Registration Fees Under the Massachusetts Uniform Securities Act
Initial Fees |
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---|---|
Initial registration fee for broker-dealer |
$450 |
Initial registration fee for agents of broker-dealers and issuers |
$75 |
Initial registration fee for investment advisers |
$300 |
Massachusetts Notice Filing (SEC Registered IA) |
$300 |
Initial registration fee for investment adviser representatives |
$50 |
Exempt Reporting Adviser |
$300 |
Renewal fees |
Renewal registration fee for broker-dealer |
$450 |
Renewal registration fee for agents of broker-dealers and issuers |
$75 |
Renewal registration fee for investment advisers |
$300 |
Massachusetts Notice Filing (SEC Registered IA) |
$300 |
Renewal registration fee for investment adviser representatives |
$50 |
Exempt Reporting Adviser |
$300 |
Transfer Fees |
Investment Adviser Representatives transfer fee |
$50 |
Broker-dealer Agent transfer fee |
$75 |
Note: All fees are nonrefundable. Under one limited exception, renewal fees will be refunded for agents and investment adviser representatives identified on the CRD as active military as of the last day of the year.
Registration Requirements
Broker-Dealer Registration Requirements
Broker-Dealers 950 Mass. Code Regs. 12.202(1) |
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Forms on CRD/IARD |
Form BD (950 Mass. Code Regs. 12.202(1)(a)(1) or (2)) |
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Form U4 for Schedule A and B individuals automatically registering (950 Mass. Code Regs. 12.202(1)(a)1.c or 2.b) |
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Fee to be submitted on CRD/IARD |
$450 (950 Mass. Code Regs. 12.202(1)(a)1.d) |
|
Documents to be submitted Directly to the Securities Division |
202(a) Affidavit (PDF) for Schedule A and B individuals not seeking automatic registration (950 Mass. Code Regs. 12.201(4) and 12.202(1)(a)1.c or 2.b) |
|
Must be allowed by FINRA (950 Mass. Code Regs. 12.202(1)(b)1) |
Who must register?
A broker-dealer is any person engaged in the business of effecting transactions in securities for the account of others or for his or her own account. Every business that performs such activities in the Commonwealth must register unless it is specifically excluded from the definition of broker-dealer.
FINRA Member Firm Registration Requirements
Initial Registration
An applicant registered with FINRA and seeking registration in the Commonwealth must submit the following items to the CRD. The CRD will forward electronically your registration information to the Securities Division.
- Page 1 of Form BD marked Amendment.
- Page 2 of Form BD with MA checked in Item 2.
- Page 1 of Form U4 for each executive officer, director, partner, or person occupying similar status performing similar functions who will be automatically registered with Massachusetts.
Note: If any such person does not desire automatic registration because he or she does not meet the definition of an agent, he or she must file an affidavit (PDF) with the Securities Division stating that he or she does not affect or attempt to affect purchases or sales of securities. - Funds sufficient to cover the non-refundable Massachusetts filing fees in the amount of $450 for the broker-dealer and $75 for each agent. An applicant must register at least one agent with the Securities Division.
For brokerdealers who are filing an initial application with the Securities Division simultaneously with FINRA:
- Page 2 of Form BD with MA checked in Item 2.
- A complete Form U4 for each executive officer, director, partner, or person occupying similar status performing similar functions who will be automatically registered with Massachusetts.
Note: If any such person does not desire automatic registration because he or she does not meet the definition of an agent, he or she must file an affidavit (PDF) with the Securities Division stating that he or she does not effect or attempt to effect purchases or sales of securities. - Documentary evidence that each agent seeking registration has successfully passed the Uniform State Law Examination (“Series 63”) or the Uniform Combined State Law Examination (“Series 66”).
- Funds sufficient to cover the non-refundable Massachusetts filing fees in the amount of $450 for the broker-dealer and $75 for each agent. An applicant must register at least one agent with the Securities Division.
Broker-Dealer Applicant Letter/Instructions (PDF)
Effective Date
A FINRA broker-dealer registration becomes effective on the earliest of the following dates:
- Noon of the 30th day after an application has been filed if no deferral or denial order is in effect and no proceeding is pending.
Note: A broker-dealer who is filing an initial application with FINRA will be deemed to be filed, for the purpose of calculating the 30-day effective date, on the date when the application is approved by FINRA. - If a deferral order is in effect, on the date specified in the order. A deferral order may be entered on the basis of a broker-dealer’s amendment to its application.
