Dealers – FINRA Member: Firm
A dealer is any person, other than an associated person under Chapter 517, Florida Statutes (F.S.), who engages in the business of offering, buying, selling, or otherwise dealing or trading in securities issued by another person. Dealers registered with the Financial Industry Regulatory Authority (FINRA) must obtain registration in the states where they conduct business.
Exemptions from Registration
Sections 517.051 and 517.061, F.S., provide exemptions whereby a firm may not need to be registered. These exemptions are self-executing and do not require any filing with the Office of Financial Regulation (OFR) prior to claiming such exemption. Any person who claims entitlement to any of the exemptions bears the burden of proving such entitlement.
Registration Requirements
Dealers that are FINRA members must register with the OFR to do business in Florida.
The Florida Division of Securities participates in the Central Registration Depository (CRD) system for the registration of FINRA member dealers. This online system enables dealers to register in all desired states and FINRA via a single electronic form. All dealers that are members of FINRA shall register with the OFR by filing the documents and fees prescribed in Section 517.12(10), F.S., and Rule 69W-600.001, Florida Administrative Code (F.A.C.), through the CRD.
CRD Access
To obtain more information about how to make branch office filings through the CRD system, contact FINRA at (301) 590-6500 or visit their website http://www.finra.org/industry.
Maintaining or Renewing Registration
Amendments to the Form BD
If the information contained on the Form BD, Uniform Application for Broker-Dealer Registration, becomes inaccurate for any reason, the registrant shall file an amendment on the Form BD correcting the information within 30 days.
Amendment filings shall be made through CRD system.
Termination
Notices of termination shall be filed on the Form BDW, Uniform Request for Broker-Dealer Withdrawal.
Termination filings shall be made through the CRD system..
Annual Financial Statements
Financial statements for FINRA member dealers are NOT required to be filed with the OFR.
Renewal Fees
Renewal fees for FINRA member dealers shall be paid through the CRD system in accordance with FINRA guidelines. It is incumbent upon the registrant, not the OFR, to ensure that the renewal payment is submitted timely. The renewal fee is $200 for each firm.
Registrants should refer to Section 517.12 (11), F.S., and Rule 69W-600.001, F.A.C., for additional guidance.
Registrations for dealers expire at the end of each calendar year and must be renewed timely for the registrant to remain registered to conduct business in, to or from Florida.
Forms
Statutes and Rules
Applicants for registration as a dealer are subject to the requirements found in Chapter 517, F.S., the Securities and Investor Protection Act, and the administrative rules, Sections 69W-100 through 69W-1000, F.A.C.