days of detection
Cross-Border Equivalence & Passporting
No automatic foreign passporting; non-U.S. broker-dealers rely on SEC Rule 15a-6 chaperoning arrangements with a registered U.S. broker-dealer to solicit Major U.S. Institutional Investors.
Supervised institutions & SEC licence records in our database
36 licence records referencing SEC (35 regulated/registered).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| Robinhood | 1702840 | Regulated | Robinhood Crypto, LLC | — | |
| Robinhood | 1990968 | Regulated | Robinhood Money, LLC | — | |
| Okcoin | 1767779 | Regulated | OKCoin USA Inc | 2018-12-05 | |
| OKCoin Japan | 1767779 | Regulated | OKCoin USA Inc | 2018-12-05 | |
| CoinZoom | 1735216 | Regulated | CoinZoom, Inc. | 2018-09-27 | |
| OKX | 1767779 | Regulated | OKCoin USA Inc | 2018-12-05 | |
| Binance.US | 1906829 | Regulated | BAM Trading Services Inc. | — | |
| bitFlyer | 1528491 | Regulated | bitFlyer USA, Inc. | 2017-02-20 | |
| Gemini | 1518126 | Regulated | Gemini Trust Company,LLC | 2016-02-02 | |
| Pionex | 2284360 | Regulated | Pionex | 2021-07-12 | |
| CoinFlip | 1975146 | Regulated | CoinFlip | 2021-08-06 | |
| coinlion | 1737546 | Regulated | Coin Lion, LLC | 2018-07-16 | |
| Coinme | 1185542 | Regulated | Coinme | 2017-02-28 | |
| CoinMover | 2216768 | Registered | CoinMover | 2021-12-03 | |
| Bitstamp | 1905429 | Regulated | Bitstamp USA, Inc. | 2020-02-24 | |
| Coinbase | 1163082 | Regulated | Coinbase, Inc. | 2014-04-01 | |
| Binance DEX | Not supplied | Regulated | Gulf Binance | 2023 | |
| Checkout | 1791692 | Regulated | Checkout | 2017-11-29 | |
| Worldpay | 1139280 | Regulated | Worldpay | 1985-04-08 | |
| Fortress Trust | 2318097 | Regulated | Fortress Trust LLC | 2021-10-08 | |
| Huobi(Global network record) | Not supplied | Regulated | บริษัท หั่วปี้ (ประเทศไทย) จํากัด Huobi | — | |
| NAL(Global network record) | Not supplied | Regulated | Sterling Bank Limited | — | |
| Bitazza(Global network record) | Not supplied | Regulated | Bitazza Co., Ltd | — | |
| bitkub(Global network record) | Not supplied | Regulated | Bitkub Online Co.,Ltd. | — | |
| ERX(Global network record) | 310280090003 | Regulated | ERX Limited | — | |
| Quidax(Global network record) | Not supplied | Regulated | Quidax Technologies Limited | 2024 | |
| Z.com EX(Global network record) | 310180070002 | Regulated | GMO-Z.com Cryptoomics (Thailand) Co., Ltd. | — | |
| 1109x(Global network record) | 110180040003 | Status not supplied | 1109 Prosper Co., Ltd. | — | |
| BiTherb(Global network record) | Not supplied | Regulated | Beetle Company Limited | — | |
| Coins.co.th(Global network record) | 110180010002 | Regulated | Coils TH limit | — | |
| Kubix(Global network record) | Not supplied | Regulated | company Qbix Digital Asset Co., Ltd. | — | |
| Maxbit(Global network record) | 210180130004 | Regulated | company Maxbit Digital Asset Co., Ltd. | — | |
| Upbit Thailand(Global network record) | 310180090006 | Regulated | Upbit Exchange (Thailand) Co., Ltd. | — | |
| Versa(Global network record) | Not supplied | Regulated | T-Box (Thailand) Co., Ltd. | — | |
| Waanx(Global network record) | 310180110009 | Regulated | Whale Exchange Co., Ltd. | — | |
| NairaX(Global network record) | Not supplied | Registered | NIRXBlock Payment Systems | 2020 |
SEC (United States): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under SEC (United States)?
