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Broker Dealers: What We Do

Minnesota Statute 80A.41 defines a broker dealer as, “a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account.”

The Minnesota Department of Commerce – Securities Unit is responsible for licensing broker dealer firms, the securities they issue, and the resident broker dealer representatives selling the securities. Minnesota is home to the headquarters and branch locations of national broker dealer firms and 100,000 individual brokers fall under our jurisdiction.

The Securities Unit is responsible for the oversight and enforcement of broker dealer licensing and the registration of individual broker dealer representatives, their firms and the securities they sell as defined by Minnesota Statutes 80A.56 and 80A.57 to:

  • Create a safe and secure environment for individual investors to purchase securities in the State of Minnesota
  • Provide the necessary tools and expertise to broker dealer firms so they are compliant with Minnesota law
  • Ensure that securities sold in the State of Minnesota are properly registered and compliant with State Law
  • Enhance public awareness to educate individual investors about the current issues facing consumers purchasing securities in the State of Minnesota

This section of our website is designed to provide broker dealers with information concerning:

Frequently Asked Questions 
Licensing and Registration 
Broker Dealer and Agent Look-up 
Recent Events Impacting Broker Dealers