NCCI can advise on, assist, manage and facilitate state registrations, expertly negotiating varying state regulatory factors and protocols.
All Broker-Dealers and Investment Advisers, except those with highly specialized or a very limited number of clients*, will have to register the firm, all agents conducting a securities or advisory business in the state(s), and potentially one or more principal officers in each state in which your firm´s customers reside.
Conducting a securities business in a state either without the requisite registration or beyond de minimis provisions is a violation of state securities laws.
Some states, as well as the District of Columbia and Puerto Rico, have different registration, annual fees and registration procedures. Filing state registration notices with your home state or via the CRD or IARD alone is insufficient to secure state registration. You must receive notification of effective state registration before the firm and its agents conduct business in any state.
NCCI can facilitate and expedite your firm’s registration in the appropriate state(s). We prepare complete registration application products for you. In most cases, all that is required of you is your signature on the application, payment of fees, and posting of the registration. We continue to provide responses to information and document requests from the state until the state approves your firm’s registration.
*Many states have de minimis policies allowing for firms with no place of business and a limited number of clients, transactions, and/or offers in the state to operate without registration. However, while Investment Advisers enjoy a generally uniform de minimis policy among states (there are some exceptions), such policies for Broker-Dealers vary widely between the states.