SEC (U.S. Securities and Exchange Commission) supervises financial institutions in United States under Securities Act of 1933 & Securities Exchange Act of 1934 (15 U.S.C. § 78a et seq.) and Investment Advisers Act of 1940 & Investment Company Act of 1940 (Rule 6c-11 ETF Framework). Key statutory authorisation classes include: Form BD (Clearing BD) (Carrying & Clearing Broker-Dealer Registration — min. capital: USD $250,000 minimum Net Capital (or 2% of aggregate debit items under the Alternative Standard; often USD $10M+ for prime brokers).); Form BD (Introducing BD) (Non-Carrying / Introducing Broker-Dealer — min. capital: USD $5,000 to USD $50,000 minimum Net Capital depending on dealer vs agency-only scope.); Form ADV (Federal RIA) (SEC-Registered Investment Adviser — min. capital: Minimum USD $100 million in Regulatory Assets Under Management (RAUM) for federal registration (no fixed statutory capital floor unless holding custody).); Form ATS-N (Alternative Trading System / Dark Pool Operator — min. capital: Subject to Broker-Dealer Net Capital Rule 15c3-1 + Fair Access & Reg SCI systems integrity capital.). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does SEC provide statutory investor compensation and mandatory client asset segregation?
Under SEC's framework, investor protection is governed by Securities Investor Protection Corporation (SIPC) with maximum coverage of USD $500,000 per customer capacity (including up to USD $250,000 for cash claims) (Retail and institutional securities brokerage customers of SIPC-member broker-dealers (excludes commodity futures or unregistered digital asset contracts).). For client money and custody assets, supervised firms must comply with SEC Rule 15c3-3 (17 CFR § 240.15c3-3 — Customer Protection Rule), performing mandatory physical possession or control of fully paid and excess margin securities; weekly/daily special reserve bank account computation. with qualified u.s. bank or registered clearing agency (dtcc / nscc) free of any lien or encumbrance by the broker-dealer..
How does SEC regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
SEC's digital-asset regime is structured around Spot Crypto ETP Approvals, Special Purpose Broker-Dealer (SPBD) & Howey Investment Contract Enforcement (Active federal enforcement & Spot Bitcoin/Ether ETP Exchange-Traded Product surveillance-sharing framework.). Custody and AML/CFT compliance obligations require: Qualified Custodian requirement under Advisers Act Rule 206(4)-2; joint FinCEN BSA/AML Travel Rule compliance above USD $3,000.
How can I verify an institution's SEC licence number and check our 36 recorded licence entries?
Our database currently tracks 36 licence records referencing SEC (35 marked regulated or registered). To verify a counterparty at the primary source, open SEC's official public register (https://nmlsconsumeraccess.org/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
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market-insights
Federal Reserve Board announces enforcement action against American Express Company to address, among other things, the firm’s failure to sufficiently detect and report certain suspicious activity related to money laundering — AlphaPulse Finance Market Brief
Federal Reserve Board announces enforcement action against American Express Company to address, among other things, the firm’s failure to sufficiently detect and report certain suspicious activity related to money laundering: Summary of the supplied material covering no source facts provided. Source details have not been independently verified.
Market Microstructure & Systematic Alpha
US & European Equity Market Microstructure in 2026: SEC Rule 605 Modernization, T+1 Settlement Liquidity Physics, and Systematic Execution Alpha
An empirical 2026 institutional research dossier examining SEC Rule 605 execution quality disclosures, DTCC NSCC T+1 margin reductions, tick-size regime shifts, and cross-venue systematic implementation shortfall across US NMS and European MiFID II dark/lit venues.
Central Bank Policy & Macro Rates
Federal Reserve Standing Repo Facility (SRF) Clearing Mechanics, TGA Rebuild Elasticity & SOFR-IORB Spread Dynamics (Q4 2026)
The Federal Reserve Standing Repo Facility (SRF) refers to the permanent overnight liquidity backstop administered by the Federal Reserve Bank of New York that caps secured U.S. dollar funding rates by lending cash against U.S. Treasury and Agency securities at the top of the FOMC target range [4.50%, Federal Reserve H.15 Release, October 2026]. As the U.S. Treasury General Account (TGA) rebuilds toward its $850 billion cash target [$850 billion, U.S. Treasury Quarterly Refunding Estimate, Q4 2026] and Overnight Reverse Repo (ON RRP) balances approach structural exhaustion at $142 billion [$142 billion, NY Fed Markets Desk Data, October 2026], commercial bank reserves bear 72% of incremental fiscal liquidity drain, driving episodic SOFR-IORB spread inversions on Treasury auction settlement dates.
U.S. Treasury Auctions & Liquidity
Secured Overnight Financing Rate (SOFR) Repo Benchmark: Q4 2026 Institutional Liquidity & Balance-Sheet Attribution (3.91% ACT/360 Rate Benchmark)
Secured Overnight Financing Rate (SOFR) Repo Benchmark (SOFR-OVERNIGHT) stands at 3.91% (ACT/360 Rate) (Source: Federal Reserve Bank of New York, 2026-10-20), governing commercial bank reserve elasticity and dealer repo
Statutory licensing classes, base capital rules, and investor protection summaries for SEC (United States) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on SEC’s official public register.