From a licensing standpoint, Pennsylvania is as moderated and even-keeled as its founders. Although the Commonwealth regulates a number of industries, it doesn't go as far as many states. Even better, it keeps its forms and processes relatively simple and clear. Businesses in what was once known as America's Breadbasket won't find their hands tied when trying to establish themselves.
In Pennsylvania, broker-Dealers perform securities sales and purchases for commission. These agencies – often known as brokerages – are federally regulated and monitored. However, states also regulate securities firms and may have their own licensing process, if not additional fees brokers must pay on top of their federal licensing costs.