Massachusetts Investment Adviser or Broker-Dealer Bond
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How much does a Massachusetts investment adviser or broker dealer bond cost?
Massachusetts investment adviser or broker dealer bond costs start at $100 annually. Your personal premium will be provided after a quick application review.
How do I get a Massachusetts broker dealer or investment adviser bond?
You can apply for your Massachusetts broker dealer or investment adviser bond online 24/7. Simply provide your name, address, and license type for Massachusetts Securities Division filing approval. Once your order has been processed, your official Massachusetts surety bond will be delivered by email.
How fast can I get a registered investment adviser or broker dealer bond?
Our industry-leading technology and responsive customer service team allow us to deliver your official Massachusetts investment adviser or broker dealer bond faster than any other surety company. Orders placed by 4 PM CST Monday-Friday are typically processed with same-day emailed bond delivery.
If you have questions about the Massachusetts investment adviser/broker-dealer bond or your application, call 1(800)308-4358 to speak with a surety expert. We're here to guide you through the bond process so you can get back to running your business.
What is a Massachusetts investment adviser bond?
Code of Massachusetts Regulations 950 12.205 requires individuals file a $10,0000 surety bond as evidence they meet the minimum financial requirements required for licensing established in 950 CMR 12.205(5). Massachusetts does not require a specific investment advisor bond form but accepts Form U-SB, which is commonly used for nationwide financial industry license bonding. By filing this license bond, investment advisers agree to comply with Rule 206(4)-2 under the Investment Advisers Act of 1940 (17 CFR 275.206(4)-2).
What is a Massachusetts broker dealer bond?
Massachusetts General Law Part 1 Title 15 Chapter 110A Section 202 authorizes the Secretary of the Commonwealth to require broker-dealers file a surety bond or another form of security as a way to establish the applicant's minimum financial requirements. Massachusetts does not require a specific broker dealer surety bond form but accepts Form U-SB for broker dealers as it does for investment advisers. By filing this bond, a broker dealer agrees to comply with all applicable Massachusetts securities statutes.
Who regulates licensing for investment advisers and broker-dealers?
The Secretary of the Commonwealth of Massachusetts Securities Division enforces licensing requirements for investment advisers and broker-dealers working in the state. If you have questions about your current license or new registration application, you can contact the Division by calling 1(617)727-3548 or by emailing [email protected].
The Massachusetts Securities Division requires this bond for state investment adviser and broker dealer licensing. If your provide investment advice or broker deals in other states, we offer investment advisor bonds nationwide.
What if I don't get a broker dealer or investment adviser bond?
You must file this Massachusetts surety bond before you can be registered to work as an investment adviser or broker-dealer. If you fail to file, maintain, and renew your bond as required by law, you can lose your license and face legal consequences.
How do I update or change my Massachusetts investment adviser or broker-dealer bond?
If the Securities Division requires your bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your name, address, or license type to match your current license registration or new registration application.
How do I renew my broker-dealer or investment adviser bond?
You must renew your investment adviser/broker-dealer license bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next license registration term.
How do I get licensed as an investment adviser or broker-dealer in Massachusetts?
To become a registered broker-dealer in Massachusetts, you must complete the steps below through the Central Registration Depository (CRD).
- Be approved to register by the Financial Industry Regulatory Authority (FINRA).
- Complete Form BD.
- Complete Form U-4 for each director or officer registered in the state.
- Register 1 or more agents.
- Pass either the Series 63 or Series 66 exam.
- Pay the $450 filing fee.
To become a registered investment adviser in Massachusetts, you must complete the steps below through the Investment Adviser Registration Depository (IARD).
- Complete Form ADV Parts 1 and 2A (and 2B if required).
- Complete Form U-4 for investment adviser representatives.
- Pay the $300 filing fee.
- File a Massachusetts surety bond, if required.
What if a claim is filed on a Massachusetts investment adviser or broker dealer bond?
If an investment adviser or broker-dealer violates their bond agreement and consumers experience financial loss, the surety company that issued the bond will pay valid claims up to the full bond amount. The adviser or broker-dealer must then reimburse the surety company in full.
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