Securities

Applications for initial registration or renewal by a broker-dealer agents and investment adviser representatives will not be deemed complete until the required fee and all required submissions have been filed with the Central Registration Depository (CRD) and the Vermont 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.

Registration

Registration by Coordination – Offerings of securities also filed with the U.S. Securities and Exchange commission may be registered by coordination.

Full requirements for Registration by Coordination can be found in 9 V.S.A. § 5303 and V.S.R. § 4-1(a)

Required materials:

Effective July 1, 2024, notice filings fees have increased for initial and renewal filings, under bill H.883, p.120.

Notice Filings:

Regulation D – Rule 506 Offerings 

NON-SELF EXECUTING EXEMPTIONS

Commonly Used Exemptions that require filings with the Securities Division:

Vermont Crowdfunding – Vermont’s Intrastate Crowdfunding Exemption where Vermont businesses can offer securities to Vermont residents.

Full requirements of Vermont Crowdfunding can be found in V.S.R. § 5-11.

Filing Requirements:

An investment adviser is an individual or a firm that is in the business of giving advice about securities to clients. Investment advisors wanting to do business in Vermont must register with the Department of Financial Regulation, renew their registration annually, and may be required to complete other filings as outlined below.

DFR's corporate finance staff facilitates capital formation by assisting companies seeking to raise capital while protecting Vermont investors.

You can learn more about registration, exemptions, and notice filings using the menu to the left. 

Additional national resources are available through:

The Securities Division administers Vermont’s “Blue Sky Laws” contained in the Vermont Uniform Securities Act, 9 VSA Chapter 150 (Securities Act). The Securities Division is responsible for protecting Vermonters from investment fraud and promoting the development of Vermont’s capital markets by: 

The Vermont Department of Financial Regulation helps protect Vermonters against unfair and unlawful business practices in banking, securities (investments) and insurance. Here are some of the pitfalls to avoid as well as educational and other information to assist you in safeguarding your assets.