Maryland Securities Licensing (2026): Exams & Registration
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.
AI-drafted, human-reviewed
How we build these guides
Sourcing
Adapters pull primary data from the FAA, IRS, OpenStates, DSIRE, NORML, PubMed, Census/BLS/FRED, Google Civic, and Data.gov.
Generation pipeline
Multi-stage AI pipeline: structural outline → long-form draft → cross-family fact-check editor → readability polish → FAQ enrichment. Each stage uses a different model family so factual drift is caught before publish.
Quality gates
Soft gates on word count, citation count, and banned-phrase screening; hard blocks if required sections are missing.
Verification cadence
Pages are re-verified quarterly. verified_at updates on every pass.
Not legal advice. Consult an attorney or CPA for binding guidance.
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 (6)
- Digital Asset and Blockchain Technology Task Force - Establishment
- Investment Advisers Act of 1940 (15 U.S.C. §80b-1 et seq.) — federal IA registration framework; firms under $100M AUM generally state-registered (NSMIA §203A).
- Securities Exchange Act of 1934 (15 U.S.C. §78a et seq.) — broker-dealer regulation, anti-fraud, and SEC supervisory authority.
- National Securities Markets Improvement Act of 1996 (NSMIA, Pub. L. 104-290) — preempts state registration of federal covered advisers and securities; states retain anti-fraud.
- Uniform Securities Act (NASAA model) — adopted with variations by most states; governs IAR registration, blue sky filings, and exemptions.
- FINRA Series 65 / 63 / 66 / 7 — uniform state and federal exams administered via Prometric; pass scores and content outlines published by NASAA/FINRA.
Last verified: June 7, 2026
Editorial process: See methodology →
How we verify: 9 source adapters (FAA, DSIRE, IRS, OpenStates, etc.) → AI draft → AI editor → AI polish → spot human review.
Related guides
Gear & Tools for Maryland Projects
Affiliate disclosure: some links below are affiliate links (Amazon and partner programs). If you buy through them, we may earn a small commission at no extra cost to you. Product selection is not influenced by commission — see our full disclosure.
- 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.