BROKER-DEALERS

SECURITIES BROKER-DEALERS & SECURITIES SALESPERSONS

Broker-dealers, securities salespersons, agents of securities issuers, and commodities brokers operating in Montana are required to be licensed with the CSI. CSI reviews applications for the qualifications of their principals, and the disciplinary history of the firm and its principals.

Montana’s registration fee for FINRA member firms is $400 annually. The fee should be paid through the CRD. For initial registrations, payment with the Form BD, through CRD, will place the firm in the NOSTAT queue. CSI will review and, in most cases, approve each firm. The Securities Division will contact the firm if it needs additional information to review before approving the firm’s registration request. Approved firms are not required to send FOCUS reports or annual audited financial statements to the Securities Division unless requested. Montana’s registration fee for Salesperson is $100 annually. For FINRA member firms this fee should be paid through the CRD by checking Montana on the Form U-4. For issuer-salespersons, the fee should be paid by check payable to the State of Montana, and sent to the CSI Securities Division, 840 Helena Ave., Helena, MT 59601.

FILING REQUIREMENTS

Non-FINRA Broker-Dealers and Salespersons may file, with the approval of the Commissioner, a request for registration. Please contact the CSI prior to filing to obtain a list of filing requirements for your business model. In your cover letter requesting registration, please state:

  • The type of registration your firm is seeking (general securities or a limited registration);
  • Why your firm is not required to register with the Securities and Exchange Commission and FINRA;
  • The name(s) and CRD or Social Security Number(s) of the designated principals who have taken the required examinations;
  • How your firm anticipates maintaining net capital requirements; and
  • A general overview of the business. At that point, the CSI Securities Division will issue an order pursuant to ARM 6.10.501(3)(a) detailing the documents it requires for registration.

Below is a list of applications and forms available for Montana Securities broker-dealers and salespersons.

In order to take a FINRA (Financial Industry Regulatory Authority) examination, you must be associated with or employed by a FINRA member firm unless you wish to take the Series 63, 65, or 66 examinations, or you have an application pending in Montana that requires you to qualify by examination.

If one of these exceptions from association or employment with a FINRA member firm applies, you may register to take the required exam by submitting a Form U10 to FINRA online.

TESTING CENTER LOCATIONS

For testing center information and locations, visit FINRA’s test center webpage.

If you have problems submitting the form or payment, please contact the FINRA Call Center at 301.590.6500.

FINRA EXAMINATION EDUCATORS & SUPPLIERS

External organizations may provide helpful educational and study materials for the FINRA exams. The CSI Securities Division does not recommend or endorse external organizations. The following list of external organizations is provided as a courtesy and may not be exhaustive:

The CSI Securities Division conducts routine examinations of its registered investment adviser firms, broker-dealer firms, salespersons, and investment adviser representatives. The Securities Division examiners will review the required books and records in accordance with Mont. Code Ann. § 30-10-201(12) and Admin. R. Mont. 6.10.501. Pursuant to Mont. Code Ann. § 30-10-210, registrants are required to pay the examination cost. Each year the CSI will publish a list of exam priorities. The 2025 priorities are:

  • Cybersecurity
  • Suitability of trading strategy
  • Proper disclosure of outside business activities
  • FINRA Rule 2121 Compliance
  • Compliance with Regulation Best Interest