How to Become Registered as a FINRA Securities Agent
Examination - The individual
initially must be employed by a Broker Dealer for sponsorship of him/her to
take the appropriate exams required by the Federal Regulatory Agency. Michigan
requires the Series 63 exam. Waivers may be granted for the following reasons;
if the Series
66 exam was passed in lieu of the Series 63.
if an agent was
approved in the securities business prior to the Series 63 requirement
going into effect, and has not been unregistered for a period of two
or more years.
if an agent passed
the Series 63, and has been registered within the preceding two years
in a state requiring the Series 63.
However, in order to
grant the waiver our office must be notified of the agent's Series
63 deficiency by email <ofis-sec-info@michigan.gov>
or fax (517/373-0549, Attn Securities Agent Registration Unit).
Federal approval is required
by FINRA before a State securities
registration approval. The Broker Dealer is knowledgeable of this process;
however, you may contact FINRA for
further information or by telephone at 301-590-6500.
Submit a Form
U-4 electronically through FINRA's
nationwide database known as the Central Registration Depository (CRD) System.
The employing broker dealer should have knowledge of this process; however,
you may contact FINRA for further information,
or 301-590-6500. All forms
to apply or withdraw an agent registration are available through the website.
Agent fees are $65.00 for a new application and when transferring from one firm to another. These fees are deducted automatically from the employing broker-dealer's account with FINRA and forwarded to Michigan.
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