Fillable Wisconsin Broker-Dealer Licensing Form And Procedure (Page 2 of 4) in pdf

Firms that act as state advisers must forward a copy of their Form ADV Part 2 or other disclosure

document, a copy of their advisory contract and their fee schedule directly to the Division.

If the firm is providing advisory services in some jurisdictions but will not provide that service in

Wisconsin, provide a statement to that effect. The firm can apply later to add advisory services to its

application if desired.

Agents of the broker-dealer who will provide the advisory services must have passed the Series 65 exam

(post January 1, 2000), the combination of the Series 7 and 66 exams (post January 1, 2000), or the

combination of the Series 7 and 63 exams. Examination waivers for investment adviser representatives

listed in section DFI-Sec 5.01(4), Wis. Adm. Code also apply to agents who will provide advisory

services. At this time, no additional U4 filings are required for licensed agents who will act as investment

adviser representatives. Do not submit an application for an RA license on CRD if the person is already

licensed as an AG on CRD for the firm.

SUMMARY OF WISCONSIN REQUIREMENTS TO

LICENSE A SECURITIES BROKER-DEALER

Initial applications for broker-dealer licensing in Wisconsin are accomplished with a two-stage filing.

The following forms and fees must be filed directly with the CRD:

Form BD (including $400 filing fee)

Form U-4 and $30 for each agent to be licensed in Wisconsin.

In addition, the following documents must be filed directly with this Division (no application will be

considered complete without these additional documents):

a. A completed WISCONSIN SECURITIES ACTIVITY QUESTIONNAIRE. A blank form

is enclosed.

b. A copy of the applicant’s CUSTOMER NEW ACCOUNT FORM to be used by the

applicant to comply with s. DFI-Sec 4.03(1)(k), Wis. Adm. Code. If recommendations are to

be made to customers, the form should include information regarding the customer’s annual

income, net worth and investment objective or, if the customer refuses to provide the

information upon request, a notation to that effect. If recommendations are not made to

customers, please submit a statement to that effect. Direct participation program firms may

use an offeree questionnaire to fulfill this requirement if it meets the minimum requirements

as set forth above. Mutual fund firms may use an application to fulfill this requirement if it

meets the minimum requirements as set forth above.

Financials – Most applications DO NOT require financial information. If the broker-dealer

is not delinquent in the filing of its annual financial statements with the U.S. Securities and

Exchange Commission under Rule 17a-5 of the Securities Exchange Act of 1934, it is not

necessary to file a financial statement with the Division. However, information on any

deficiencies or special conditions must be reported to the Division in writing.

A LIST OF BRANCH OFFICES the applicant intends to have IN WISCONSIN. The list

must include all offices in Wisconsin for which the firm will file an electronic Form BR via

the CRD.

Information as to whether ONLINE TRADING will be available from the broker-dealer. If

the firm has a WEBSITE, provide the URL address or samples of the front page and any

pages relating to account opening, terms and conditions, agreements and disclosures.

DFI/DOS/BDP 11/05

Wisconsin Broker-Dealer Licensing Form And Procedure Page 2