Maryland Securities License Requirements: A Comprehensive Guide
Navigate Maryland's securities licensing landscape. Understand who needs a license, types of registrations, application process, fees, and compliance for broker-dealers, investment advisers, and agents in MD.
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Maryland Securities License Requirements: A Comprehensive Guide
In Maryland, broker-dealers, investment advisers, and their agents must register with the Maryland Securities Division (MSD) under Title 11 of the Corporations and Associations Article. Broker-dealers and agents use FINRA's CRD system, typically requiring the SIE, Series 7, and Series 63 exams. Investment advisers and their representatives (IARs) use the SEC's IARD system, generally requiring the Series 65 or Series 66/7 exams. Federal covered advisers file a notice. All registrations require annual renewal and ongoing compliance with state and federal regulations.
Quick Answer: Maryland Securities Licensing Essentials
The Maryland Securities Division (MSD), a unit of the Office of the Attorney General, primarily regulates securities professionals operating in the state. Its role is to protect investors and maintain fair and orderly markets in Maryland. Registration is mandatory for broker-dealers, investment advisers, and the individual agents or representatives acting on their behalf, unless a specific statutory exemption applies.
Broker-dealers and their agents register through FINRA's Central Registration Depository (CRD). Agents must pass the Securities Industry Essentials (SIE) exam and a qualification exam (typically the Series 7). They then need the Series 63 (Uniform Securities Agent State Law Exam) for Maryland state law authorization.
Investment advisers and their representatives register through the SEC's Investment Adviser Registration Depository (IARD). Representatives typically satisfy the examination requirement
Sources & Verification (10)
- State Veterans' Cemeteries - Interment
- Notation of Veteran Status - Public Profiles
- Economic Development - Delivering Economic Competitiveness and Advancing Development Efforts (DECADE) Act
- Maryland Data Privacy and Protection Act of 2026
- Courtroom Security - Minimum Adequate Security Standard
- Courtroom Security - Minimum Adequate Security Standard
- Digital Asset and Blockchain Technology Task Force - Establishment
- Fire Prevention - Assistant Fire Marshals, Residential Rental High-Rise Property Fire Safety Equipment, and Fire Alarm System Technicians
- Vehicle Laws - Out-of-State Vehicles - Improper Registration
- Election Law - Individuals Released From State Correctional Facilities - Automatic Restoration of Voter Registration
Last verified: May 14, 2026
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How we verify: 9 source adapters (FAA, DSIRE, IRS, OpenStates, etc.) → AI draft → AI editor → AI polish → spot human review.
Gear & Tools for Maryland Projects
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- Series 65 Exam Prep — Investment Adviser LawThe most common path to becoming a Registered Investment Adviser Rep in any state. Covers Uniform Securities Act, fiduciary duty, and fraud prevention.
- Series 66 Exam Prep — Combined State LawCombines Series 63 + 65 into a single test for candidates already holding Series 7. Required in most states for IAR registration.
- Series 7 Exam Prep — General Securities RepFINRA's broker-dealer rep license. Required by every state before selling general securities. Recently revised for the post-2018 split format.
- Investment Adviser Compliance Manual — Form ADV & CustodyHow to navigate the SEC/state Form ADV split, custody rule, and code of ethics. The reference RIA firms hand new compliance hires.