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Broker Dealer Guide

Applications

The forms and instructions may be accessed via the online BD Packet (PDF: 168 KB / 4 pages)

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 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 BD Packet (PDF: 168 KB / 4 pages) containing the additional forms and instructions for licensing (if you have not already submitted those forms to us).

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 BDAA (PDF: 44 KB / 1 page)
· A list of branch offices in Wisconsin (if applicable)
· If the broker-dealer will have a website, provide the URL address as well as a statement as to whether the broker-dealer will allow online trading.

Complete all of the forms and information in the BD Packet (PDF: 168 KB / 4 pages) in their entirety and submit forms with the appropriate officer’s signature.

The fees for initial registration are:

· $400 for the broker-dealer's application, to be deducted from the broker-dealer's CRD account
· $80 for each agent application, to be deducted from the broker-dealer's CRD account.


Once an application is received via CRD and put into PENDING status, it will be assigned to an examiner in the Professional Registration & Compliance Bureau. The examiner will notify the firm, usually within five business days, of any deficiencies and what additional information is needed. 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 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.