Broker-Dealers and Investment Advisers - DFPI

Broker-Dealers and Investment Advisers - DFPI
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Broker-Dealers and Investment Advisers
The DFPI licenses and regulates broker-dealers, broker-dealer agents, investment advisers, and investment adviser representatives pursuant to the Corporate Securities Law of 1968. Through registration and oversight under the law, the DFPI supports a healthy and trusted financial marketplace.
The Broker-Dealer and Investment Adviser Division (BDIA) reviews applications for licensure under the California Corporations Code Sections 25210 and 25230 and, if all requirements are met, applicants receive a registration approval. Once an applicant is approved, it is included in the regulatory examination cycle for that industry.
BDIA has regulatory examination authority under California Corporations Code Section 25241 to conduct reasonable periodic, special, or other examinations by the Commissioner of its broker-dealer and investment adviser licensees for the protection of investors and in the public interest. Examinations are conducted at the licensed location. BDIA may also conduct a regulatory examination for cause at any time.
Violations of the laws (California Financial Code , California Corporations Code and the California Code of Regulations) are handled by the Department’s Enforcement Division (ENF). BDIA refers violations of the laws and enforcement matters to ENF for appropriate administrative, civil or criminal action.
Announcements
10/20/2025 – 2026 Annual Renewals Reminder
2026 Renewal Program Calendar for Broker-Dealers and Investment Advisers
Monday, November 10, 2025
– PRELIMINARY Renewal Statements are available through E-Bill on
FINRA
.
Monday, November 24, 2025
– DFPI Reminder Email will be sent to all licensees to renew their license for the calendar year 2026. Licensees should ensure they have an active designated email address on file with the Department. Please refer to the “Broker-Dealer Information” and “Investment Adviser Information” sections on the
Broker-Dealers and Investment Advisers
page for more information about the designated email requirements.
Monday, December 08, 2025
–
RENEWAL PAYMENT DUE DATE
.  This is the DEADLINE for receipt of Preliminary Renewal Statement payments. Review the
Renewal Program Payment Options
for detailed information. FINRA recommends using E-Bill to pay your Preliminary Statement. If you use other means, submit your payment with additional time to sufficiently allow for mail delivery and/or payment processing to post to your Renewal Account by the deadline. FINRA-registered firms that do not have payment posted by the deadline may be assessed a Renewal Late Fee.
Friday, December 26, 2024
–
Last Day to submit form filings prior to year-end
. Web CRD and IARD are available from 5 a.m. until 6 p.m. Eastern Time (ET).
Effective May 1, 2024, each investment adviser representative with a full year of registration must annually complete 12 credits of continuing education (six credits of Products and Practice and six credits of Ethics and Professional Responsibility).  The continuing education must be completed by the representative and reported by the approved course provider before IARD shuts down for the year on December 26, 2025, at 4:00 pm E.T.
Effective July 1, 2025, the initial and renewal registration fee for broker-dealer agents and investment adviser representatives increased to $50 pursuant to
Assembly Bill No. 137
. This new fee will be reflected on
FINRA E-Bill
accordingly.
Saturday, December 27, 2025
– Web CRD and IARD are
unavailable
due to FINRA Statement and renewals processing.
Sunday, December 28, 2024 – Wednesday, December 31, 2024
– Web CRD and IARD are available for
QUERY-only
and the creation of “Pending” filings.
07/15/2025－ Broker-Dealer Agent and Investment Adviser Representative Fee Announcement
Effective July 1, 2025, the initial and renewal registration fee for broker-dealer agents and investment adviser representatives increased to $50 pursuant to
Assembly Bill No. 137
. This new fee will be reflected on
FINRA E-Bill
accordingly.
05/27/2025 – Introducing BDIA Finders Portal
Finders who satisfies all of the conditions set forth in
Corporations Code section 25206.1
, shall be exempt from the provisions of Section 25210. A finder exemption may be filed with the DFPI directly on the new
BDIA Finders Portal
.
Archived News
For Broker-Dealers
About Broker-Dealers and Broker Dealer Agents
Broker-Dealer Applications/Forms
Requirements after a Broker-Dealer Certificate has been issued
Filing as an Exempt Finder pursuant to Corporations Code section 25206.1
Designated Email Address Requirement for Broker-Dealers
Effective January 1, 2019, California Financial Code section 331.5 (Authority:
SB 1361, Bradford, Chapter 699, Statutes of 2018
) requires licensees to establish and maintain an email address for receiving communications and documents from the DFPI. Licensees are required by law to notify the DFPI before changing the designated email address and provide the DFPI with the new designated email address. Broker-Dealers must create a DFPI Self-Service Portal account on the DFPI website in order to report a new designated email address. When updating designated email address, Broker-Dealers must first notify the DFPI by sending an email to
[email protected]
and then update the designated email address through the
DFPI Self-Service Portal
account.
The designated email address:
Must not be an email of any individual employee.
Must be able to receive attachments.
If licensees fail to comply with the designated email address requirements, the licensee may be subject to a fine of up to fifty dollars ($50) per day, not to exceed one thousand dollars ($1,000) in the aggregate.
