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
An agent must be affiliated with a broker-dealer firm who submits the application through the CRD to request licensure for the agent in Utah.
Division Rule R164-4-1 of the Act outlines the requirements to license a Broker-Dealer Agent. Following is a summary of this rule:
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- Form U4 - Uniform Application for Securities Registration or Transfer.
- Exams - Proof of passing the SIE, 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.
- Agent Licensing Fee - $40.00 (fee is taken from the firm’s CRD account - do not send fee to the Division).
- 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
- SIE – Securities Industry Essentials Exam – Association with a firm is not required to take the SIE. Passing the SIE alone does not qualify an individual for registration with a FINRA member firm or to engage in securities business without obtaining licensure in Utah.
- Top Off Exams – Required for licensure and must be affiliated with a firm to take the examinations
- Series 6 or Series 7 Exams Individuals wishing to take one of these exams must contact the Financial Industry Regulatory Authority (FINRA) to obtain approval to take an exam.
- Additional information Series 63 or 66 Exams: NASAA Exam Info
License Renewal
All Broker-Dealer Agent licenses expire on December 31 of each year. To renew the license, each firm must submit $40.00 for each agent to the CRD prior to December 31. Note: Each year FINRA publishes the renewal schedule that includes deadlines for filings and payment of renewal fees. If fees are not paid by the firm by the deadline and prior to the CRD year-end shutdown, licenses will automatically be expired as of December 31 of each year.
License Withdrawal
To withdraw a license or application, the agent must notify the firm and the firm 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.