Investor Protection & Securities:: Registration:: Registration of Broker & Advisers FAQs

Registration of Brokers & Advisers FAQs

  1. What are the registration, notice-filing, and renewal fees for firms and individuals?

     

    • Initial registration fee for a broker-dealer or an investment adviser is $200.
    • Initial notice-filing fee for an investment adviser is $200.
    • Initial registration fee for an agent, issuer agent or investment adviser representative is $50.
    • Renewal fee for a broker-dealer or investment adviser is $100.
    • Renewal fee for Notice Filers is $100.
    • Renewal fee for an agent, issuer agent or investment adviser representative is $50.

     

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  2. What are your exam requirements for broker-dealer agents, investment adviser representatives and issuer agents?

     

    • Broker-dealer agents are required to pass the Securities Industry Essentials Examination, the Series 7 Top-off Examination and either the Series 63 Examination or the Revised Series 66 Examination.
    • Issuer agents are required to pass the Securities Industry Essentials Examination, the applicable FINRA examination and either the Series 63 Examination or the Revised Series 66 Examination.
    • Investment adviser representatives are required to pass the Revised Series 65 or a combination of the Revised Series 66 and the Series 7.
    • In AO-18-01, The Commissioner found that any individual who was registered as a broker-dealer agent or specialized agent in any jurisdiction in the United States on September 30, 2018, shall not be required to satisfy the examination requirements for continued registration.  Any such individual will not be required to complete the Securities Industry Essentials Examination upon a new application for registration provided the individual's registration was not terminated for a period of longer than two (2) years.  The Commissioner reserves the right to require additional examinations for any individual found to have violated any state or federal securities law.

     

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  3. Can I download your forms and/or registration packets?

    Yes, /securities/registration

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  4. What do I need to do to withdraw my registration?

    Broker-dealers must file a Form BDW through the CRD system. Investment advisers must file an ADV-W through the IARD system. Broker-dealer agents and investment adviser representatives must file a Form U-5 through the CRD system.

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  5. What is IARD?

    The Investment Adviser Registration Depository (IARD) is an electronic filing system for investment advisers sponsored by the Securities and Exchange Commission (SEC or Commission) and North American Securities Administrators Association (NASAA), with the Financial Industry Regulatory Authority (FINRA, formerly NASD) serving as the developer and operator of the system. The IARD system collects and maintains the registration and disclosure information for investment advisers and their associated persons. The IARD system supports electronic filing of the revised Forms ADV and ADV-W, centralized fee and form processing, regulatory review, the annual registration renewal process, and public disclosure of investment adviser information.

    Please see www.iard.com for more information.

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  6. What is Missouri's de minimis rule?

    Broker-dealers who have no place of business in Missouri and during the preceding 12 months have had not more than three clients in this state, do not need to register with the Division. See Section 409.4-401(b)(1)(G), Missouri Securities Act of 2003, H.B. 380, 92nd General Assembly, 1st Regular Session (Mo. 2003).

    Investment advisers who have no place of business in Missouri and during the preceding 12 months have had not more than five clients who are residents of this state, do not need to register with the Division. See Section 409.4-403(b)(2), Missouri Securities Act of 2003, H.B. 380, 92nd General Assembly, 1st Regular Session (Mo. 2003).

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  7. Do solicitors for investment advisers have to be registered?

    NO. Investment advisers may pay cash fees to a solicitor who refers business as long as the solicitor does not offer investment advice and is not subject to disqualification. The fee must be paid pursuant to a written agreement between the adviser and the solicitor and a copy of this agreement must be given to the client prior to any advisory contact. Please see 15 CSR 30-51.145 at /adrules/csr/current/15csr/15c30-51.pdf for further clarification.

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  8. Does Missouri require broker-dealers to submit their audited annual financial statements?

    Audited financial statements are only required at the time of initial registration, during the application process.

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  9. Does Missouri accept investment adviser representative filings through the CRD System?

    Yes, all representative filings should be made via the CRD system.

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  10. Where can I obtain a complete set of the Revised Missouri Statutes and Code of State Regulations?

    The Missouri Securities Act of 2003 and the Code of State Regulations are available online. The links are below:
    http://www.house.mo.gov/bills03/biltxt/truly/HB0380T.HTM

    /adrules/csr/current/15csr/15c30-51.pdf

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