Broker-Dealer and Agent Registration Instructions
Note: All broker-dealer and agent registrations expire annually at midnight on the 31st day of December unless renewed.
Virginia does not have a deminimus for broker-dealers.
Broker-Dealer Initial Registration
Broker-Dealer Agent Initial Registration
Broker-Dealer Post-registration Reporting
Broker-Dealer Agent Annual Renewal
- Broker-Dealer Initial Registration
- FINRA member broker-dealers
- 21 VAC 5-20-10 A requires that a firm meet FINRA’s membership requirements
- 21 VAC 5-20-10 B requires an applicant file directly with the Web Central Registration Depository system:
- completed Form BD designating Virginia as a jurisdiction;
- the statutory fee of $200 paid from the applicant’s CRD Daily Account;
- 21 VAC 5-20-70requires that applicants provide evidence that principals satisfy examination requirements;
- register each of its representatives providing advice to a Virginia resident as required by § 13.1.504; and
- any other information the Commission may require.
- Non-FINRA member broker dealers
- 21 VAC 5-20-10 D requires an applicant to file directly with the Division:
- a completed Form BD designating Virginia as a jurisdiction;
- a statutory fee of $200 made payable to the "Treasurer of Virginia;"
- financial statements required by 21 VAC 5-20-80
- 21 VAC 5-20-70 requires that applicants provide evidence that principals satisfy examination requirements;
- register each of its agents providing advice to a Virginia resident as required by § 13.1.504; and
- any other information the Commission may require.
- 21 VAC 5-20-10 D requires an applicant to file directly with the Division:
- Employment by more than one broker-dealer
- 21 VAC 5-20-95 allows agents to be employed by more than one broker-dealer if the following conditions are satisfied:
- each employing broker-dealer is under common ownership and control;
- each employing broker-dealer is registered in Virginia;
- each employing broker-dealer executes an Agent Multiple Employment Agreement (Form S.A. 16) and files the executed agreement with the Commission at its Division of Securities and Retail Franchising prior to transacting business;
- the agent is registered in accordance with 21 VAC 5-20-90 by and on behalf of each employing advisor.
- 21 VAC 5-20-95 allows agents to be employed by more than one broker-dealer if the following conditions are satisfied:
- FINRA member broker-dealers
- Agent Initial Registration
- Agent of FINRA member firm
- 21 VAC 5-20-90 A requires an applicant applying for initial registration as an agent with the Division to file directly with the Web Central Registration Depository system:
- completed Form U-4 designating Virginia as a jurisdiction;
- the statutory fee of $40 paid from the applicant’s CRD Daily Account;
- evidence in the form of a NASD exam report of passing: (i) the Uniform Securities Agent State Law Examination, Series 63; (ii) the Uniform Combined State Law Examination, Series 66, and the General Securities Representative Examination, Series 7; or (iii) a similar examination in general use by securities administrators which, after reasonable notice and subject to review by the Commission, the Director of the Division of Securities and Retail Franchising designates;
- any other information the Commission may require.
- 21 VAC 5-20-90 A requires an applicant applying for initial registration as an agent with the Division to file directly with the Web Central Registration Depository system:
- Agent of non-FINRA member firm
- 21 VAC 5-20-90 requires an applicant applying for initial registration as an agent with the Division to file directly with the Web Central Registration Depository system:
- A completed Form U-4;
- a statutory fee of $40 paid from the applicant’s CRD Daily Account;
- evidence in the form of a NASD exam report of passing: (i) the Uniform Securities Agent State Law Examination, Series 63; (ii) the Uniform Combined State Law Examination, Series 66, and the General Securities Representative Examination, Series 7; or (iii) a similar examination in general use by securities administrators which, after reasonable notice and subject to review by the commission, the Director of the Division of Securities and Retail Franchising designates;
- any other information the Commission may require.
- 21 VAC 5-20-90 requires an applicant applying for initial registration as an agent with the Division to file directly with the Web Central Registration Depository system:
- Employment by more than one broker-dealer
- 21 VAC 5-20-95 allows agents to be employed by more than one broker-dealer if the following conditions are satisfied:
- each employing broker-dealer is under common ownership and control;
- each employing broker-dealer is registered in Virginia;
- each employing broker-dealer executes an Agent Multiple Employment Agreement (Form S.A. 16) and files the executed agreement with the Commission at its Division of Securities and Retail Franchising prior to transacting business;
- the agent is registered in accordance with 21 VAC 5-20-90 by and on behalf of each employing advisor.
- 21 VAC 5-20-95 allows agents to be employed by more than one broker-dealer if the following conditions are satisfied:
- Agent of FINRA member firm
- Broker-Dealer Post-registration Reporting
Virginia does not require those broker-dealers who are FINRA member firms to file audited annual financial statements.- FINRA member broker-dealers
- 21 VAC 5-20-40 A requires that broker-dealers update Form BD as required by Form BD instructions and shall file all such amendments on and in compliance with all requirements of the NASAA/NASD Central Registration Depository system and in full compliance with the regulations prescribed by the commission.
- Non-FINRA member broker-dealers
- 21 VAC 5-20-40 B requires that non-FINRA members update its Form BD as required by Form BD instructions and shall file all such amendments with the Commission at its Division of Securities and Retail Franchising.
- FINRA member broker-dealers
- Broker-Dealer Annual Renewals
- FINRA member broker-dealers
- 21 VAC 5-20-30 A A FINRA member firm will be billed by the Central Registration Depository system the statutory fee of $200 prior to the annual expiration date. A renewal of registration will be granted upon payment of the proper fee unless the registration was, or the renewal would be, subject to revocation under § 13.1-506.
- Non-FINRA member broker-dealers
- 21 VAC 5-20-30 B requires all other broker-dealers to file the following items at its Division of Securities and Retail Franchising thirty-days prior to the expiration of registration:
- Form S.A.2
- A statutory fee of $200 made payable to the “Treasurer of Virginia;”
- The most recent certified financial statements;
- 21 VAC 5-20-30 B requires all other broker-dealers to file the following items at its Division of Securities and Retail Franchising thirty-days prior to the expiration of registration:
- FINRA member broker-dealers
- Agent Annual Renewals
- Agent of FINRA-member Firm
- 21 VAC 5-20-110 A A FINRA member firm will be billed by the Central Registration Depository system requires that member firms renew the registration of its agents the statutory fee of $40 per agent. A renewal of registration will be granted as a matter of course upon payment of the proper fees unless the registration was, or the renewal would be, subject to revocation under § 13.1-506.
- Agent of non-FINRA member Firm
- 21 VAC 5-20-110 B requires all other broker-dealers to file the following items at its Division of Securities and Retail Franchising thirty-days prior to the expiration of registration:
- Form S.D.4.A
- A statutory fee of $40 made payable to the “Treasurer of Virginia;”
- 21 VAC 5-20-110 B requires all other broker-dealers to file the following items at its Division of Securities and Retail Franchising thirty-days prior to the expiration of registration:
- Agent of FINRA-member Firm