You are here:   

Broker Dealer Guide

Filings

FINRA Member Broker-Dealers

All broker-dealer application filings are made electronically through the CRD. The broker-dealer must submit amendments to its Form BD via the CRD system within 30 days of the change. (s. DFI-Sec 4.04(3)(a), Wis. Adm. Code) A notice of opening, closing or change of address of a Wisconsin office of the broker-dealer must be filed with the CRD on Form BR within 14 days of the event. See Branch Office section for more details.

If an individual meets the definition of "agent," in section 551.102(2), Wis. Stats., the broker-dealer must file a Form U-4 for registration of the agent along with $80 for each agent via the CRD. The individual must meet the exam requirements for agents of a broker-dealer. They must have taken and passed the Series 63 or Series 66 and the Series 7 or the examination administered by FINRA that is applicable to the business the applicant intends to transact in Wisconsin. (s. DFI-Sec 4.01(3), Wis. Adm. Code) Agent registrations are renewed on January 1st, the same time as the broker-dealer's registration application.

IIf an individual who is registered as an agent of a broker-dealer either leaves the broker-dealer or is no longer acting as an agent, the broker-dealer must file Form U-5 via the CRD within 30 days of the termination or change in status (s. DFI-Sec 4.08(2), Wis. Adm. Code). If this form is not filed within the time prescribed, the broker-dealer will be subject to a delinquent filing fee of $100.00 (s. DFI-Sec 7.01(6)(e), Wis. Adm. Code).

To withdraw a broker-dealer registration, the broker-dealer must submit a Form BDW via the CRD (s. DFI-Sec 4.08(1), Wis. Adm. Code). IIf the broker-dealer has any open customer accounts in Wisconsin, the settlement of those accounts is a condition of its withdrawal. The withdrawal is not effective until electronically filed through the CRD.


Non-FINRA Member Broker-Dealers

All non-FINRA broker-dealer filings are made directly with the Division. No filing can be made via the CRD for state purposes. The broker-dealer must submit amendments to its Form BD within 30 days of the change. (s. DFI-Sec 4.04(3)(a), Wis. Adm. Code)

If an individual meets the definition of "agent," in section 551.102(2), Wis. Stats., the broker-dealer must file a Form U-4 with the Division along with $80 for each agent. The individual must meet the exam requirements for agents of a broker-dealer. They must have taken and passed the Series 63 or Series 66 and the examination administered by FINRA that is applicable to the business the applicant intends to transact in Wisconsin. (s. DFI-Sec 4.01(3), Wis. Adm. Code)

If an individual who is registered as an agent of a broker-dealer either leaves the broker-dealer or is no longer acting as an agent, the broker-dealer must file Form U-5 with this Division within 30 days of the termination or change in status (s. DFI-Sec 4.08(2), Wis. Adm. Code). If this form is not filed within the time prescribed, the broker-dealer will be subject to a delinquent filing fee of $100. (s. DFI-Sec 7.01(6)(e), Wis. Adm. Code).

To withdraw the broker-dealer's registration, the broker-dealer must submit a Form BDW to this Division, (s. DFI-4.08 (1), Wis. Adm. Code). If the broker-dealer has any open customer accounts in Wisconsin, the settlement of those accounts is a condition of its withdrawal. The withdrawal is not effective until acknowledged by a letter from this Division.


All Broker-Dealers

Annual reports are NOT required to be filed with the Division unless the broker-dealer is not current with its filings with the SEC. (s. DFI-Sec 4.04(1)(b), Wis. Adm. Code).

Every broker-dealer shall maintain net capital as prescribed in rule 15c3-1 of the Securities Exchange Act of 1934 in such minimum amounts as are designated in that rule for the activities engaged in by the firm in Wisconsin. The firm must also provide immediate electronic or written notice to Wisconsin whenever the net capital is less than required.

The broker-dealer is required to file with the Division a copy of any complaint, civil or criminal proceeding against the broker-dealer, its partners, officers or agents within 20 days of the complaint or proceeding being served on the broker-dealer. A copy of any answer or reply to the complaint or proceeding is due in the Division within 10 days of the date the answer is filed. A copy of any decision, order or sanction regarding the complaint or proceeding is due in the Division within 20 days of the date the decision, order or sanction is given. (s. DFI-Sec 4.04(2), Wis. Adm. Code).

The broker-dealer must file with the Division immediate electronic or written notice whenever there is a theft or disappearance of any Wisconsin customers' securities or funds that are in the custody or control of any of its offices, stating all material facts known concerning the theft or disappearance.

A notice of opening, closing or change of address of a Wisconsin office other than the home office of the broker-dealer must be filed with the Division within 14 days of the event. See Branch Office section for more details.

Every broker-dealer that intends to provide investment advisory services for compensation in this state shall file either a notice filing through IARD for federal covered advisers, or apply for state registration through the IARD for state registered advisers. See Investment Adviser section for more details.