Registration Inspections, Compliance and Examinations (RICE) Section

RICE Section Overview

The goal of broker-dealer and investment adviser registration is to ensure that individuals and firms dealing with investors in the Commonwealth meet certain minimum standards of conduct, education, and financial solvency. RICE reviews all applications for registration of broker-dealers, agents, investment advisers, and investment adviser representatives and performs inspections of broker-dealers and investment advisers to ensure compliance with the requirements of the Massachusetts Uniform Securities Act and Regulations. All individuals or firms offering or selling securities or giving investment advice for compensation within the Commonwealth must be registered unless an exclusion is available. Registrants must submit to a thorough background investigation, pass examinations on general securities principles and state securities laws, and agree to meet certain record-keeping and disclosure requirements.

The following criteria, among others, are considered in determining whether to allow an application for registration:

  • qualifications via professional certification or examinations;
  • criminal history;
  • regulatory disciplinary history;
  • financial solvency; and
  • evidence of past inequitable or fraudulent business practices in the financial services industry.

RICE also answers questions from the public regarding the registration status and disciplinary history of broker-dealers, agents, investment advisers, and investment adviser representatives and responds to inquiries concerning their activities.

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Registration Fees

Under the Massachusetts Uniform Securities Act

Registrations and renewals are done electronically via the Central Registration Depository (“CRD”) and the Investment Adviser Registration Depository (“IARD”), which are both maintained by the Financial Industry Regulatory Authority ("FINRA"). FINRA may assess a service charge for certain investment adviser filings.

Initial fees

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 CRD as active military as of the last day of the year. See Order for Refund of Registration Renewal Fees for Agent Reservists on Active Duty (PDF).

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Registration Requirements for Broker-Dealers, Agents, Investment Advisers, and Investment Adviser Representatives

Broker-Dealers   950 Mass. Code Regs. 12.202(2)(1)

Forms on CRD/IARD

Form BD (950 Mass. Code Regs. 12.202(1)(a)(1) or (2))

Form U4 for Schedule A and B individuals automatically registering (950 Mass. Code Regs. 12.202(1)(a)1.c or 2.b)

Fee to be submitted on CRD/IARD

$450 (950 Mass. Code Regs. 12.202(1)(a)1.d)

Documents to be submitted Directly to MSD

202(a) Affidavit (PDF) for Schedule A and B individuals not seeking automatic registration (950 Mass. Code Regs. 12.202(1)(a)1.c or 2.b)

Other: see Broker-Dealer Registration

Allowed by FINRA (950 Mass. Code Regs. 12.202(1)(b)1)

Broker-Dealer Agents   950 Mass. Code Regs. 12.202(2)(b)

Forms on CRD/IARD

Form U4 (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

63 or 66 (950 Mass. Code Regs. 12.202(2)(b)2)

Documents to be submitted Directly to MSD

n/a

Other: see Agent Registration

Allowed by FINRA (950 Mass. Code Regs. 12.202(2)(b)3.a)

Investment Advisers   950 Mass. Code Regs. 12.205(5)(2)(a)

Forms on CRD/IARD

Form ADV Parts 1 and 2A (2B if necessary) (950 Mass. Code Regs. 12.205(2)(a)1.a)

Form U4 for at least one investment adviser representative (950 Mass. Code Regs. 12.205(2)(d)1.a)

Fee to be submitted on CRD/IARD

$300 (950 Mass. Code Regs. 12.205(2)(a)1.d)

Documents to be submitted Directly to MSD

Surety Bond if adviser is based in MA and has discretion (950 Mass. Code Regs. 12.205(a)1.b);
202(a) Affidavit (PDF) for Schedule A and B individuals not conducting advisory activities in MA; and paper Form U4 (950 Mass. Code Regs. 12.205(2)(a)2)

Other: see Investment Adviser Registration

Allowed in “home” state if “home” is not MA

Investment Adviser Representatives   950 Mass. Code Regs. 12.205(5)(2)(d)

Forms on CRD/IARD

Form U4 (950 Mass. Code Regs. 12.205(2)(d)1.a)

Fee to be submitted on CRD/IARD

$50 (950 Mass. Code Regs. 12.205(2)(d)1.b)

Examination Requirements/Qualifications

Either 7 & 66; 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 MSD

CORI Form (PDF) (950 Mass. Code Regs. 12.205(2)(d)1.d)

Other: see Investment Adviser Representative Registration

Adviser Firm registered or noticed-filed in MA

Broker-Dealer Registration

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. The following information tells you how to apply for broker-dealer registration under the Massachusetts Uniform Securities Act.

Every broker-dealer must complete FINRA Forms BD and U4. For copies of these and other FINRA forms you may also contact FINRA at:

Financial Industry Regulatory Authority
9513 Key West Avenue
Rockville, Maryland 20850-3389
301-590-6500

Note: See Frequently Asked Questions for more information on broker-dealer registration issues.