- On the date the Securities Division notifies the CRD that the registration is effective.
Renewal Registration Requirements
Every FINRA broker-dealer registration expires on the last calendar day of the year. A firm must renew its registration in the Commonwealth on an annual basis through the CRD. The renewal process is met by adhering to the instructions forwarded by FINRA to its member firms. The effective date of the renewal filed through the CRD is January 1st.
Note: Broker-dealers are no longer required to file a copy of the annual financial report with the Securities Division. That requirement, once required pursuant to 950 Mass. Code Regs. 12.203(4)(a), has been amended.
Non-FINRA Broker-Dealer Registration Requirements
Initial Registration
If an applicant is not a member of FINRA and is not required by federal law to become a member, it must submit the following to the Securities Division:
- A copy of Form BD with original signatures.
- Documentary evidence that the firm is registered with the SEC.
- A manually signed and completed Form U4 for each person listed on Schedule A of Form BD.
Note:If any such person does not desire automatic registration because he or she does not meet the definition of an agent, he or she must file an affidavit (PDF) with the Securities Division stating that he or she does not effect purchases or sales of securities. An applicant must register at least one agent with the Securities Division. - Documentary evidence that each person who will be registered as an agent has successfully passed the Series 63 or the Series 66.
- A check for the non-refundable filing fees, made payable to the Commonwealth of Massachusetts, in the amount of $450 for the broker-dealer and $75 for each agent.
Effective Date
The Non-FINRA broker-dealers registration becomes effective on the earliest of the following dates:
- Noon of the 30th day after an application was filed if no deferral or denial order is in effect and no proceeding is pending.
- If a deferral order is in effect, on the date specified in the order. A deferral order may be entered based on a broker-dealer’s amendments to its application.
- On the date the Securities Division notifies the firm that the registration is effective.
Renewal Registration Requirements
Every non-FINRA broker-dealer registration expires on the last calendar day of the year. The firm must renew its registration in the Commonwealth by filing Form RF and the appropriate fees with the Securities Division no earlier than November 1st and no later than December 1st. The Securities Division will provide the firm a renewal notification and a copy of the Form RF on or about November 1st of each year.
Broker-Dealer Agent Registration Requirements
Who Must Register?
An agent means any individual other than a broker-dealer who represents a broker-dealer or issuer in effecting or attempting to effect purchases and sales of securities. Every individual that performs such activities or supervises any agent in the Commonwealth must register unless he or she is specifically excluded from the definition of agent.
Note: The Securities Division prohibits dual registration of agents in the Commonwealth. See Frequently Asked Questions for more information on dual registration.
Broker-Dealer Agents 950 Mass. Code Regs. 12.202(2)(b) |
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---|---|
Forms on CRD/IARD |
Form U4 (PDF) (950 Mass. Code Regs. 12.202(2)(b)1.a or b) |
Fee to be submitted on CRD/IARD |
$75 (950 Mass. Code Regs. 12.202(2)(b)1.c) |
Examination Requirements/Qualifications |
Series 63 or Series 66 (950 Mass. Code Regs. 12.202(2)(b)2) |
Documents to be submitted Directly to the Securiities Division |
N/A |
Must be allowed by FINRA (950 Mass. Code Regs. 12.202(2)(b)3.a) |
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Agents of FINRA Member Firms Registration Requirements
After a FINRA broker-dealer registration becomes effective, the broker-dealer may apply to register its agents by submitting a registration application directly to the CRD. The CRD will forward electronically the registration information to the Securities Division. The following items must be filed with the CRD:
- A complete Form U4 for each agent (if the agent has not previously filed a Form U4 with the broker-dealer) with MA checked; and
- A non-refundable registration fee in the amount of $75 for each agent.
Examination Requirements
Each agent must have successfully passed the Series 63 or the Series 66. An agent’s activity is restricted to that activity for which he or she is permitted to perform under the rules of FINRA and for which the appropriate FINRA examinations have been passed.
Effective Date
A FINRA broker-dealer agent registration becomes effective on the earliest of the following:
- The date the application is filed and approved by FINRA if the agent has met each of the following:
- Proper fee has been paid;
- Agent has passed the required examinations;
- Agent is not seeking dual registration; and
- Agent has no Form U4 disclosure (affirmative responses to Disclosure Questions of Form U4)
- Noon of the 30th day after an application has been filed if no deferral or denial order is in effect and no proceeding is pending.
