Broker Dealers and their Agents

Forms and Fee Requirements for Initial Registration

The following forms and fees must be completed and filed through the CRD system

• Form BD, the Broker Dealer Application 
• A $200 initial registration fee

Registration Amendments & Renewals

If the information provided on Form BD becomes inaccurate for any reason, the registrant must file an amendment to the Form BD within 30 days through the CRD system. Annual renewals are due on December 31st along with a $200 renewal fee and must be filed via FINRA’s CRD system .

Experience Requirement

No person shall be registered as an investment adviser or a broker-dealer unless at least one person employed full time in a supervisory capacity, by the applicant for a license, was actively engaged in the securities business in a similar supervisory capacity for a minimum of three of the preceding five years (Minnesota Admnistrative Rules, 2876.4120 Examination Requirements). 

Net Capital Requirements

Every broker-dealer registered or required to register under the Minnesota Securities Act shall at all times have and maintain net capital in compliance with Code of Federal Regulations, title 17, section 240.15c 3-1.  See Minnesota Rule 2876.4112

Forms and Fees Requirements for Initial Registration

• Form U-4
• $65

Renewal of Registration

Annual renewals are due on December 31st.   Effective July 1, 2017, renewals, along with a $65 renewal fee, must be submitted via FINRA’s CRD system.

Required Examinations

The application for initial registration must also include proof of compliance by the investment adviser representative with the examination requirements of the Uniform Investment Adviser Law Examination (Series 65) or the Uniform Combined State Law Examination (Series 66).