Broker-Dealer, state registered and federally covered advisers must either register or notice file each branch office that the Broker-Dealer or Investment Adviser maintains in Vermont by filing From BR via CRD. All branch office registrations expire on December 31 and must be renewed annually. Please see "What is a Branch Office" for information regarding the definition of a Vermont branch office.
*Branch offices that conduct both broker-dealer and investment adviser services require registration as a broker-dealer branch and registration or notice filing as an investment adviser branch.
Please note: Currently, federally covered investment adviser firms must notice file any place of business in Vermont via the VT-1. Please email firstname.lastname@example.org to obtain the VT-1 and instructions.
How to register or notice file:
- Broker Dealer
- Branch offices must be registered by completing the form BR and submitting the non-refundable $120.00 fee via the CRD.
- If any branch office terminates its operations, the broker-dealer/investment adviser/federally covered investment adviser must withdraw the registration of the branch office by timely making all filings required by CRD. This shall effectively terminate the branch office registration.
- The acquisition of a registered branch office by a broker-dealer shall require a filing to terminate the existing branch office registration and the filing of a new branch office application by the acquiring broker-dealer with CRD.
- Investment Advisers
- Both federally covered and state registered advisers must register their Vermont place of business via Form BR in CRD.
- If an investment adviser representative is registered as associated with or employed by more than one investment adviser or federal covered investment adviser, and the investment adviser representative operates from a place of business in Vermont on behalf of such investment advisers or federal covered investment advisers, such place of business shall be deemed a branch of each such investment adviser or federal covered investment adviser.
- If the information contained in any application for branch office registration, or in a notice filing, becomes inaccurate or incomplete for any reason before or after the branch office becomes registerered or the notice filing is made, including changing the location of the branch office or its supervisory personnel, the investment adviser or federal covered investment adviser shall file an amendment within thrity(30) days of the change.
- If any branch terminates its operations, the investment adviser or federal covered investment adviser must withdraw the registration or notice filing of the branch office within thirty(30) days of the termination of operations. This filing shall effectively terminate the branch office registration or notice filing.
- The acquisition of a registered branch office by an investment adviser or federal covered investment adviser shall require a filing terminating the existing branch office registration and the filing of a new branch office registration or notice filing by the acquiring investment adviser or federal covered investment adviser.
A "branch office" is any office of a broker-dealer, investment adviser, or federal covered investment adviser, that qualifies as a "place of business" as defined in Section 5102(21) of the Vermont Uniform Securities Act.
“Broker-dealer branch office” means any location where one (1) or more agents regularly conduct business on behalf of a broker-dealer or that is held out as such a location, with the exception of the following locations:
(A) Any location that is established solely for customer service or back office-type functions, where no sales activities are conducted, and that is not held out to the public as a branch office;
(B) Any location that is the agent’s primary residence if all of the following conditions are met:
(i) Only agents who reside at the location and are members of the same immediate family conduct business at the location;
(ii) The location is not held out to the public as an office, and the agent does not meet with customers at the location;
(iii) Neither customer funds nor securities are handled at the location;
(iv) The agent is assigned to a designated branch office, and the designated branch office is reflected on all business cards, stationery, advertisements, and other communications to the public by the agent or investment adviser representative;
(v) The agent’s correspondence and communications with the public are subject to the supervision of the broker-dealer with which the agent is associated;
(vi) Electronic communications are made through the electronic system of the broker-dealer;
(vii) All orders for securities are entered through the designated branch office or an electronic system established by a broker-dealer;
(viii) Written supervisory procedures pertaining to supervision of activities conducted at residence locations are maintained by the broker-dealer; and
(ix) A list of all residence locations is maintained by the broker-dealer;
(C) Any location, other than a primary residence, that is used for securities or investment advisory business for less than thirty (30) business days in any one (1) calendar year, if the broker-dealer complies with the provisions of subparagraphs (ii)-(viii) above. For purposes of this paragraph, a business day does not include any partial business day if the agent spends at least four (4) hours of the business day at the agent’s designated branch office during the hours that the office is normally open for business;
(D) Any office of convenience, where associated persons occasionally and exclusively by appointment meet with customers, that is not held out to the public as an office;
(E) Any location that is used primarily to engage in non-securities activities and from which the agents effect no more than twenty-five (25) securities transactions in any one (1) calendar year, if any advertisement or sales literature identifying the location also sets forth the address and telephone number of the location from which the agents conducting business at the non-branch locations are directly supervised;
(F) The floor of a registered national securities exchange where a broker-dealer conducts a direct access business with public customers; and
(G) A temporary location established in response to the implementation of a business continuity plan. V.S.R. § 1-2(k)(1)
“Investment Advisor Branch Office” means:
(A) an office at which the investment adviser or federal covered investment adviser regularly provides investment advice or solicits, meets with, or otherwise communicates with customers or clients; or
(B) any other location that is held out to the general public as a location at which investment adviser or federal covered investment adviser provides investment advice or solicits, meets with, or otherwise communicates with customers or clients. 9 V.S.A. § 5102(21)
Questions concerning a registration or the registration process may be directed to 802-828-3420