Renewal applications for broker-dealers are processed by the Central Registration Depository (CRD). Renewal rosters containing the fees for all jurisdictions in which the firm is currently registered, as well as each securities agent and branch office, are available electronically via the CRD in November of each year. The CRD posts payment instructions and sets a deadline date in December for firms to complete their renewal payments. Firms that fail to meet the deadline to deposit sufficient funds with the CRD will be listed as Failure to Renew and registration of the firm and all of its agents will be terminated at year-end.
The fees for renewal are:
- $200 for the firm
- $80 for each registered securities agent
- $80 for each branch office located in Wisconsin.
The firm must pay the full amount indicated on the Preliminary Renewal Roster. Any agents or branches that are added or deleted between the Preliminary Renewal Roster and the CRD year-end shutdown will be reconciled on the Final Renewal Roster and billed accordingly by CRD. If the firm fails to pay all of its fees due on the Preliminary Renewal Roster, NO firm or agent or branch renewals will be processed and the firm will be treated as a Failure to Renew.
If renewal fees are not received by the CRD deadline, the firm must send its renewal payment for the firm directly to the Division of Securities and will be subject to a delinquent filing fee of $100.00 under Wis. Admin. Code s. DFI-Sec 7.01(6)(a). The firm will then need to submit new Form U4s for each agent to be registered in Wisconsin and a new Form BR for each Wisconsin branch office.
The division has traditionally given firms until January 15th to complete its late renewal filing, including late fees. After that date, the firm must make a new initial filing and will be subject to the $400 initial filing fees as well as providing additional information about its activities. The firm CANNOT conduct any business in Wisconsin until its registration has been approved.
Phone: (608) 266-2139