Minnesota Securities License Requirements: A Comprehensive Guide
Navigate Minnesota's securities licensing requirements for broker-dealers, investment advisers, and agents. Understand state-specific rules, fees, and application processes with our detailed guide.
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Minnesota securities licensing is primarily regulated by the Department of Commerce, Securities Division, under Minnesota Statutes Chapter 80A. Broker-dealers, investment advisers, agents, and investment adviser representatives generally require state registration. This often occurs alongside federal FINRA or SEC filings. Key requirements include passing exams, filing through CRD/IARD, paying state fees, and adhering to ongoing compliance. New trusted contact provisions under HF 4502 (2025-2026) also apply.
Who Regulates Securities Licensing in Minnesota
The Minnesota Department of Commerce, Securities Division is the primary state regulator for securities professionals in Minnesota. It administers the Minnesota Uniform Securities Act (Minn. Stat. Ch. 80A). This act governs registration, examinations, recordkeeping, and enforcement for broker-dealers, investment advisers, and their associated persons.
Federal obligations exist. For example, broker-dealers may need FINRA membership, and investment advisers above federal AUM thresholds require SEC registration. However, Minnesota also requires state-level registration or notice filing. Agents and investment adviser representatives (IARs) register through the Central Registration Depository (CRD) for broker-dealer personnel. Advisory personnel register through the Investment Adviser Registration Depository (IARD).
Who Needs a Securities License in Minnesota? Definitions and Scope
Minnesota Statutes Chapter 80A provides controlling definitions for securities professionals.
Broker-Dealers
Under Minn. Stat. §80A.41, Subd. 6, a broker-dealer is any person
Sources & Verification (8)
- Miscellaneous technical corrections to laws and statutes
- Eligibility of certain applicants for licenses to serve as private detectives or protective agents modified.
- Trusted contact program established to mitigate financial exploitation and fraud, and liability limited.
- Exception to the hospital construction moratorium provided.
- Elections; various changes made related to election administration, absentee voting provisions modified, timelines modified, elected officials and candidates prohibited from betting on elections, technical and clarifying changes made, and money appropriated.
- Law enforcement holds of certain persons subject to federal immigration detainers authorization
- Ownership, possession, and sale of semiautomatic military-style assault weapons and large-capacity magazines regulated; provisions for possessing dangerous weapons in schools, negligently storing firearms, and reporting on law enforcement firearms discharge modified; ghost guns criminalized; other gun safety provisions modified; and money appropriated.
- Retirement policy bill.
Last verified: May 14, 2026
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Gear & Tools for Minnesota 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.