Broker Dealers and their Agents
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.
Effective July 1, 2017, initial registration and renewal fees for broker dealer agents are now $65 (previously $50).
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.
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. The final rule went into effect June 9, 2017.
More information about the DOL Fiduciary/Conflict of Interest Rule is available on the DOL website.