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The goal of broker-dealer and investment adviser registration is to ensure that individuals and firms dealing with investors in the Commonwealth meet certain minimum standards of conduct, education, and financial solvency. RICE reviews all applications for registration of broker-dealers, agents, investment advisers, and investment adviser representatives and performs inspections of broker-dealers and investment advisers to ensure compliance with the requirements of the Massachusetts Uniform Securities Act and Rules.
All individuals or firms offering or selling securities or giving investment advice within the Commonwealth must be registered unless an exemption is available.
Registrants must submit to a thorough background investigation, pass examinations on general securities principles and state securities laws, and agree to meet certain record-keeping and disclosure requirements. The following criteria, among others, are considered in determining whether to approve an application for registration:.
RICE also answers questions from the public regarding the registration status and disciplinary history of broker-dealers, agents, investment advisers and investment adviser representatives and responds to inquiries concerning their activities. One limited exception, renewal fees will be refunded for agents and investment adviser representatives identified on the CRD as active military as of the last day of the year. See Order allowing for the refund. Every business that performs such activities in the Commonwealth must register unless it is specifically excluded from the definition of broker-dealer.
The following information tells you how to apply for broker-dealer registration under the Massachusetts Uniform Securities Act. See Question and Answer section for more information on broker-dealer registration issues. The CRD system will forward electronically your registration information to the Division. A firm must renew its registration in the Commonwealth on an annual basis through the CRD.
The effective date of the renewal filed through the CRD is January 1. If an applicant is not a member of the FINRA and is not required by federal law to become a member, it must submit the following to the Division:. The Division will provide the firm with renewal notification and a copy of the Form RF on or before November 1. An agent means any individual other than a broker-dealer who represents a broker-dealer or issuer in effecting or attempting to effect purchases and sales of securities.
The following information tells you how to apply for broker-dealer agent registration. Every broker-dealer seeking registration in the Commonwealth must include the registration of at least one agent. The Division prohibits dual registration of agents in the Commonwealth. See Question and Answer section for more information on dual registration. After a FINRA broker-dealer registration becomes effective, it may apply to register its agents by submitting a registration application directly to the CRD.
The CRD system will forward electronically the registration information to the Division. The following items need to be filed with the CRD:. The effective date of the agent renewal filed through the CRD is January 1. A non-FINRA broker-dealer agent registration becomes effective on the earliest of the following dates:. Every non-FINRA broker-dealer registration and agent registration expires on the last calendar day of the year. No, broker-dealers are no longer required to file a copy of the annual financial report with the Division.
Every person who renders investment advice or provides financial planning services that includes investment advice, in Massachusetts, for compensation, must register with the Massachusetts Securities Division the "Division" as an investment adviser unless that person is specifically excluded from the definition.
Applications for registration with the Division as an investment adviser are made electronically via the web-based Investment Adviser Registration Depository the "IARD" which is located at www.
Securities and Exchange Commission in the Forms section at the end of this material. Investment Adviser Representatives Every registered investment adviser must have at least one registered investment adviser representative. See the section below on Investment Adviser Representative Registration for details regarding such registration. Certain Financial Requirements Please see updated regulations for certain financial requirements for investment advisers with discretionary authority.
Affidavit for Certain Partners, Officers and Directors Because registration of an investment adviser under Section a of the Act automatically constitutes registration as an investment adviser representative of any partner, officer, or director, or a person occupying a similar status or performing similar functions, a registration fee, a completed Form U-4, and evidence of meeting the examination or certification requirements of CMR A copy of the affidavit can also be found in the Forms section at the end of this material and a copy of the Form U-4 can be found via a link to the website of FINRA in the "All Other Uniform Forms" sub-section of the Forms section at the end of this material.
Investment adviser registrations expire on the last day of the calendar year. Notice will be provided by the IARD in the fall of each year as to the appropriate renewal procedures and fees. The Division's record-keeping regulations can be found at CMR Please note that they also incorporate the record-keeping rules for investment advisers promulgated by the U.
These record-keeping requirements will not apply if the investment adviser's principal place of business is in a state other than Massachusetts and the investment adviser is registered in the state of its principal place of business and is in compliance with that state's record-keeping requirements.
Under Section n the Act, an investment adviser representative includes any person who on behalf of the investment adviser recommends or renders advise regarding securities, manages accounts or portfolios of clients, determines which recommendation or advice regarding securities should be given, solicits, offers or negotiates for the sale or sells advisory services, or supervises employees who perform these services.
Every person, regardless of where he or she is located, who performs any of the above activities with Massachusetts clients for an investment adviser registered with the Division must register as an investment adviser representative of that investment adviser.
Every investment adviser applying for registration in Massachusetts must register at least one investment adviser representative. Applications for registration with the Division as an investment adviser representative are made electronically via the CRD which is linked to the IARD located at www.
Examination or Certification Requirements Each investment adviser representative submitting an application for registration must have met the requirements of either a or b below:. The Series 65 and the Series 66 examinations must be those examinations available since January 1, A passing score on either examination prior to January 1, would not qualify as meeting the above requirements.
Please see the regulation at CMR Registration as an investment adviser representative becomes effective on the earliest of the following:. Investment adviser representative registrations expire on the last day of the calendar year.
An investment adviser representative may renew his or her registration in Massachusetts on an annual basis via the CRD. A Federal Covered Adviser who transacts investment advisory business in Massachusetts must notice file with the Division unless specifically excluded from the definition.
The definition of a Federal Covered Adviser and exclusions there from are found in Section o of the Act. A Federal Covered Adviser's status as a notice filer expires on the last day of the calendar year and may be renewed annually through the IARD.
Any person who meets the federal definition of "investment adviser representative" as found in Rule A a under the Investment Advisers Act of and who has a "place of business", as found in Rule A b under the Investment Advisers Act of , in Massachusetts must register with the Division as an investment adviser representative of the Federal Covered Adviser.
See the section above on Investment Adviser Representative Registration for information concerning registration. See Question and Answer Section for more information on investment adviser registration issues. Solicitation for compensation on behalf of a state-registered investment adviser will require you to be registered as a representative of that adviser.
A person who will only solicit for a single investment adviser and offer no investment advice or perform any other advisory services may request that the examination requirement be waived but that person still must be registered as an investment adviser representative. The affidavit must be filed directly with the Division while the Form U-4 may be filed either directly with the Division or electronically via the CRD. A person who has no office or other physical presence in Massachusetts and has no more than 5 clients during any month period need not register or notice file with the Division.
Each investment adviser representative submitting an application for registration must demonstrate compliance with either a or b. One way of meeting the requirements is a passing score on the Series 66 examination plus a passing score on the Series 7 examination. Home Directions Contact Us. Listing of Counties and Communities within. Information, Forms, and Search. Business Corporation Act Information. Citizens Voting for Persons with Disabilities. Acadian Exhibit Online Fire and Thunder: Massachusetts Blacks in the Civil War.
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