October 1, 2025
Have you ever considered working as an investment adviser or a broker-dealer? The State of Utah requires its securities professionals to meet certain requirements and obtain proper licensure to launch their careers. The Utah Division of Securities, which falls under the Utah Department of Commerce, is the key authority for managing licensure, and is committed to helping you navigate the complexities of the Utah licensing process.
Who Is Required to Be Licensed?
Under the Utah Uniform Securities Act, certain financial professionals must hold a valid license to engage in securities business within the state. These roles include:
- Broker-Dealers: Any individual or company involved in the business of buying and selling securities on behalf of clients.
- Broker-Dealer Agents: Individuals who serve as representatives for a broker-dealer or issuer during securities transactions.
- Investment Advisers: Individuals or firms that offer advice on securities in exchange for a fee.
- Investment Adviser Representatives: Individuals employed by or acting on behalf of an investment adviser.
The exact licensing criteria vary based on the specific professional role. Some positions, for instance, may require affiliation with the Financial Industry Regulatory Authority (FINRA).
The Path to Licensure
The licensing process for securities professionals in Utah is managed through the Utah Division of Securities and involves passing mandatory exams as well as meeting other requirements.
1. For Broker-Dealers and Their Agents
Applicants for broker-dealer and agent licenses must submit their information through the Central Registration Depository (CRD), a system maintained by FINRA.
- Required Forms: Broker-dealer firms must file Form BD, while each principal officer and agent involved in supervision or conducting business in Utah needs to file Form U4. Agents must be connected to a broker-dealer firm to be eligible to apply.
- Examinations: Applicants must successfully pass the Securities Industry Essentials (SIE) Exam, either the Series 63 (Uniform Securities Agent State Law Examination) or the Series 66 (Uniform Combined State Law Examination), in addition to any other exams mandated by the SEC or FINRA.
- Associated Fees: Fees for both the firm and each agent are submitted electronically via the CRD system.
2. For Investment Advisers and Their Representatives
The application process for investment advisers and their representatives is managed through the Investment Adviser Registration Depository (IARD) system.
- Required Forms: Investment adviser firms must file SEC Form ADV, whereas their representatives must submit Form U4 through the FINRA Gateway.
- Examinations: To become a licensed investment adviser or representative, an individual must pass the Series 65 (Uniform Investment Adviser Law Examination), or alternatively, both the Series 7 (General Securities Representative Examination) and the Series 66.
- Associated Fees: Both the firm and each representative are responsible for paying fees through the IARD system.
How Investors Can Verify a Professional’s License
The Utah Division of Securities offers accessible tools for the public to confirm a professional’s license before entering into any business arrangement. This is a critical safeguard for your investments. You can use these resources to check a license:
- The Utah Division of Securities’ public online database.
- FINRA BrokerCheck for information on broker-dealer firms and their agents.
If you have any questions about a professional’s license or need further help, you can contact the Utah Division of Securities directly at (801) 530-6600 or email us at securities@utah.gov.
