Broker Dealers

Frequently asked questions and answers aimed at Broker Dealers. Click on the question to view the answer.

• Does Minnesota have a de-minimus clause for broker-dealer firms?

  Yes.  The rule states if the broker dealer has, “not more than three customers in this state during the previous 12 months.” See Minn. Stat. Ch. MINN. STAT. § 80A.56 for more information.

   

• What are the examination requirements for agents of broker-dealers?

  The Series 63 or Series 66 in addition to at least one FINRA exam, Series 7 (.pdf), Series 6 (.pdf) or Series 24 (.pdf))

   

• Can a registered representative be licensed with more than one broker dealer simultaneously (dual registration)?

  No.

   

• When will my licenses expire?

  You have two years between firms before your licenses will expire then you will have to retake any relevant exams.

   

• Will Minnesota sponsor me for my exam?

  The State of Minnesota will not sponsor your exams.

   

• What is the fee for Regulation D filings?

  The fee is 1/10 of 1% plus $100 filing fee (maximum $300; which includes the $100 filing fee).

   

• Do broker-dealers and agents need to renew annually?

  Yes, but all renewals are done through the online Central Registration Depository (CRD) system. You do not need to file anything directly with the Minnesota Department of Commerce Securities Unit.

   

• Do broker-dealers need to file annual audited financial statements?

  No.  Not unless requested by the Securities Unit.

   

• Who do I make the check out to?

  Minnesota Department of Commerce

   

• How do I contact the Minnesota Department of Commerce Securities Unit?

  Securities Unit
  85 7th Place East, Suite 500
  Saint Paul, MN 55101-2198

  Securities Unit: 651-296-4973
  Department of Commerce: 651-296-4026
  
  E-mail: securities.commerce@state.mn.us

   

• If I have a complaint about a broker dealer registered with the State of Minnesota, who should I contact?

  If I have a complaint about a broker dealer registered with the State of Minnesota:

  Complete the following Complaint form and mail it to:

  
  

  The Minnesota Department of Commerce 
  Consumer Protection and Education Division 
  85 7th Place East, Suite 500 
  Saint Paul, MN 55101