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Division of Insurance - Securities Regulation

Broker-Dealer Licensing

The following is general information only. See South Dakota Administrative Rules on brokers and dealers for more information.

Broker-Dealer Registration

Intrastate Broker-Dealers

Broker-Dealer Agent Registration

Agents of the Issuer

Broker-Dealer Registration

Broker-dealer registration, for those members of the Financial Industry Regulatory Authority (FINRA) is as follows:

1. All filings are made electronically through the Central Registration Depository (CRD). The following must be submitted to the CRD:
2. SEC Form BD and the registration fee of $150.00 pursuant to South Dakota Codified Law (SDCL) 47-31B-410(a).
3. All registrations expire on December 31 of each year. To renew a current registration, the fee of $150.00 must be submitted to the CRD prior to December 31 of each year.
4. All amendments to Form BD must be filed with the CRD.
5. To withdraw registration, a Form BDW must be submitted to the CRD.
6. SEC Form X-17A FOCUS reports (available online from the U.S. Securities and Exchange Commission) must be filed with FINRA. South Dakota does not require the filing of annual reports or FOCUS reports
7. Every registered broker-dealer must employ at its principal office and at each office of supervisory jurisdiction (OJS) in this state, at least one person designated to act in a supervisory capacity, who is registered as an agent in this state and has satisfied the supervisory examination requirements of the FINRA.

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Intrastate Broker-Dealers

Broker-Dealers who are not members of the FINRA and conduct business exclusively intrastate, must file with the Securities Regulation Office in paper form the same documents required to be filed with the CRD as set forth above.

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Broker-Dealer Agent Registration

The applicant must file with the CRD the following, in addition to any information required by the FINRA, the CRD or the SEC:

1. FINRA Form U-4 (Uniform Application for Securities Industry Registration or Transfer);
   
2. Proof the applicant passed the Series 63 examination (Uniform Securities Agent State Law Examination); or the Series 66 examination (Uniform Combined State Law Exam) which are administered by the FINRA, and any other exams required by the SEC or the FINRA; and
   
3. The registration fee of $125.00 pursuant to SDCL 47-31B-410(b).
4. A broker-dealer agent must re-take and pass the Series 63 Exam or the Series 66 Exam if the agent's most recent registration terminated two or more years before the date of receipt by the division of a new application.
5. All registrations expire on December 31 of each year. To renew registration, the applicant must submit to the CRD Form U-4, and the renewal fee of $125.00, before December 31st.
6. To withdraw from registration, the applicant must file with the CRD, FINRA Form U-5 (Uniform Termination Notice for Securities Industry Registration).
7. Dual registration is allowed under certain rules. See Administrative Rule of South Dakota (ARSD) 20:08:03:01(3)(E).

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Agents of the Issuer

To register as an agent of the issuer, the applicant must file with Securities Regulation in paper form the following:

1. FINRA Form U-4 with original signatures;
2. Proof that the applicant passed the Series 63 Exam or the Series 66 Exam; and
3. The fee of $125.00 as set forth in SDCL 47-31B-410(b).

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If you have questions, please Contact Us.