A FINRA member is a broker-dealer that is registered with FINRA and regulated by a national securities association. Individuals employed by the member firm (e.g., registered representatives) are associated persons, not members themselves.
D is correct because FINRA membership applies to broker-dealers, not individuals.
A, B, and C are incorrect because they refer to individuals or roles within member firms, not the firms themselves.
[Reference: FINRA Rule 0140 (Membership), , , , , , ]
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