In accordance with Minnesota Statutes, 80A.49 and 80A.56, broker dealer firms, agents and the securities they sell must either be registered with the State of Minnesota or be exempted from registration. In order to do business or continue to do business as a broker dealer in Minnesota all firms must comply with Minnesota law.
Each partner, officer, director or person serving in a similar capacity, must have passed the required agent and principal examinations, or represent in writing that they will not be in engaged in the sale of securities in Minnesota.
One full-time supervisor, responsible for compliance matters, must satisfy the following:
Non-Minnesota Based Businesses
In addition to the above requirements, businesses located outside of Minnesota must:
Apply to the Secretary of State to transact business as a foreign corporation.
How to Register as a Broker Dealer Agent
The license requirements for Securities Agents in the State of Minnesota are as follows:
$50 annual fee, payable to and sent directly to FINRA.
Annual renewals are due on December 31st through filing with the CRD system. Renewal notifications are sent by through the CRD system.
Non-Minnesota Based Businesses, Must Submit, in Addition to the Above:
Apply to the Secretary of State to transact business as a foreign corporation
How to Register a Security
All securities must be registered under Minnesota Statute 80A.49 unless exempted from registration. The following is a list of requirements, exemptions and fees:
The following securities products are subject to review:
MINN. STAT. § 80B.03 requires that any takeover offers be registered with the Commissioner of Commerce. Takeover filings must comply with specific guidelines. You can get more specific information by calling 651-539-1616. The filing fee is $250.