Fillable Wisconsin Broker-Dealer Licensing Form And Procedure printable pdf download

STATE OF WISCONSIN

DEPARTMENT OF FINANCIAL INSTITUTIONS

DIVISION OF SECURITIES

Mail Completed Application to:

345 W. Washington Ave.

Floor (53703)

P.O. Box 1768

Madison, WI 53701-1768

(608) 266-3693

TTY: (608) 266-8818

Internet:

WISCONSIN BROKER-DEALER LICENSING PROCEDURE

The following information is provided to assist you in preparing an application for a Wisconsin securities

broker-dealer license. Until this application is approved, neither the firm nor its agents are licensed in

Wisconsin. Therefore, they cannot solicit accounts, open accounts, receive any Wisconsin accounts from

other brokerage firms or transact any other securities business with any Wisconsin residents.

AGENTS MUST BE LICENSED IN WISCONSIN

Each person who wishes to represent your firm by effecting or attempting to effect securities transactions

in this state must be licensed as a securities agent for a Wisconsin licensed broker-dealer. To become

licensed, each prospective licensee must file an application (see instructions below) and successfully

complete the Uniform Securities Agent State Law Examination (Series 63) or the Uniform Combined

State Law Examination (Series 66) and the examination administered by the NASD which is applicable to

the business the applicant intends to transact in Wisconsin. Study materials for each exam and an

explanation of the examination process can be obtained by writing to the NASD, Book Order Department,

9513 Key West Avenue, Rockville, MD 20850 or by visiting the NASD website at

and following the Registration & Qualification tab or calling (301) 590-6500.

AGENT APPLICATIONS MUST BE SUBMITTED TO CRD

All individuals who will act as agents of a firm that is or will be registered with the NASD must submit a

Form U-4 and the license application fee set forth below to the Central Registration Depository.

NET CAPITAL REQUIREMENT

Pursuant to s. DFI-Sec 4.02(1), Wis. Adm. Code, every broker-dealer must maintain net capital as

prescribed by its activities under rule 15c3-1 of the Securities Exchange Act of 1934. If the firm is

deficient in its net capital or is subject to special net capital conditions by the NASD or the SEC, the firm

must advise this Division at the time of application.

CLEARING BROKERS

If the applicant will use the services of a clearing broker for trading and/or customer account

maintenance, the clearing broker must also be licensed as a broker-dealer in Wisconsin.

BROKER-DEALERS PROVIDING INVESTMENT ADVISORY SERVICES

In Wisconsin, a broker-dealer may provide investment advisory services under its broker-dealer license

without applying for a separate license. Broker-dealers who wish to provide advisory services in

Wisconsin must make an initial registration or notice filing via the Investment Adviser Registration

Depository. The broker-dealer will not be charged additional fees for this filing. Firms acting as federal

advisers need only file via IARD and are not required to file any other information with the Division.

DFI/DOS/BDP 11/05

Wisconsin Broker-Dealer Licensing Form And Procedure