- If a deferral order is in effect, on the date specified in the order. A deferral order may be entered on the basis of an amendment to the agent’s application.
- On the date the Securities Division notifies the CRD that the registration is effective.
Renewal Registration Requirements
Every FINRA broker-dealer agent registration expires on the last calendar day of the year. A FINRA broker-dealer must renew its agents’ registrations in the Commonwealth on an annual basis through the CRD. The renewal process is met by adhering to the instructions forwarded by FINRA to its member firms. The effective date of the agent renewal filed through the CRD is January 1st.
Agents of Non-FINRA Member Firms Registration Requirements
A non-FINRA broker-dealer may apply to register its agents in the Commonwealth by submitting the following to the Securities Division:
- A manually signed, complete Form U4 for each agent.
- Documentary evidence that each agent seeking registration has successfully passedSeries 63 or the Series 66.
- A check for non-refundable registration fee in the amount of $75 for each agent made payable to the Commonwealth of Massachusetts.
Effective Date
A non-FINRA broker-dealer agent registration becomes effective on the earliest of the following dates:
- Upon filing with the Securities Division, if the agent has met each of the following:
- The proper fee has been paid;
- The agent has passed the required examinations;
- The agent is not seeking dual registration; and
- The agent has no Form U4 disclosure (affirmative responses to Disclosure Questions of Form U4).
- Noon of the 30th day after the application is filed if no deferral/denial order is in effect and no proceeding is pending.
- If a deferral order is in effect, the date specified in the order.
- On the date the Securities Division notifies the applicant that the registration is effective.
Renewal Registration Requirements
Every non-FINRA broker-dealer agent registration expires on the last calendar day of the year. The firm must renew its agents’ registrations in the Commonwealth by filing a Form RF and the appropriate fees ($75 for each agent) with the Securities Division no earlier than November 1st and no later than December 1st. The Securities Division will provide the firm a renewal notification and a copy of the Form RF on or about November 1st of each year.
Investment Adviser Registration Requirements
Investment Advisers 950 Mass. Code Regs. 12.205(2)(a) |
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Forms on CRD/IARD |
Form ADV Parts 1 and 2A (2B if necessary) (950 Mass. Code Regs. 12.205(2)(a)1.a)) |
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Form U4 for at least one investment adviser representative (950 Mass. Code Regs. 12.205(2)(d)1.a) |
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Fee to be submitted on CRD/IARD |
$300 (950 Mass. Code Regs. 12.205(2)(a)1.d) |
|
Documents to be submitted Directly to the Securities Division |
Surety Bond if adviser is based in Massachusetts and has discretion (950 Mass. Code Regs. 12.205(2)(a)1.b) |
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Must be allowed in “home” state if “home” state is not Massachusetts |
Who Must Register?
The definition of Investment Adviser includes any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. Every person who, for compensation, renders investment advice or provides financial planning services that includes investment advice in Massachusetts must register with the Securities Division as an investment adviser unless that person is specifically excluded from the definition. The Massachusetts Uniform Securities Act Mass. Gen Laws. 110A (the “Act”) and the definition and exclusions are found in Section 401(m) of the Act.
How to Register
Applications and fees for registration with the Securities Division as an investment adviser are made electronically via the IARD. The IARD is operated and maintained by FINRA, which assesses a charge for this service.
Registration Requirements
- Registration Fee and Form ADV
A completed Form ADV, which consists of Parts 1A, 1B, 2A, and possibly 2B with their appropriate schedules, must be filed electronically. The registration fee of $300 must be paid electronically by one of the methods provided by the CRD. - Investment Adviser Representatives
Every registered investment adviser must have at least one registered investment adviser representative. See Investment Adviser Representative Registration. - Certain Financial Requirements
Please see 950 Mass. Code Regs. 12.205(5) for minimum financial requirements for investment advisers with discretionary authority.
