Broker-Dealer Agents

"Agent" is defined, in section 61-1-13(1)(b)(i)  of the Utah Uniform Securities Act ("Act"), as "any individual other than a broker-dealer who represents a broker-dealer or issuer in effecting or attempting to effect purchases or sales of securities."  Some exclusions from the definition are outlined in the above-mentioned section of the Act.

Initial License

Division Rule R164-4-1  of the Act outlines the requirements to license a Broker-Dealer Agent.  Following is a summary of this rule:

    1. Form U4Uniform Application for Securities Registration or Transfer.
    2. Exams - Proof of passing the Series 63, Uniform Securities Agent State Law Examination (USASLE) or Series 66, Uniform Combined State Law Examination, and any other exams required by FINRA or Division.
    3. Agent Licensing Fee - $60.00 (fee is taken from CRD account - do not send fee to the Division).For applicants seeking a license as an agent of a FINRA member Broker-Dealer, the following must be filed with the Central Registration Depository (CRD):
  • A certificate of license will not be issued.  Proof of status is available from the CRD.
  • All Broker-Dealer Agent licenses expire December 31 of each year.

Broker-Dealer Agent Examination Information

License Renewal

All Broker-Dealer Agent licenses expire on December 31 of each year. To renew the license, each agent must submit $60.00 to the CRD prior to December 31. The CRD processing center closes operations one to two weeks prior to year end in order to give the staff time to take care of the renewal process. It is recommended that the renewal fees be sent no later than December 31 of each year.

License Withdrawal

To withdraw a license or application, the agent must file with the CRD a Form U5, Uniform Termination Notice for Securities Industry Registration. Withdrawal is effective 30 days following the receipt of FINRA Form U-5 unless the Division notifies the applicant otherwise.