Minnesota Securities Licensing (2026): Exams & Registration
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 (6)
- Trusted contact program established to mitigate financial exploitation and fraud, and liability limited.
- 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
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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.