Initial and Renewal Registration by FINRA-Member Firms
Applications for initial registration or renewal by a broker-dealer that is a FINRA member will not be deemed complete until the required fee and all required submissions have been filed with the Central Registration Depository and the Securities Division, including any information or documentation requested by the Division after an initial submission.
Failure to complete the application or renewal procedures as set forth below may result in termination of an application or registration. Fees will not be refunded nor credited and new fees will be required upon refiling.
- Broker-Dealer registration requirement and exemptions may be found at 9 V.S.A. § 5401 and V.S.R. § 3.1.
- Agent registration requirements may be found at 9 V.S.A. § 5402 and V.S.R. § 3.1.
- Non-FINRA member filing requirements may be found at V.S.R. § 3.1.
All applications must include:
- A non-refundable application fee of $300.00 submitted through the CRD.
- If the firm has checked question 12S on Form BD (indicating that the firm plans to offer investment advisory services), the firm must indicate in writing whether these services are solely incidental to the firm’s broker-dealer business and whether the firm receives a fee or special compensation for investment advisory services.
- Pursuant to V.S.R. § 3-1, to be granted registration in Vermont a Broker-Dealer must apply to have at least one (1) agent registered in Vermont and continue to maintain at least one (1) agent registration in Vermont. Please indicate in your cover letter to the Division the agent's name and CRD#.
- A completed Affidavit of Broker-Dealer Activity Form mailed to the Division to the address indicated below.
- For applicants that have been in business longer than six months, a copy of the firm’s most recent FOCUS report (Parts I and II or IIA). For those applicants that are in the process of FINRA membership but not yet approved, the firm’s most recent trial balance, balance sheet, supporting schedules and computation of capital as filed with FINRA. Document(s) must be mailed to the Division to the address indicated below.
Any other financial or other information or record that the Division may determine is appropriate and requests in writing.
Please note: A broker-dealer that is a FINRA member firm is not required to file annual audited financial statements with the division, unless requested by the division.
Review specific filing requirements for branch offices when branch is both a broker-dealer branch and investment adviser branch.
Vermont Department of Financial Regulation
89 Main Street
Montpelier, VT 05620-3101
Questions concerning a registration or the registration process may be directed to 802-828-3423 or firstname.lastname@example.org.