Broker-Dealer Applicant Letter/Instructions (PDF)

A. FINRA Member Firms

Registration Requirements

An applicant registered with FINRA and seeking registration in the Commonwealth must submit the following items to CRD. CRD will forward electronically your registration information to the Division.

For broker-dealers already registered with FINRA:

  • 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. 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 Division stating that he or she does not effect or attempt to effect 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 Division.

For broker–dealers who are filing an initial application with the 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. 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 Division stating that he or she does not effect or attempt to effect 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 Division.
Effective Date

A FINRA broker-dealer registration becomes effective on the earliest of the following dates:

  • If no deferral/denial order is in effect and no proceeding is pending, at noon of the 30th day after an application has been filed. 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.
  • On the date the Division notifies CRD that the registration is effective.
  • 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.
Renewal Registration Requirements

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 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 CRD is January 1st.

B. Non-FINRA Broker-Dealer

Registration Requirements

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 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. 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 Division stating that he or she does not effect purchases or sales of securities. An applicant must register at least one agent with the Division.
  • Documentary evidence that each person who will be registered as an agent has successfully passed the Uniform State Law Examination (“Series 63”) or the Uniform Combined State Law Examination (“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-dealer’s registration becomes effective on the earliest of the following dates:

  • If no deferral/denial order is in effect and no proceeding is pending, at noon of the 30th day after an application was filed.
  • 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.
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 ($450 for the firm and $75 for each agent) with the Division no earlier than November 1st and no later than December 1st. The Division will provide the firm a renewal notification and a copy of the Form RF on or about November 1st of each year. 950 Mass. Code Regs. 12.202(5)(a).

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Agent Registration

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. The following information tells you how to apply for broker-dealer agent registration. Every broker-dealer seeking registration in the Commonwealth must include the registration of at least one agent.

Note: The Division prohibits dual registration of agents in the Commonwealth. See Frequently Asked Questions for more information on dual registration.

A. 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 CRD. CRD will forward electronically the registration information to the Division. The following items need to be filed with CRD:

  • A complete Form U-4 for each agent (if the agent has not previously filed a Form U-4 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 Uniform State Law Examination (“Series 63”) or the Uniform Combined State Law Examination (“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 date the application is filed and approved by FINRA 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.
  • The agent has no Form U4 disclosure (affirmative responses to Disclosure Questions of Form U4).
Renewal Registration Requirements

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 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 CRD is January 1st.

B. 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 Division:

  • A manually signed, complete Form U4 for each agent.
  • 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”).
  • 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 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.
    • The agent has no Form U4 disclosure (affirmative responses to Disclosure Questions of Form U4).
  • If no deferral/denial order is in effect and no proceeding is pending, on the 30th day after the application is filed.
  • If a deferral order is in effect, the date specified in the order. A deferral order may be entered based on an amendment to the agent’s application
Renewal Registration Requirements

Every non-FINRA broker-dealer registration and 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 ($450 for the firm and $75 for each agent) with the Division no earlier than November 1st and no later than December 1st. The Division will provide the firm a renewal notification and a copy of the Form RF on or about November 1st of each year. 950 Mass. Code Regs. 12.202(5)(a).

Note: broker-dealers are no longer required to file a copy of the annual financial report with the Division.

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Frequently Asked Questions about Broker-Dealer and Broker-Dealer Agent Registration

Is a broker-dealer registered with the Massachusetts Securities Division required to file an annual financial report with the Division?

No, broker-dealers are no longer required to file a copy of the annual financial report with the Division. That requirement, once required pursuant to 950 CMR § 12.203(4)(a), has been amended.

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Investment Adviser Registration

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 Division as an investment adviser unless that person is specifically excluded from the definition. The Massachusetts Uniform Securities Act is Mass. Gen Laws. ch. 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 Division as an investment adviser are made electronically via IARD. 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 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 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 Division via 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.

Office of the Secretary of the Commonwealth
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 Division notifies 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 IARD. Notice will be provided by IARD in the fall of each year as to the appropriate renewal procedures, deadline dates, and fees.

[Massachusetts’ investment adviser registration renewal fee: $300; Massachusetts’ investment adviser representative registration renewal fee: $50]

Record Keeping Requirements

The 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.

Investment Adviser Representative Registration

Who Must Register?

Under Section 401(n) 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 person, regardless of where he or she is located, who performs any of the above activities with Massachusetts clients for an investment adviser registered with the Division, must register as an investment adviser representative of that investment adviser.

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 Division, see Registration of Investment Adviser Representatives of Federal Covered Advisers below regarding who must register with the Division as an investment adviser representative.]

