Securities
Effective on Monday, March 16, 2020, the Corporations, Securities & Commercial Licensing Bureau will be closed to public visitors and walk-in customers until further notice. If you have a question for the Securities & Audit Division, including the Final Order Monitoring area, please email:
LARA-CSCL-Securities-Audit@michigan.gov
The Michigan Uniform Securities Act (MUSA), 2008 PA 551, provides for the regulation of the securities industry in Michigan. The Securities & Audit Division oversees the registration of individuals and entities that provide investment-related advice to Michigan residents, the registration and exemption of products, and investigates complaints related to securities.
Securities sold in Michigan must be either registered, federally covered, or exempt from registration, under the MUSA. All persons or businesses that offer or sell securities in this state or advise (for a fee) on what securities should be bought or sold must be registered, or exempt from registration, under the MUSA.
The Corporations, Securities & Commercial Licensing Bureau (CSCL) is committed to educating and protecting Michigan investors and consumers while fostering efficient capital formation in Michigan. The Bureau works closely and cooperatively with federal and state securities agencies, the North American Securities Administrators Association (NASAA), and self-regulatory organizations (SROs).
Spotlight
Please note: Michigan is participating in the expansion of NASAA’s Electronic Filing Depository (“EFD”) System, which now allows for the electronic submission of various corporation finance filings and associated state fees to participating jurisdictions. Through the new functionality, referred to as “Universal Filing Type” (UFT), filers can submit Michigan filings for registrations by coordination and qualification, requests for exemption for not-for-profit securities, Regulation A (Tier 1 and Tier 2), state and federal crowdfunding notices, and Reg D-Rule 504 filings. The system may be accessed at https://www.efdnasaa.org/.
- Form ADV Bulletin
- Investment Adviser Surety Bond
- New Administrative Rules (effective 7.3.19)
- Disciplinary Action Reports (DAR)
- FINRA's Brokercheck
- SEC's Investment Adviser Public Disclosure (IAPD)
Industry
- Self-Executing Exemptions
- Continuing Care Communities
- Investment Advisers
- Investment Adviser Representatives
- Broker - Dealers
- Securities Agents
- Regulation A+
- Regulation D
- Industry/ Registration Information
- Investment Company (Mutual Funds)
- Michigan Invests Locally Exemption (M.I.L.E.) - Intrastate Crowdfunding
- Registration By Coordination
- Registration By Qualification
Links
- Financial Industry Regulatory Authority (FINRA) Securities Helpline for Seniors
- U.S. Securities and Exchange Commission (SEC)
- North American Securities Administrators Association (NASAA)
- Financial Industry Regulatory Authority (FINRA)
- U.S. Commodity Futures Trading Commission
- SEC's Electronic Data Gathering, Analysis, and Retrieval System (EDGAR)
- Electronic Filing Depository (EFD)
- Old Stock and Bond Certificates
- FINRA's Brokercheck
- SEC's Investment Adviser Public Disclosure (IAPD)
All Forms
- Form ADV (Uniform Application for Investment Adviser Registration)
- Form ADV Part 2 (Part 2 of the Uniform Application for Investment Adviser Registration)
- Form ADV-W (Notice of Withdrawal from Registration as Investment Adviser)
- Form BD (Uniform Application for Broker-Dealer Registration)
- Form BDW (Uniform Request for Broker-Dealer Withdrawal)
- Form D
- Form NF
- Form U-1 (Uniform Application To Register Securities)
- Form U-2 (Uniform Consent to Service of Process)
- Form U-2a (Uniform Corporate Resolution)
- Form U-4 (Uniform Application for Securities Industry Registration or Transfer)
- Form U-5 (Uniform Termination Notice for Securities Industry Registration)
- FIS 0523 (Michigan Non-FINRA Broker-Dealer Renewal)
- FIS 0524 (Michigan Issuer-Agent Renewal)
- FIS 0553 (Personal Balance Sheet)
- Investment Adviser Surety Bond
- SEC's Form 1-A (Regulation A Offering Statement)
- Notice of Issuer (M.I.L.E.)
- Notice of Website Operator (M.I.L.E.)
- Statement of Complaint Form
Archived
- MUSA Administrative Order 2019-1
- U.S. Securities and Exchange Commission (SEC) Issues Crowdfunding Rules
- Small Business Capital Formation Options in Michigan
- Crowdfunding - Things to Keep in Mind
- Transition Orders
- Securities Rules JCAR Report Filed With The Legislature
- Order 2018-1
- Securities Proposed Admin Rule Changes
- Securities Proposed Admin Rule Reg Impact Statement
- Securities Rules JCAR Report
Contact
Contact Us:
Department of Licensing and Regulatory Affairs (LARA)
Corporations, Securities & Commercial Licensing Bureau (CS&CL)
Securities and Audit Division
Address: PO Box 30018, Lansing, MI 48909
Overnight Mail (FedEx/UPS): 2407 N. Grand River Ave, Lansing, MI 48906
Phone: (517) 335-5237
Fax: (517) 241-6656
Email: LARA-CSCL-Securities-Audit@michigan.gov
