When considering the purchase of investment products, it is important to understand the products and the risks involved. It is also a good idea to check the licensing status and background of the agent, broker-dealer or investment adviser you are working with. The Department can check the registration status of securities, franchises, subdivided land and camping club memberships. However, much of the information is available to you through this website or the CRD system.
Public information is available on every individual and company licensed by the Department of Commerce. This includes licensing information, enforcement actions and other data not protected under Minnesota's Data Privacy laws. Information about cases currently under investigation cannot be revealed.
To check the license of a securities agent, broker-dealer or investment adviser licensed by the department:
It is important that you research your broker or financial adviser before you begin to do business with him or her.
Broker information is kept on the Central Registration Depository (CRD); a computerized database that contains information about most broker dealers, their representatives, and the firms they work for. For instance, you can find out if brokers are properly licensed in your state and if they have had disciplinary problems with regulators or received serious complaints from investors. You'll also find information about the brokers' educational backgrounds and where they've worked before their current jobs.
Contact the Minnesota Department of Commerce –Securities Unit with further questions: