Dealers/Salespersons

Broker-Dealers and Broker-Dealer Agents

The Commissioner encourages you to consult with legal counsel should you have any questions. Also, the statements contained on this website are intended to be summaries of Georgia’s statutes and regulations. You should consult the actual text of the law and rules when reviewing the website information. All references to the Securities Division mean the Georgia Securities Division.

Broker-Dealer
Broker-Dealer Agents
Examination Waiver Information
Statutes and Regulations
Frequently Asked Questions

Broker-Dealer [O.C.G.A. § 10-5-30]:

Broker-Dealers must file electronically through the Central Registration Depository (CRD) system operated by Financial Industry Regulatory Authority (FINRA). For questions relating to FINRA, please call the Gateway Call Center at (240) 386-4848).

Initial Registration

Through CRD:

Form BD;
Application fee of $250.00. See O.C.G.A. § 10-5-39.
For each agent see Broker-Dealer Agent
When a firm pays the registration fee through FINRA, the Georgia Securities Division analyst assigned to the firm’s registration application will contact you. The Georgia office is currently converting to a paperless office, so electronic communications are preferred.
In addition, through the Commissioner of the Securities Division directly:

Submit any other information requested by the Commissioner.

Expiration and Renewal

Unless renewed, all broker-dealer firm registrations (regardless of when permitted in the calendar year) expire on December 31st of each calendar year. The renewal fee is $100.00. Renewals should be submitted through CRD prior to expiration of registration.
FINRA publishes instructions on CRD renewal during the fall prior to expiration. If you do not receive instructions from FINRA regarding the renewal process during the fall you should contact the FINRA Gateway Call Center at (240) 386-4848 or the Georgia Securities Division at (478) 207-2440.

Please be advised: Failure to renew by December 13th will result in termination of your registration in Georgia. The Securities Division will NOT send out separate renewal notices to remind registrants and notice filers of the renewal process.

Broker-Dealer Agents [O.C.G.A. § 10-5-31]:

A broker-dealer agent is employed by a broker-dealer to sell securities but is not a registered broker-dealer. See O.C.G.A. § 10-5-2(1). Once the firm pays the registration fee through FINRA, the analyst assigned to the agent’s registration will contact you. The Georgia office is currently converting to a paperless office, so electronic communications are preferred.

Agents in Georgia must be affiliated with a FINRA registered broker-dealer. To register as an agent one must complete the following requirements:

Initial Registration

1. Registration Fee

Submit a fee of $50.00 through Web CRD

2. Exams:

Pass a Series 63 PLUS one of the following other exams in satisfaction of FINRA’s requirements for securities representative registration (Series 1; S2; S6; S7; S22 or S52). Please note that the state of Georgia does not sponsor individuals for any securities exams.

3. Forms:

File a Form U4 through Web CRD

4. Submit any other information requested by the Commissioner.

Expiration and Renewal

Unless renewed, all broker-dealer agent registrations (regardless of when permitted in the calendar year) expire on December 31st of each calendar year. The renewal fee is $40.00. Renewals should be submitted through web CRD prior to expiration of registration.

FINRA publishes instructions on web CRD renewal during the fall prior to expiration. If you do not receive instructions from FINRA regarding the renewal process during the fall you should contact the FINRA Gateway Call Center at (240) 386-4848 or the Georgia Securities Division at (478) 207-2440.

Examination Waiver Request Information

An individual can, in writing, request from the Commissioner a waiver of the examination requirements for a salesperson or limited salesperson. Please note that pursuant to O.C.G.A. §50-13-9.1, an individual requesting (in writing) an examination waiver must show “substantial hardship”. “Substantial hardship” is defined as a “significant, unique, and demonstrable economic, technological, legal, or other type of hardship to the person requesting a variance or waiver which impairs the ability of the person to continue to function in the regulated practice or business”. It is the Commissioner’s decision to determine if substantial hardship has been demonstrated and to grant an examination waiver.

Statutes and Regulations

Georgia Uniform Securities Act of 2008 - O.C.G.A. § 10-5-1, et. seq.
Rules under the Georgia Securities Act

Frequently Asked Questions

1. Who do I contact in connection with my initial registration in the State of Georgia?

For information on filing electronically through the CRD System, contact FINRA at the following:

FINRA
1735 K Street
Washington DC, 20006
(240) 386-4848

For all other information concerning registration in the State of Georgia, contact the Securities Division at the following:

Broker-Dealer/Broker-Dealer Agent Analyst
Georgia Secretary of State
Professional Licensing Board & Securities Division
237 Coliseum Drive
Macon, Georgia 31217
(478) 207-2440

2. Does the State of Georgia, Securities Division accept documents electronically?

Yes. Please feel free to email documents after an analyst has contacted your firm requesting documents required for registration. An analyst will contact you using the email address listed on your firm’s listing in FINRA CRD.

3. Is there a de minimis exception for registration as a broker-dealer or an agent in Georgia?

No. If you sell or offer for sale securities within or from the state of Georgia you must register even if you only have one client.

4. Are there any special supervision obligations for a broker-dealer or a broker-dealer agent in Georgia?

Yes. Each broker-dealer must comply with the supervision requirements of FINRA. These requirements can be found on FINRA’s website located at http://www.finra.org/Industry/Compliance/Registration/QualificationsExams/MemberFirms/

5. Does the Securities Division require branch office registration for branches located in Georgia?

No. The Securities Division has no special branch office registration requirements other than those required by the FINRA. However, every broker-dealer of securities with branch offices in Georgia must designate through CRD a resident supervisor and shall furnish to the Securities Division upon request the location.

6. Does Georgia sponsor individuals for securities exams?

No. Georgia does not sponsor individuals for any securities exams.

7. Are promissory notes securities and, if so, do sellers have to be registered as broker-dealers or agents?

Promissory notes are securities that require the sellers to be registered as broker-dealers, agents, investment advisers, or investment adviser representatives. The promissory note itself should be registered as a security.

Please note: The Securities Division posts this material for the convenience of its users. This material does not necessarily include all of the information and forms relevant for the filing, registration or renewal of entities or products regulated by the Securities Division. A user of the information and forms provided on this Web page should review applicable Georgia law in order to determine whether the user is in compliance with the various filing, registration or renewal requirements. The information contained in this website does not constitute legal advice. The Commissioner encourages all interested individuals to consult their own attorneys should they have questions regarding legal interpretations of Georgia Securities statutes or regulations.