Broker-Dealer Application/Forms
Note: Throughout our web pages, reference may be made to the Rules as found in Title 10, Chapter 3, California Code of Regulations (“CCR”). For information concerning the CCR and accessing sections of the CCR referenced on these web pages, go to
Assistance page
. Any person who intends to become a broker-dealer in California may apply for a broker-dealer certificate by filing an application. If you are a member of the Financial Industry Regulatory Authority (“FINRA”), the application should be filed directly with the Central Registration Depository (“CRD”). If you are not a member of FINRA, the application should be filed directly with the Department of Financial Protection and Innovation. Please review the
Information to Assist Persons Applying for a Broker-Dealer Certificate
and
Instructions for Completing and Filing Form BD in California by Broker-Dealers Not Filing by Notification
.
The table below contains a list of Broker-Dealer Forms in PDF
Form Number
Form Title
Format
250.61
Statement of Citizenship, Alienage, and Immigration Status for Application of Department of Financial Protection and Innovation License or Certificate
PDF
260.165
Consent to Service of Process
PDF
260.241.2(b)
Verification Form Pursuant to California Code of Regulations Rule 260.241.2(B)
PDF
ADM 510
Index of Fees, Fines and Penalties
PDF
DFPI 25206.1
Statement of Information for Finder
PDF
DFPI 260.211.1
Application by Notification Pursuant to Corporations Code Section 25211(b) for Broker-Dealer Certificate
PDF
DFPI-260.237.2
Minimum Financial Requirement Worksheet
PDF
DFPI-BDIA 8018
Request for Live Scan Services
PDF
DFPI-QR 500.261
Customer Authorization of Disclosure of Financial Records
PDF
Form BD
Uniform Application for Broker-Dealer Registration
PDF
Form BDW
Uniform Request for Broker-Dealer Withdrawal
PDF
Form U4
Uniform Application for Securities Industry Registration or Transfer
PDF
Form U5
Uniform Termination Notice for Securities Industry Registration
PDF
You may also access Broker-dealer Registration Forms electronically on
CRD
For Investment Advisers
What is a
State
Licensed Investment Adviser
What is a Securities and Exchange Commission(
SEC)
Registered Investment Adviser
How to Become a California Registered Investment Adviser (PDF)
Designated Email Address Requirement for Investment Advisers
Effective January 1, 2019, California Financial Code section 331.5 (Authority:
SB 1361, Bradford, Chapter 699, Statutes of 2018
) requires all licensees to establish and maintain an email address for receiving communications and documents from the DFPI. Licensees are required by law to notify the DFPI before changing the designated email address and provide the DFPI with the new designated email address.
To satisfy these requirements, Investment Advisers (IA) must report a valid designated email address on Form ADV, Parts 1A (Item 1J) and 2A (Item 1). Changes to the designated email address must be reported directly through the FINRA/IARD system by updating the Form ADV, Parts 1A and 2A.
The designated email address must be able to receive attachments.
If an IA fails to comply with the designated email address requirements, the IA may be subject to a fine of up to fifty dollars ($50) per day, not to exceed one thousand dollars ($1,000) in the aggregate.
Please ensure to provide an email address for the firm’s designated contact person on Form ADV, Parts 1A (Item 1.J) and 2A (Item 1).
Registration and Examination Compliance FAQs (PDF)
Preparing for a Regulatory Examination (Video-22 min)
Investment Adviser Application – Did you Know?
Things you should know when filing your application for an investment adviser certificate. You should carefully review this page. By filing the proper documents, you will help us to efficiently process your application.
Investment Adviser – Check List
Investment Adviser Minimum Financial and Reporting Requirements
Investment Adviser Post-Effective Requirements – State Licensed
Investment Adviser Applications & Forms
Form ADV’s Instructions and Guidance
Dodd-Frank Financial Reform Bill – Frequently Asked Questions
Investment Adviser Applications/Forms
Note: Throughout our web pages below, reference may be made to the Rules as found in Title 10, Chapter 3, California Code of Regulations (“CCR”).  For information concerning the CCR and accessing sections of the CCR referenced on these web pages, click
assistance page
. Any person who wants to become an investment adviser in California may apply for an investment adviser certificate by filing an application. The forms and instructions for filing an application are found below. To begin, please review the
Information to Assist Persons Applying for an Investment Adviser Certificate
,
How to become a California Registered Investment Adviser
, and
Instructions for Completing and Filing Application for Investment Adviser Certificate on Form ADV
.
