Florida Securities License Requirements: A Complete Guide

Navigate Florida's securities licensing requirements for broker-dealers, investment advisers, and agents. Understand exams, applications, and state-specific regulations.

Quick Answer: Florida Securities Licensing at a Glance

Florida's securities licensing framework operates under the Florida Securities and Investor Protection Act (Fla. Stat. Ch. 517). The state's "Blue Sky" law mandates that broker-dealers, investment advisers, their agents, and investment adviser representatives (IARs) register with the Florida OFR. This is in addition to any applicable federal registration with the SEC or FINRA.

Here is a summary of what each role needs:

Broker-Dealer Agents: Pass the SIE and a qualifying FINRA principal exam (typically Series 7), then pass the Series 63 for state law. Register through CRD.
Investment Adviser Representatives (IARs): Pass the Series 65, or the Series 66 combined with the Series 7. Register through IARD.
Broker-Dealer Firms: File Form BD through CRD and register with the OFR.
Investment Adviser Firms: File Form ADV through IARD and register with the OFR (or the SEC, depending on assets under management).

The Florida OFR's Division of Securities handles state-level registration and enforcement. FINRA administers the qualifying exams. Both must be satisfied before engaging with clients.

Who Needs a Securities License in Florida? Defining Key Roles

Florida Statutes Chapter 517 and Florida Administrative Code Chapter 69W define the individuals and entities that must register before conducting securities business in the state.

Broker-Dealers

Under Fla. Stat. §517.021(5), a "dealer" (Florida's term for broker-dealer) is any person engaged in the business of buying and selling securities for their own account, through a broker or otherwise. It also includes any person engaged in the business of effecting securities transactions for others. Firms operating as broker-dealers must register with the OFR unless a specific exemption applies (Fla. Stat. §517.12(1)).

Investment Advisers

Fla. Stat. §517.021(14) defines an "investment adviser" as any person who, for compensation, advises others on the value of securities or the advisability of investing in, purchasing, or selling securities. This definition also includes those who issue analyses or reports concerning securities. Investment advisers with assets under management below the federal threshold generally register with the OFR instead of the SEC. Those above that threshold register federally but may still have state notice-filing obligations. Consult the Florida OFR for current thresholds.

Agents and Investment Adviser Representatives

Agent: Under Fla. Stat. §517.021(2), an "associated person" of a dealer is any individual employed by, associated with, or controlling a dealer who engages in securities transactions on behalf of that dealer. Florida uses the term "associated person" in the statute, though the NASAA Uniform Securities Act framework uses "agent." Registration is required under Fla. Stat. §517.12(2).
Investment Adviser Representative (IAR): Fla. Admin. Code Ch. 69W defines IARs as individuals associated with a registered investment adviser who make investment recommendations, manage client accounts, or solicit advisory clients for compensation.

Activities That Trigger Registration

Any offer, sale, or purchase of securities in Florida, or any advice given for compensation regarding securities to Florida residents, triggers registration requirements under Fla. Stat. §517.12. This applies regardless of the firm's physical location if the client is a Florida resident.

Common Exemptions

Fla. Stat. §517.051 and §517.061 list exempt securities and exempt transactions. Common exemptions include:

Securities issued by the U.S. government or Florida municipalities (Fla. Stat. §517.051(1))
Isolated non-issuer transactions (Fla. Stat. §517.061(11))
Transactions with institutional investors meeting specific criteria (Fla. Stat. §517.061(7))
Certain private placement transactions under federal Regulation D, subject to notice-filing requirements with the OFR

Exemptions from registration do not exempt anyone from Florida's anti-fraud provisions under Fla. Stat. §517.301.

Key Securities Licenses for Florida Professionals: Exams and Registrations

Florida does not administer its own securities exams. It relies on FINRA-administered and NASAA-developed exams for qualification. Fla. Stat. §517.12 authorizes the OFR to require qualifying exams as a condition of registration.

FINRA Exam Overview

Exam	Full Name	Who Needs It
SIE	Securities Industry Essentials	Prerequisite for all FINRA representative-level exams
Series 6	Investment Company and Variable Products	Agents selling mutual funds, variable annuities
Series 7	General Securities Representative	Agents selling a broad range of securities
Series 63	Uniform Securities Agent State Law	Agents registering in most states, including Florida
Series 65	Uniform Investment Adviser Law	IARs not holding Series 7
Series 66	Uniform Combined State Law	IARs who also hold Series 7 (replaces Series 63 + 65)
Series 79	Investment Banking Representative	Specialists in investment banking activities
Series 99	Operations Professional	Operations personnel at broker-dealers

Path for Broker-Dealer Agents in Florida

The standard path under OFR guidance and Fla. Stat. §517.12 is:

Pass the SIE (co-requisite with the top-off exam, can be taken independently).
Pass the Series 7 (or Series 6 for limited product lines).
Pass the Series 63.

The Series 63 is the NASAA Uniform Securities Agent State Law Examination. It tests state securities law, including Florida's Blue Sky provisions. Most states, including Florida, require it for agents who are not also registered as IARs.

Path for Investment Adviser Representatives in Florida

IARs have two routes to qualification, per OFR guidance consistent with Fla. Stat. §517.12:

Series 65 only: Pass the 130-question Series 65 exam. No other exam is required.
Series 7 + Series 66: Hold an active Series 7 and pass the Series 66. The Series 66 combines the content of the Series 63 and Series 65, making it efficient for agents who also want IAR registration.

Florida does not currently impose additional state-specific qualifying exams beyond these NASAA/FINRA exams. Consult the Florida OFR for any updates to exam requirements.

Exam Waivers

The OFR may waive exam requirements for individuals with certain professional designations (such as CFA, CFP, or CPA) or for those with recent exam history. Consult the Florida OFR directly for current waiver eligibility criteria, as these are subject to change.

The Florida Securities License Application Process: Step-by-Step Guide and Fees

Registration Platforms

All individual and firm registrations in Florida flow through two FINRA-operated systems:

CRD (Central Registration Depository): Used by broker-dealers and their agents. Firms file Form BD; individuals file Form U4.
IARD (Investment Adviser Registration Depository): Used by investment advisers and their IARs. Firms file Form ADV; individuals file Form U4 through IARD.

The Florida OFR receives registration data directly from these systems. You do not submit a separate paper application to the OFR for most registrations.

Step-by-Step for Individual Agents and IARs

Pass required exams. Scores are reported directly to CRD/IARD.
Have your sponsoring firm submit or amend Form U4 on your behalf through CRD or IARD. Individuals cannot self-file Form U4 without a sponsoring firm.
Submit fingerprints. Florida requires fingerprinting for background checks. Your firm coordinates this through an OFR-approved vendor. Requirements are governed by Fla. Admin. Code Ch. 69W-600.
Disclose all required information on Form U4, including any criminal history, regulatory actions, civil judgments, and financial disclosures. Florida takes incomplete disclosures seriously under Fla. Stat. §517.16