Securities Agents

Statute Authority

Michigan Uniform Securities Act, Article 4

• Michigan Uniform Securities Act

Rule Authority

• Administrative Rules (PDF)

Forms/ Documents

• FIS 0524 
  Michigan Issuer-Agent Renewal
• FIS 0553
  Personal Balance Sheet
• Form U-4 
  Uniform Application for Securities Industry Registration or Transfer
• Form U-4 Instructions
• Form U-5 
  Uniform Termination Notice for Securities Industry Registration
• Form U-5 Instructions

FINRA SECURITIES AGENTS

How to Register

• Examination Requirements:  The Series 63 or the Series 66 examination is required for Michigan agent registration.  The Series 7 examination is also required, unless the applicant’s proposed securities activities will be restricted, in which case the applicant may take one of the exams listed in Rule 4.9(1)(b) (e.g. the Series 6, etc.), and the applicant shall only engage in securities business covered by that exam.  Exams must have been taken and passed within two years of the application date. 

Applicants who have been registered or licensed, within the two years preceding their application date, as an agent in Michigan or another state with the same examination requirements as Michigan are exempted by rule from the examination requirements.

• Application: FINRA registration is required before a Michigan agent registration may be approved. The employing broker-dealer should have knowledge of this process; however, you may contact FINRA for further information at 301-590-6500. 

Apply for agent registration by submitting a Form U-4 electronically through FINRA's nationwide database, known as the Central Registration Depository (CRD) System. The employing broker-dealer should have knowledge of this process; however, you may contact FINRA for further information at 301-590-6500.

• Fee:  Agent application fees are $65.00.  These fees are deducted automatically from the employing broker-dealer's account with FINRA and forwarded to Michigan. 
• Pending registrations may take up to 30 days to be approved.  If the Bureau requests additional information needed to complete an application, that request will be made by e-mail to the employing broker-dealer and must be completed within 90 days of the filing date.  The employing broker-dealer may check the status of the pending registration through their firm CRD portal.

Once Registered

• Amendments: Any amendments to the agent's Form U-4 should be submitted electronically through the CRD System. An agent is required to file any changes by filing an amended Form U-4 within 30 days of any event requiring an amendment.
• Mass Transfer: Firms may mass transfer agents from one firm to another. Michigan has a mass transfer fee of $65.00 per agent. FINRA will notify Michigan when the transfer takes place, and the fees will be deducted automatically from the broker dealer's account.

Note:  Michigan requests that firms intending a mass transfer provide the Bureau with a list of agents and IARs that will be transferred, and that personnel with Form U4/U5/U6 disclosure items be highlighted.

• Renewal fees: Payments are processed through the CRD system. The renewal fee is $65.00 per agent. The fee is deducted automatically from the broker-dealer's account based upon the renewal timetable set up each December by FINRA. All FINRA member firms are notified well in advance of the renewal fee deadlines and should have adequate monies in their account to cover all fees due. Failure to pay the renewal fee will result in an agent's registration being automatically terminated through the CRD System.  

How to Withdraw

• A Form U-5 should be submitted electronically through the CRD System.

Helpful Links

• Financial Industry Regulatory Authority (FINRA)

Issuer Agents Filed In Michigan:

Contact Us:
Department of Licensing and Regulatory Affairs (LARA)
Corporations, Securities & Commercial Licensing Bureau (CS&CL)
Securities and Audit Division
Address:  PO Box 30018, Lansing, MI 48909
Overnight Mail (FedEx/UPS): 2407 N. Grand River Ave, Lansing, MI 48906
Phone: (517) 335-5237
Fax:  (517) 763-0039
Email: LARA-CSCL-Securities-Audit@michigan.gov