Branch Offices

Broker-Dealer, Investment Adviser, and federally covered Investment Advisers must either register or notice file each branch office that the Broker-Dealer or Investment Adviser maintains in Vermont.  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.

All branch office registrations expire on December 31 and must be renewed annually.  Investment Adviser branch offices are not filed, renewed or amended via the CRD.  If you are renewing or amending an Investment Adviser branch office please submit the Investment Adviser branch office form and applicable fee directly to the Securities Divsion at the address listed below.

How to register or notice file:

Broker Dealer

• Branch offices must be registered by completing the form BR and submitting the non-refundable $100.00 fee via the CRD.
• If any branch office terminates its operations, the broker-dealer 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 complete the Investment Adviser Branch Office form and mail or deliver to the Division, along with the non-refundable $100.00 fee to the address listed below.

• 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.

What is a Branch Office:

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.  Specifically:

(a) an office at which the broker-dealer, investment adviser, or federal covered investment adviser regularly provides brokerage or 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 the broker-dealer, investment adviser, or federal covered investment adviser provides brokerage or investment advice or solicits, meets with, or otherwise communicates with customers or clients.

 

All Non-CRD filings may be mailed or delivered to: Vermont Department of Financial Regulation
Securities Division
89 Main Street
Montpelier, VT 05620-3101

Questions concerning a registration or the registration process may be directed to 802-828-3420

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