The table below contains a list of Investment Adviser Forms in PDF
Form Number
Form Title
Format
250.61
Statement of Citizenship, Alienage, and Immigration Status for Application of Department of Financial Protection and Innovation License or Certificate
PDF
260.165
Consent to Service of Process
PDF
260.241.2(b)
Verification Form Pursuant to California Code of Regulations Rule 260.241.2(B)
PDF
ADM 510
Index of Fees, Fines and Penalties
PDF
DFPI 25206.1
Statement of Information for Finder
PDF
DFPI 260.211.1
Application by Notification Pursuant to Corporations Code Section 25211(b) for Broker-Dealer Certificate
PDF
DFPI-260.237.2
Minimum Financial Requirement Worksheet
PDF
DFPI-BDIA 8018
Request for Live Scan Services
PDF
DFPI-QR 500.261
Customer Authorization of Disclosure of Financial Records
PDF
Form ADV
Uniform Application for Investment Adviser Registration Form ADV – Filing Online | IARD
PDF
Form ADV, Part 2
Uniform Requirements for the Investment Adviser Brochure and Brochure Supplement
PDF
Form U4
Uniform Application for Securities Industry Registration or Transfer
PDF
Form U5
Uniform Termination Notice for Securities Industry Registration
PDF
Test Enrollment Services System (
TESS
) went live April 2017 as a replacement for the Form U10 process. Individuals who are not on CRD enroll for FINRA, NASAA, MSRB, NFA, FDIC exams and CE sessions via TESS.
You may also access Electronic Filing for Investment Advisers on IARD
here
.
For Investment Adviser Representatives
What is a State Licensed Investment Adviser Representative?
What is a SEC Registered Investment Adviser Representative?
Investment Adviser Representative Continuing Education (IAR CE)
Dodd-Frank Financial Reform Bill – Frequently Asked Questions
For the Consumer
Submit a Complaint
Check out your Investment Adviser
Check Out Your Broker-Dealer: Check out your
commodity broker
. A free service from the
National Futures Association’s
Background Affiliation Status Information Center (BASIC). Whether you are an investor thinking about opening a futures account or an NFA Member contemplating a new business relationship, BASIC can be a valuable resource for you. BASIC contains Commodity Futures Trading Commission (CFTC) registration and NFA membership information and futures-related regulatory and non-regulatory actions contributed by NFA, the CFTC and the U.S. futures exchanges.
For information regarding broker-dealers, broker-dealer agents and investment advisers call the Department’s Consumer Services Office at (866) 275-2677.
Check the
background of your broker or investment professional
by using Financial Industry Regulatory Authority (FINRA) BrokerCheck.
FINRA website
is also a resource for Investor Alerts and investor education and tools.
Annual Reports on Broker-Dealer/Investment Adviser Program
02/01/2024
–
Annual Report on Broker-Dealer/Investment Adviser Program – 2024 (PDF)
09/08/2023
–
Annual Report on Broker-Dealer/Investment Adviser Program – 2023 (PDF)
01/25/2022
–
Annual Report on Broker-Dealer/Investment Adviser Program – 2022 (PDF)
01/07/2021
–
Annual Report on Broker-Dealer/Investment Adviser Program – 2021 (PDF)
03/02/2020
–
Annual Report on Broker-Dealer/Investment Adviser Program – 2020 (PDF)
01/10/2019
–
Annual Report on Broker-Dealer/Investment Adviser Program – 2019 (PDF)
01/18/2018
–
Annual Report on Broker-Dealer/Investment Adviser Program – 2018 (PDF)
01/23/2017
–
Annual Report on Broker-Dealer/Investment Adviser Program – 2017 (PDF)
SB 496 Financial Abuse Report
Broker-Dealers and Investment Advisers are Mandatory Reporters of Elder Abuse
Effective January 1, 2020, SB 496 makes broker-dealers and investment advisers mandated reporters of suspected financial abuse of an elder or dependent adult.  In addition, the bill authorizes broker-dealers and investment advisers to notify a previously designated trusted contact of the financial abuse, and temporarily delay a requested disbursement from the victim’s account. The bill also requires broker dealers and investment advisers to notify the Department of Financial Protection and Innovation (DFPI), among other entities, of the suspected financial abuse of elders and notify the DFPI of delayed disbursements. Report suspected elder abuse to the DFPI at
[email protected]
Contact the DFPI by telephone at 916-576-3638 Here is a link to the new full bill:
SB 496, Chapter 272, Statutes of 2019
.
Securities and Exchange Commission(SEC) Registered Investment Adviser
Any person registered with the Securities and Exchange Commission (“SEC”) as an investment adviser and who conducts business in California for more than five clients should file a notice with the Department of Financial Protection and Innovation. This notice is to be filed within thirty-(30) days of conducting business in California. Please review the
Information to Assist Persons Making a Notice Filing
for instructions and additional information in regards to making a notice filing in California.
Note: Reference may be made to the Rules as found in Title 10, Chapter 3, California Code of Regulations (“CCR”).  For information concerning the CCR and accessing sections of the CCR referenced on these web pages, click
assistance page
.
News & Info Links
Newsroom
Press Releases
Monthly Bulletins
Important Notices
How to reach us:
Department of Financial Protection and Innovation
Broker-Dealer and Investment Adviser Division
651 Bannon Street, Suite 300
Sacramento, CA 95811
Phone:
(866) 275-2677, option 4, option 3, and option 1
Fax:
916-325-2197
Email:
[email protected]
(Application related inquiries)
[email protected]
(Examination and Annual Filing Inquiries)