CONNECTICUT TRANSITIONS TO ELECTRONIC FILING FOR BRANCH OFFICE REGISTRATIONS EFFECTIVE OCTOBER 31, 2005
Note: The State of Connecticut does not impose any additional fees for electronic filing through the NASD's [currently FINRA] Central Registration Depository/Investment Adviser Registration Depository although a fee may be assessed by the NASD [currently FINRA], as system administrator. Similarly, Connecticut does not impose any fees for branch office registration amendments, manager changes or registration terminations. Since branch office registrations are not renewable, there is no associated renewal fee.
New Branch Office Registrations and Amendments Filed on and After October 31, 2005
Effective October 31, 2005, all new broker-dealer and investment adviser branch office registrations and amendments must be filed electronically through the NASD's [currently FINRA] Central Registration Depository/Investment Adviser Registration Depository ("WebCRD/IARD") and all related fee payments must be made through WebCRD/IARD. By order dated October 24, 2005, the Banking Commissioner designated WebCRD/IARD to receive branch office registration filings as well as to collect branch office registration fees on the Commissioner's behalf.
- Effective October 31, 2005, information on branch office closings and branch manager changes will be reported through WebCRD/IARD.
- Effective October 31, 2005, Uniform Form BR, which is filed electronically through WebCRD/IARD, is adopted in Connecticut for purposes of fulfilling the branch office registration filing requirements in Section 36b-6(d) of the Connecticut Uniform Securities Act and, to the extent applicable, the trade name notice filing required by Section 36b-31-7e of the Regulations under the Act.
- Effective October 31, 2005, state Forms BR-1 and BR-2 are rescinded, and branch office applications submitted on these forms will no longer be accepted. Likewise, branch office registration fees submitted to the department directly rather than through WebCRD/IARD will be returned.
Pre-existing Branch Office Registrations as of October 14, 2005
Broker-dealers and investment advisers having a pre-existing branch office registration as of the close of business on October14, 2005 will have until May 1, 2006 to transition to electronic filing. To make this process easier, the Securities and Business Investments Division has supplied the NASD [currently FINRA] with data concerning these registrations. The NASD [currently FINRA], in turn, has pre-populated Form BR electronically with basic information. Affected firms have until May 1, 2006 to update the remaining fields electronically.
Branch Office Registration Applications Filed With the Division Between October 15, 2005 and October 31, 2005
Division staff will continue to review branch office registration applications filed in paper format between October 15, 2005 and October 31, 2005. Ultimately, filers submitting applications during this period will be required to transition to electronic filing on and after October 31, 2005. Division staff will work closely with the NASD [currently FINRA] to ensure that filers do not incur double state registration fees as a result of their transition to electronic filing.
The NASD [currently FINRA] has included comprehensive information on the new branch office component to WebCRD/IARD. For more, see FINRA's Branch Office Registration page.