Affidavit for Certain Partners, Officers and Directors
Pursuant to Section 202(a) of the Act, registration of an investment adviser automatically constitutes registration as an investment adviser representative of any partner, officer, or director, and any person occupying a similar status or performing similar functions. If any such person will not be performing any functions of an “investment adviser representative” under Section 401(n) of the Act, he or she may complete and submit an affidavit (PDF) and a completed Form U4 directly with the Securities Division at the address listed below. A copy of the affidavit can also be found in the Forms section at the end of this material and a copy of the Form U4 can be found via a link to the FINRA website in the “All Other Uniform Forms” sub-section at the end of this material. Otherwise, the firm must file the following electronically with the Securities Division via the CRD for each such person: (i) a $50 non-refundable registration fee, (ii) a completed Form U4 indicating Massachusetts as a jurisdiction for registration, and (iii) proof of satisfaction of applicable examination or certification requirements.
Securities Division
One Ashburton Place, Room 1701
Boston, Massachusetts 02108
Tel: 617-727-3548
Fax: 617-248-0177
Email: msd@sec.state.ma.us
Effective Date
Registration as an investment adviser becomes effective on the earliest of the following:
- The day the Securities Division notifies the IARD that the registration is effective.
- If no deferral or denial order is in effect, and no proceeding is pending under Section 204 of the Act, at noon of the 30th day after an application has been filed.
- If a deferral or acceleration order is in effect, on the date specified in the order.
Investment Adviser Registration Renewals
Investment adviser registrations expire on the last day of the calendar year. An investment adviser shall renew its registration in Massachusetts annually via the IARD. Notice will be provided by the IARD in the fall of each year as to the appropriate renewal procedures, deadline dates, and fees.
Record Keeping Requirements
The Securities Division's record-keeping regulations can be found at 950 Mass. Code Regs. 12.205(7). Please note that the Regulations also incorporate the record-keeping rules for investment advisers promulgated by the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. These record-keeping requirements will not apply if the investment adviser's principal place of business is in a state other than Massachusetts and the investment adviser is registered in the state of its principal place of business and is in compliance with that state's record-keeping requirements.
Notice Filing for Federal Covered Advisers
Who Must Notice File with the Securities Division
A Federal Covered Adviser who transacts investment advisory business in Massachusetts must notice-file with the Securities Division unless specifically excluded from the definition. The definition of a Federal Covered Adviser and related exclusions are found in Section 401(o) of the Act.
How To Notice File
Federal Covered Advisers should notice-file with the Securities Division electronically via the IARD. The IARD is operated and maintained by FINRA.
Notice Filing Requirements
Please file the Federal Covered Adviser's most recent, completed Form ADV electronically by indicating Massachusetts as a notice-filing jurisdiction on the IARD and a $300 notice filing fee via the IARD.
Notice Filing Renewal Requirements
A Federal Covered Adviser's status as a notice-filer expires on the last day of the calendar year and shall be renewed annually through the IARD. Notice will be provided by the IARD in the fall of each year as to the appropriate renewal procedures and fees.
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Investment Adviser Representatives Registration Requirements
Investment Adviser Representatives 950 Mass. Code Regs. 12.205(2)(d) |
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Forms on the CRD/IARD |
Form U4 (950 Mass. Code Regs. 12.205(2)(d)1.a) |
Fee to be submitted on the CRD/IARD |
$50 (950 Mass. Code Regs. 12.205(2)(d)1.b) |
Examination Requirements/Qualifications |
Either Series 7 & Series 66; Series 65; or CFA/CFP/CHFC/CIC/PFS (950 Mass. Code Regs. 12.205(2)(d)1.c and 12.205(4)) |
Documents to be submitted Directly to the Securities Division |
CORI Form (PDF) (950 Mass. Code Regs. 12.205(2)(d)1.d) |
Investment Adviser firm must be allowed in Massachusetts or Notice-filed in Massachusetts |
Who Must Register?
Under Section 401(n) of the Act, an investment adviser representative includes any person who, on behalf of the investment adviser, recommends or renders advice regarding securities, manages accounts or portfolios of clients, determines which recommendation or advice regarding securities should be given, solicits, offers or negotiates for the sale or sells advisory services, or supervises employees who perform these services.
Every investment adviser applying for registration in Massachusetts must register at least one investment adviser representative.
For investment adviser representatives of Federal Covered Advisers who notice file with the Securities Division, see Registration of Investment Adviser Representatives of Federal Covered Advisers below regarding who must register with the Securities Division as an investment adviser representative.
How to Register
Applications for registration with the Securities Division as an investment adviser representative are made electronically via the CRD, which is linked to the IARD.
Registration Requirements
• Registration Fee and Form U4
A completed Form U4 must be filed electronically on the CRD. The registration fee of $50 for each representative must be paid electronically by one of the methods provided by the CRD.
