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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 FINRA or use the above-links. FINRA Member Broker-Dealers Applicants currently registered with FINRA 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
and 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 registration 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 registered individual and firm.
Applicants not registered with FINRA must file all application materials directly with the Department of Financial Institutions - Division of Securities. The initial application for a Wisconsin broker-dealer registration should
include the following paper filings: Complete all of the forms and information in their entirety and submit all forms that contain the appropriate officer’s signature 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 Division of Securities. Once an application is received it will be assigned to an examiner in the Professional Registration 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 Registration. 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 registered individual and firm. Updated May 1, 2010 |
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