Requirements: Series 79, Series 63 (in certain states)

A Level One affiliate would operate as an independent contractor within DCF (i.e. DCF business cards) from a “Non Branch” location, or NBL. A NBL can be a residence or an existing business location not used exclusively for investment banking activities. Registered representatives at this level would act as engagement managers, finding clients and negotiating deals independently, but relying on DCF for both client services and back office support on an ad hoc basis.

Requirements: Series 79, Series 63 (in certain states)

Level Two affiliates operate as independent entities in Branch Offices, which are defined as locations where one or more associated persons regularly conducts the business of an investment bank. This includes (but is not limited to): originating and completing transactions on their own with DCF support provided by request. As a Branch Office, Level Two Affiliates can conduct business under the name of their choice, though any securities will be offered through DCF. The regulatory and compliance requirements will still be the responsibility of the Office of Supervisory Jurisdiction (“OSJ”), and DCF will provide back office support and client services only to the extent that they are needed.

Requirements: Series 24, Series 79, Series 63 (in certain states), the formation of a new LLC

As an OSJ, Level Three Affiliates are responsible for all regulatory and compliance requirements. There are seven distinct functions that must happen at an OSJ branch:  1) Final  Acceptance/Approval of New Accounts on Behalf of the Member; 2) Final Approval of Advertising or Sales Literature; and,  3) Responsibility for Supervising the Activities of Persons Associated with the Member.

Not every member firm will conduct business in each of these functions, but if you are doing planning to do any of them in-house, the location must be registered as an OSJ.

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DCF, LLC, 819 Broad Street,
Chattanooga, TN, 37402
T: 423-266-4000

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