Broker - Dealers

Statute Authority

Michigan Uniform Securities Act, Article 4

Rule Authority

New Administrative Rules (PDF) (Effective 7.3.19)

Forms/ Documents

  • FIS 0523
    Michigan Non-FINRA Broker-Dealer Renewal
  • Form BD
    Uniform Application for Broker-Dealer Registration
  • Form BDW
    Uniform Request for Broker-Dealer Withdrawal

FINRA BROKER-DEALERS

How to Register

Notify FINRA of your desire to become registered in the State of Michigan by amending Form BD on the Central Registration Depository (CRD) System.

Contact FINRA for further information or by telephone at (301) 590-6500. Michigan will be advised of your registration request via the CRD system. A filing fee in the amount of $300.00 will be removed from the applicant’s account and forwarded to our office.

After amending Form BD, the following documents are required for registration in Michigan:

  • A copy of the applicant’s latest Focus Report filed with FINRA. The report should be no older than 45 days when received.
  • If the applicant has not filed a Focus Report, a current balance sheet and net capital computation are acceptable.
  • A copy of the applicant’s most recent audited financial statement. If the applicant does not have an audited financial statement for its latest fiscal year, please explain the reason in writing.

Failure to submit the financial statements within 90 days will result in withdrawal of the application.

 

Once Registered

Once a FINRA member broker-dealer has become registered, there is no longer a requirement that financial statements be submitted every six months.

  • Amendments: Any amendments to the broker-dealer’s Form BD should be submitted electronically through the CRD system.
  • Mass Transfer: Firms may mass transfer registered 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.
  • Renewal Fees: Payments are processed through the CRD system. The renewal fee is $300.00 per broker-dealer. 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 deadline and should have adequate monies in their account to cover all fees due.  Failure to pay the renewal fee will result in a broker-dealer’s registration being automatically terminated through the CRD system.  

 

How to Withdraw

A Form BDW should be submitted electronically through the CRD system.

 

Helpful Links

 

 

NON-FINRA BROKER-DEALERS

How to Register

Submit the following:

  • A Form BD originally signed, dated and notarized by both the applicant and a notary with item 2 completed for Michigan.
  • A cashier’s check or money order made payable to the State of Michigan for the $300.00 filing fee.
  • A copy of the written supervisory procedures to be used by the proposed broker-dealer.
  • A current accrual basis balance sheet and net capital computation. The balance sheet should be no older than 45 days and must be signed as to the accuracy by an officer or director of the firm.
  • A copy of the firm’s most recent audited financial statement. If the firm does not have an audited financial statement for its latest fiscal yearend, please explain the reason in writing. Failure to submit the financial statements within 90 days will result in withdrawal of the application.

 

Once Registered

  • Amendments: Any amendments to the broker-dealer’s Form BD should be submitted directly to the address below.
  • Renewal fees: A renewal notice is mailed the second week of November of each year. The firm should complete the FIS 0523 Broker-Dealer Renewal and submit the renewal fee in the amount of $300.00 (payable to the State of Michigan) by December 31st of the current year. A copy of the firm’s latest audited financial statements as well as a current balance sheet are also required at the time of renewal. The balance sheet should be no older than 45 days when received and must be signed as to the accuracy by an officer or director of the firm. Failure to pay the renewal fee by the end of the year will result in the broker-dealer’s registration being automatically terminated.
  • Successor Broker-Dealers: Please submit an amended Form BD originally signed and dated by both the applicant and a notary along with a cashier’s check or money order made payable to the State of Michigan in the amount of $125.00.

 

How to Withdraw

A Form BDW should be sent to the Department.

Non-FINRA Broker-Dealers Filed In Michigan:

UPDATED ON 6.12.2019

DATE REGISTERED/RENEWED

NON-FINRA BD NO.

COMPANY

AGENT

12.27.2017

NON72

Detroit Stock Investment Co.

Stanley Mosley

 

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) 241-6656
Email:
LARA-CSCL-Securities-Audit@michigan.gov