Broker-Dealers and Sales Reps
Securities: Broker-Dealers and Sales Reps
Forms and Fee Information
Forms and Fees
Broker-Dealers
Broker Dealer Information – Lists requirements to register |
None |
|
Affidavit of No Sales |
None |
|
Broker Dealer Licensing Application |
$300 |
|
Renewal Fee |
$300 |
|
Broker Dealer Withdrawal (Form BDW) |
None |
|
Broker Dealer Agent Licensing (Form U4) |
$50 |
|
Renewal Fee |
$50 |
|
Broker Dealer Agent Termination(Form U5) |
None |
|
Broker Dealer Name Change Fees |
$50 |
|
Mass Transfer Fee (per Agent) |
$50 |
|
Issuer Sales Representative Licensing Application (Form U4) |
$50 |
|
Renewal Fee |
$50 |
|
Uniform Consent to Service of Process |
None |
To contact FINRA/CRD
To contact FINRA/IARD
Registration
Registration Information
REQUIREMENTS AND FEES:
1. Applicants shall at all times have at least one designated principal at the main office. Please provide the name and CRD number for the individual who will serve as the designated principal for New Mexico with your application. This individual must be registered in the state.
2. Filing Fees (submitted through FINRA):
a. $300 for broker-dealer firm registration
b. $50 for each broker-dealer agent registration
NOTE: The designated principal is considered an agent for fee purposes.
3. Financial statements, including net capital computation, dated no more than ninety (90) days prior to filing date. The filing date is the date the firm applies for registration via the Web CRD system.
NOTE: After registration approval, you are not required to send annual audited financial statements.
4. An Affidavit of No Sales certifying the applicant has not transacted securities business in New Mexico during the time the firm was not licensed in the state. CLEARING BROKERS WILL BE CONTACTED TO VERIFY THE ACCURACY OF THE AFFIDAVIT OF NO SALES.
5. Name, address, and contact person for the firm’s clearing broker.
6. Form U-2: Uniform Consent to Service of Process.
7. A list of all branch offices in New Mexico with the name and qualifications of the resident manager. If there is none, please address in cover letter.
8. Please include an email address to be used by the division for notifications of regulatory information and/or updates.
Any application for registration which is not completed or withdrawn within six months from the date it is initially received may be deemed materially incomplete, and the director may issue an order denying the registration.
EXAMINATION REQUIREMENTS:
Each broker-dealer representative and designated principal must have successfully passed, within the last two (2) years, the USASLE Series 63 examination or Series 66, and a securities examination for representatives (Series 6, Series 7, etc.).
The designated principal must also have passed a securities examination for principals (Series 24, Series 26, etc.).
If examinations were not passed within two (2) years prior to application, applicants must have been licensed as broker-dealers or broker-dealer representatives within the last two (2) years under the laws of another state requiring such examinations.
SEND FORMS TO:
New Mexico Securities Division
Richard Dominguez, Compliance Officer
Broker Dealer Section
PO Box 25101
Santa Fe, New Mexico 87504
email: Richard.Dominguez@rld.nm.gov
ANNUAL REQUIREMENTS:
Renewal: Due Date: December 31 of each year and submitted through
CRD Fee: Same as initial fees (as stated #2 above)
Registration Packet
You can download the full registration packet at this link.
Frequently Asked Questions
Are annual audited financial statements required?
No, as long as the firm is a member of FINRA, financial statements are no longer required to be submitted on an annual basis.
Is there a De Minimus rule for broker-dealers?
No, there is no de minimus rule for broker-dealers, only investment advisers.
If a firm has no place of business in the state of New Mexico, does an individual have to be registered?
Yes, one individual must be registered at all times to serve as the designated principal for New Mexico.
Does New Mexico allow agents to be registered with more than one firm?
Yes, as long as the firms are affiliated.