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Broker Dealers and their Agents

Registration Requirements

Pursuant to Minnesota Statutes §§ 80A.56 and 80A.57, it is unlawful for a person to transact business in Minnesota as a broker-dealer or agent unless the person is registered or exempt from registration.

How to Register as a Broker Dealer Firm

Application requirements for broker-dealers are defined in Minnesota Statute §80A.61 and Minnesota Rule 2876.4062.  All applications for registration as a broker dealer must be filed electronically through the Central Registration Depository (CRD) system.

How to Register as a Broker Dealer Agent

Department of Labor Fiduciary/ Conflict of Interest Rule

The U.S. Department of Labor (“DOL”) recently announced a final rule that expands the definition of “fiduciary” under the Employee Retirement Income Security Act of 1974 (ERISA).  As a result, additional entities, including some broker-dealer agents and insurance producers,  will be held to a fiduciary standard.  Though the final rule was announced on April 6, 2016, the “applicability date” of the rule is delayed until April 10, 2017. 

More information about the DOL Fiduciary/Conflict of Interest Rule is available on the DOL website.

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