Withdrawal of Registration
When a registered broker-dealer decides to go out of business, it must file a Form BDW to withdraw its registration with the SEC and the states with which it is a member. This form requires the broker-dealer to disclose the amount of any fund or securities it owes customers and whether it is the subject of any proceedings, unsatisfied judgments, liens, or customer claims. These disclosures help to ensure that a broker-dealer’s business is concluded in an orde