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Broker Dealer Guide
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ApplicationsThe forms and instructions may be accessed via the online The following information tells you how to apply for broker-dealer registration under the Wisconsin Uniform Securities Act. All broker-dealers must use the Forms BD (PDF: external link) and U-4 (PDF: external link). For paper copies of these and other forms, please contact the NASD or use the above-links. NASD Member Broker-Dealers Applicants currently registered with the NASD make their initial application
in Wisconsin through the CRD by amending their Form BD to request registration
in Wisconsin. Your application will then be directed to the Division
where your CRD account will be charged the appropriate fees. If your
CRD account
has sufficient money to cover the fees and there are no other CRD deficiencies,
we will place the application into PENDING status. This will also alert
the staff to send you a Your initial application for a Wisconsin broker-dealer license should contain the following paper filings, filed directly with this Division: · Wisconsin Securities Activity Questionnaire - Form Complete all of the forms and information in the The fees for initial registration are: · $400 for the broker-dealer's application, to be deducted from
the broker-dealer's CRD account
Remember, the firm cannot solicit customers, open or transfer accounts or effect any transactions until the firm is approved. Upon successful completion of the staff's review, the broker-dealer's status on CRD will be changed to APPROVED with the effective date of that approval. No paper licenses are issued in Wisconsin. The firm's only notice will be via the CRD. This is the first date upon which the firm may begin providing services to clients in Wisconsin. Soliciting, gathering account opening information or otherwise qualifying a prospective client requires a licensed individual and firm.
Applicants not registered with the NASD must file all application materials directly with the Department of Financial Institutions - Division of Securities. The initial application for a Wisconsin broker-dealer license should
include the following paper filings: Complete all of the forms and information in their entirety and submit all forms that contain ORIGINAL signatures (photocopies of signatures are not acceptable.) The fees for initial registration to be filed directly with this Division are: · $400 for the broker-dealer's application All checks should be made payable to Department of Financial Institutions. Once an application is received it will be assigned to an examiner in the Licensing and Compliance Bureau. The examiner will notify the firm, usually within five business days, if there are any deficiencies and what those deficiencies are. The firm has 180 days from receipt by the Division to complete the application or be subject to an Order of Denial of License Application. Depending on how quickly the firm addresses the deficiencies, recent filings have shown average completions of 30-60 days. Remember, the firm cannot solicit customers, open or transfer accounts or effect any transaction until the firm is approved. Upon successful completion of the staff's review, the broker-dealer will receive a letter of notification as to the effective date of the broker-dealer's approval. No paper licenses are issued in Wisconsin. This is the first date upon which the broker-dealer may begin providing services to clients in Wisconsin. Soliciting, gathering account opening information or otherwise qualifying a prospective client requires a licensed individual and firm. |
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