Dealers – Non-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 not registered with the Financial Industry Regulatory Authority (Non-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
The Florida Division of Securities utilizes the Regulatory Enforcement and Licensing (REAL) System for the registration of Non-FINRA member dealers. This online system enables Non-FINRA member dealers to submit their application form and fees electronically. Additional filing requirements shall be submitted as prescribed in Section 517.12(10), F.S., and Rule 69W-600.0012, Florida Administrative Code (F.A.C.).
Paper applications received by the OFR will be returned to the applicant with instructions for filing electronically.
Required fingerprint submissions for persons on Schedules A and B shall be filed electronically.
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 Online Services.
Termination
Notices of termination shall be filed on the Form BDW, Uniform Request for Broker-Dealer Withdrawal. Termination filings shall be made through Online Services.
Annual Financial Statements
Financial statements for Non-FINRA member dealers are required to be filed with the OFR within ninety (90) days after the registrant's fiscal year end pursuant to Rule 69W-600.0151, F.A.C. Such financial statements shall be mailed to the OFR at the address identified in the contact information section.
Renewal Fees
Renewal fees for Non-FINRA member dealers shall be paid electronically through the REAL System of the OFR. 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-600.0012, F.A.C., for additional guidance. Renewal payments for all branch office locations and associated persons of Non-FINRA member dealers also shall be paid through the REAL System.
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.