Securities Division

Michael Pieciak
Michael Pieciak
Deputy Commissioner

The Vermont Securities Division is responsible for regulating the securities industry in the state of Vermont.  Securities can take many forms, including stock, notes, bonds, some partnership interests, variable annuities, viatical settlements, among many others.   So what is a security?

Our Investor Information section has something for Vermonters of all ages, whether you are looking for information on investing basics, the latest investor alerts or wish to file a complaint.  You can also get information regarding our Investor Education program; check our calendar of events or learn how you can book an investor education seminar for your civic group or classroom.

Industry Resources

Applications will not be deemed complete until the required fee and all required submissions have been received by the Division, including any information or documentation requested by the Division after an initial submission.

Failure to complete the application or renewal procedures as set forth in the links listed in this section may result in termination of an application or registration.  Please note that fees will not be refunded or credited and new fees will be required upon re-filing.

Find A Registered Professional

Before you part with your money, investigate the seller. We can't tell you how to invest your money, but we can tell you if the seller is registered. By law, broker-dealers and some investment advisors must be registered in Vermont to do business here. Dealing with an unregistered seller or advisor greatly increases the risk of harm to you as an investor.

Investor Information

Your best defense against investment scams and sales practice abuse is to become an informed investor. The goal of the Vermont Securities Division's Investor Education Program is to promote financial literacy for Vermonters of all ages.  This website contains information  to help you:

Securities Division announces new small business regulation

Video by Cory Dawson/VtDigger.org

Raising CapitalChanges to the Vermont Small Business Offering Exemption (VSBOE) have been a priority at DFR for many months. On Monday, June 16, 2014, the Department announced that the proposed changes have been approved. These changes are expected to make raising capital easier for our small businesses.

These important modifications to current securities regulations are expected to drive innovation, promote job growth and support Vermont entrepreneurship while protecting the interests of investors. The revised regulation allows Vermont businesses and start-up companies to raise up to $2 million in capital by selling shares in their company to in-state investors. It also allows for a simplified process to reduce the regulatory burdens and costs usually associated with securities registration. 

Traditionally, federal and state securities laws have limited investments in small businesses to wealthy individuals. VSBOE gives all Vermonters the opportunity to support their local entrepreneurs, existing and new small businesses. Participating businesses will be registered with DFR and will allow individual investors to purchase up to $10,000 in stock equity from a single business. VSBOE also allows certain high net-worth individuals to purchase an unlimited amount of equity.

As part of his efforts to boost economic development in the state, Gov. Peter Shumlin called for this rule change in his annual budget speech in January 2014.

The Department has issued guidelines for small business owners concerning the type of information and disclosures that should be provided to prospective investors under a VSBOE offering. Those small businesses and start-ups interested in VSBOE are encouraged to contact the Department’s Securities Division at 802-828-3420 to learn more.

Read the Bulletin, Regulation or press release.