• Criminal Offender Record Information (CORI) Acknowledgement Form filed electronically with the Securities Division
The CORI Acknowledgement Form (PDF) is a required component of a complete application pursuant to 950 Mass. Code Regs. 12.205(2)(d)(1). The completed, executed, and notarized CORI Acknowledgement Form shall be filed electronically with the Securities Division via e-mail to CORI@sec.state.ma.us.
• Examination or Certification Requirements
Each investment adviser representative submitting an application for registration must have met the requirements of either (a) or (b) below:
- Currently hold the professional designation of:
- Certified Financial Planner (CFP);
- Chartered Financial Analyst (CFA);
- Chartered Financial Consultant (ChFC);
- Chartered Investment Counselor (CIC); or
- Personal Financial Specialist (PFS)
- Have obtained a passing score on (i) the Uniform Investment Adviser Law Examination (“Series 65”), or (ii) on both the Uniform Combined State Law Examination (“Series 66”) and the General Securities Representative Examination (“Series 7”).
Note: The Series 65 and the Series 66 must be those examinations available since January 1, 2000. A passing score on either examination prior to January 1, 2000 does not qualify as meeting the above requirements.
See 950 Mass. Code Regs. 12.205(4) for additional information about meeting the certification or examination requirements before applying for investment adviser registration on the CRD.
Effective Date
Registration as an investment adviser representative becomes effective on the earliest of the following:
- At noon of the 30th day after an application has been filed, assuming the investment adviser firm's registration is also effective, if no deferral or denial order is in effect, and no proceeding is pending under Section 204 of the Act.
- If a deferral order is in effect, on the date specified in the order
- The day the Securities Division notifies the CRD that the registration is effective
Investment Adviser Representative Registration Renewals
Every investment adviser representative registrations expire on the last day of the calendar year. An investment adviser representative shall renew his or her registration in Massachusetts annually via the CRD. Notice will be provided by the the IARD/CRD in the fall of each year as to the appropriate renewal procedures, deadline dates, and fees.
Registration of Investment Adviser Representatives of Federal Covered Advisers
Who Must Register?
Any person who meets the federal definition of “investment adviser representative” as found in Rule 203A-3(a) under the Investment Advisers Act of 1940 and who has a “place of business” in Massachusetts as found in Rule 203A-3(b) under the Investment Advisers Act of 1940, must register with the Securities Division as an investment adviser representative of the Federal Covered Adviser.
Refer to the Investment Adviser Representative chart above for filing requirements and registration fee.
Mass Transfer of Investment Adviser Representatives and Broker-dealer Agents
Mass Transfers 950 Mass. Code Regs. 12.202(9) & 12.205(3)(c) |
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Broker-dealer Agents |
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CRD/IARD |
Mass Transfer Notice |
Fee to be submitted on the CRD/IARD |
$75 (950 Mass. Code Regs. 12.202(9)) |
Examination Requirements/Qualifications |
Either Series 63 or Series 66 (950 Mass. Code Regs. 12.202(2)(a)1.b) |
Documents to be submitted Directly to the Securities Division |
|
Such filings shall be made at least 30 days prior to the effective date of transfer, or such shorter period as the Director of the Securities Division may permit. |
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Investment Adviser Representatives | |
CRD/IARD |
Mass Transfer Notice |
Fee to be submitted on CRD/IARD |
$50 (950 Mass. Code Regs. 12.205(2)(d)1.b) |
Examination Requirements/Qualifications |
Either Series 7 & Series 66; Series 65; or CFA/CFP/CHFC/CIC/PFS (950 Mass. Code Regs. 12.205(2)(d)1.c and 12.205(4)) |
Documents to be submitted Directly to the Securities Division |
|
Such filings shall be made at least 30 days prior to the effective date of transfer, or such shorter period as the Director of the Securities Division may permit. |
Forms
- Affidavit for an Individual Waiving Automatic Agent Registration (PDF)
- Affidavit for an Individual Waiving Automatic Investment Adviser Representative Registration (PDF)
- Deferral Request Form—Broker-Dealer (PDF)
- Deferral Request Form—Agent (PDF)
- Deferral Request Form—Investment Adviser (PDF)
- Deferral Request Form—Investment Adviser Representative (PDF)
- CORI form (PDF)
- Download the Fillable Fee Table Template (DOC)
- All Other Uniform Forms