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 & Experience Requirements

Unless otherwise waived by the administrator, each supervisory or control individual of a broker-deal shall take and pass within the two-year period preceding the date of the application at least one FINRA principal exam and either the Uniform Securities Agent State Law Examination (63) of the Uniform Combined State Law Examination (66).

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
• $100

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

Each supervisory or control individual and broker agent must take and pass at least one FINRA agent examination and either the Uniform Securities Agent State Law Examination (63) or the Uniform Combined State Law Examination (66) within the two-year period immediately preceding the date of application.