How to Register

Applications for registration with the Division as an investment adviser representative are made electronically via CRD, which is linked to IARD. CRD and IARD are operated and maintained by FINRA, which assesses a charge for this service.

Registration Requirements

Registration Fee and Form U4 
A completed Form U4 must be filed electronically on CRD. The registration fee of $50 for each representative must be paid electronically by one of the methods provided by CRD.

Criminal Offender Record Information (CORI) Acknowledgement Form filed electronically with the 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 and executed CORI Acknowledgement Form shall be filed electronically with the 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 CRD.

Effective Date

Registration as an investment adviser representative becomes effective on the earliest of the following:

  • The day the Division notifies CRD 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, assuming the investment adviser firm's registration is also effective.
  • If a deferral or acceleration order is in effect, on the date specified in the order.

Investment Adviser Representative Registration Renewals

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 CRD. Notice will be provided by IARD/CRD in the fall of each year as to the appropriate renewal procedures, deadline dates, and fees.

[Massachusetts' investment adviser representative registration renewal fee: $50]

Notice Filing for Federal Covered Advisers

Who Must Notice File With The Division?

A Federal Covered Adviser who transacts investment advisory business in Massachusetts must notice-file with the 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 Division electronically via IARD. 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 IARD and a $300 notice filing fee via 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 IARD. Notice will be provided by IARD in the fall of each year as to the appropriate renewal procedures and fees.

[Massachusetts’ Federal Covered Adviser notice filing renewal fee: $300]

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 Division as an investment adviser representative of the Federal Covered Adviser.

How to Register

See Investment Adviser Representative Registration above for information concerning registration.

Note: See Frequently Asked Questions below for more information on investment adviser registration issues

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Frequently Asked Questions on Investment Adviser and Investment Adviser Representative Registrations

[See Mass. Gen Laws ch. 110 and 950 Mass. Code Regs. 12.205 for complete details.]

Q. What is the total fee to register an investment adviser that is a sole proprietorship?
A. $350 ($300 for the IA/Firm and $50 for the IAR/Representative) plus the cost assessed by FINRA associated with the electronic filing of the firm on IARD and of the individual on CRD.

Q. Is there a de-minimis exclusion from the definition of investment adviser?
A. Yes. A firm need not register or notice file with the Division if it has:

  • no office or other physical presence in Massachusetts and
  • no more than 5 clients during any 12-month period.

Q. My firm is an SEC-registered investment adviser (a notice-filer in Massachusetts). Must I register all of my representatives who provide investment advice to clients in Massachusetts ?
A. You need only register those representatives who have a “place of business” in Massachusetts and who meet the federal definition of investment adviser representative.

Q. I plan to solicit clients for a state-registered investment adviser. Does this raise any registration issues?
A. Yes. Solicitation for compensation on behalf of a state-registered investment adviser will require you to register as a representative of that adviser. A person who will only solicit for a single investment adviser and offer no investment advice or perform any other advisory services may request that the examination requirement be waived but that person must register as an investment adviser representative.

Q. Are there any registration (and examination) requirements for officers, directors, or partners of an advisory firm?
A. Yes. Every officer, director, partner, or person occupying a similar status or performing similar functions is automatically registered as a representative of the firm and must file a Form U4, pay the registration fee (both via CRD), and meet the Division’s examination or certification requirements. If any such person does not desire automatic registration because he or she does not meet the definition of an investment adviser representative, he or she must file a Form U4 and an affidavit (PDF) stating that he or she does not act as an investment adviser representative of the firm in Massachusetts. The affidavit must be filed directly with the Division while the Form U4 may be filed either directly with the Division or electronically via CRD.

Q. What are the certification or examination requirements in Massachusetts?
A. Each investment adviser representative submitting an application for registration must demonstrate compliance with 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.

Q. Will a Master’s Degree in Business Administration satisfy the examination/certification requirements for registration as an investment adviser representative?
A. No. One way of meeting the requirements is a passing score on the Series 66 plus a passing score on the Series 7. The Regulations offer certain alternatives to the Series 7, including a degree from an accredited institution of higher education in a subject involving significant financial and investment analysis.

Q. Must a solicitor for an SEC-registered investment adviser register with the Division?
A. Because a solicitor does not usually meet the definition of investment adviser representative under the Rules of the Investment Advisers Act of 1940, he or she would not register as an investment adviser representative of the SEC-registered investment adviser.  Instead, absent an exclusion from the definition of investment adviser under the Massachusetts Securities Act, the solicitor must register as an investment adviser with the Division and as an investment adviser representative of his or her investment adviser.  If the solicitor does not provide any investment advice and solicits on behalf of only one investment adviser, he or she may seek a waiver from the examination or certification requirements of the investment adviser representative registration process.

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 (DOC)

Deferral Request Form—Agent (DOC)

CORI form (PDF)

All Other Uniform Forms