Broker-Dealers & Broker-Dealer Agents

Broker-Dealer Registration Fees Under the Massachusetts Uniform Securities Act

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).

Broker-Dealer Registration Requirements

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.

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

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

Broker-Dealer Applicant Letter/Instructions (PDF)

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

A. FINRA Member Firm Registration Requirements

Initial Registration

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 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 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.
  
  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 Securites Division stating that he or she does not effect or attempt to effect purchases or sales of securities.
• 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").
• 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:

• 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 Division notifies the CRD that the registration is effective.

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 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.

B. Non-FINRA Member Firms

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 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-dealer’s 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 Fees

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.

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. See Order for Refund of Registration Renewal Fees for Agent Reservists on Active Duty (PDF).

Broker-Dealer Agent Registration Requirements

Broker-Dealer 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 Securities Division prohibits dual registration of agents in the Commonwealth.

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 the CRD. The CRD will forward electronically the registration information to the 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 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; and
• 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).
• Noon of the 30th day after an application was filed if no deferral 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 and agent 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 Division will provide the firm a renewal notification and a copy of the Form RF on or about November 1st of each year.

Forms

Affidavit for an Individual Waiving Automatic Agent Registration (PDF)

Form U4 (PDF)

Deferral Request Form—Broker-Dealer (PDF)

Deferral Request Form—Agent (PDF)

CORI form (PDF)

All Other Uniform Forms