CONNECTICUT BRANCH OFFICE RE GIS TR ATION INSTRUCTIONS WHO MUST FI LE 1. Broker-dealers having one or more Connecticut branch offices 2. St ate-regulated invest ment advise rs having one or more Connecticut branch offices INVESTM ENT ADVIS ERS R EGUL ATED BY THE SECURIT IES AND EXCHANGE COMMISSION NEE D NOT FILE FOR CONNECTICUT BRANCH OFFICE RE GIST R ATION (effective 2/1/01) WHAT IS A BRANCH OFFICE? Sect ion 36b-3(4) of the Connecticut Uniform Secu rities Act defines a branch office as any locat ion other than the main office, identified by any means to the public, cust omers o r clients as a location at which a broker-dealer or inves tment advis er conduc ts a securities or inves tment advis ory business . However, if a telephone directory line lis ting, a business card or letterhead is the sole means by which the location is so identified, we would not cons ider the location to be a branch office if 1) the telephone listing, busines s card or letterhead als o gives the address and telephone number of a Connecticut office of the broker-dealer or inves tment advis er from which individuals conducting busines s from the identified location are direct ly supervised ; and 2) no more than one agent or invest ment adviser agent transact s bus iness f rom the identified locat ion. If the locat ion is identified as a brokerage or invest ment adviso ry office by any other means (s ignag e; mass ad vertisin g), the branch office would have to be regist ered. WHAT IS THE FEE? Your branch office filing is good until you ceas e operations at the location. There is no renewal procedur e. The non-refundable fee for making a branch office filing is $100 per branch office. Please make your check payable to Treasur er, S tate of Connecticut. WHAT TO FILE 1.
Branch Office Regist ration Applicat ion. Broker-dealers and state-regulat ed inves tment advis ers should file a Connecticut branch office application directly with the Secu rities and Busin ess Invest ments Divisio n of the Department of Ba nking. 2.
Nonrefundable $100 Filing Fee Per Branch Office Payable to Treasure r, State of Connecticut. A bran ch office that is both a broker-dealer and a state-regulated invest ment adviso ry branch would require a total fee payment of $200. 3. Additional Requirements : On-site Manag er: S ection 36b-31-6f of the Connecticut Uniform Securities Act Re gulations requires that each Connecticut broker-dealer or inves tment adviso ry branch office have a full-time manag er on the premis es. In addition, each broker-dealer branch office manag er must pas s an examinat ion as principal given by the SE C or by a securities self-regulatory org anization regis tered under the S ecurities Exchange Act of 1934. However, by Order dated October 4, 2002, the Commis s ioner exempted regist ered broker-dealers >>>> 2Connect icut Branch Office Regist ration Instructions Page 2 of 2 and invest ment adviser s from the requirement that each reg ist ered branch office have an on-site manag er if the broker-dealer or invest ment adviser has implemen ted a s yst em of adequate su perviso ry controls over its branch office operations des igne d to ensure a level of overs ight comparable to that which would exis t had its manag ers been located on-site. While no s ubmis sion is required to rely on this exemption, the ultimate burden of demons trating that su perviso ry procedures are adequate rest s with the broker-dealer or invest ment adviser. Workers Compensa tion Coverag e Information: Sect ion 31-286a(b) of the Connecticut General Stat utes st ates that [o]n and after October 1, 1986 , no stat e department, board or agency may renew a license or permit to operate a bus iness in this stat e unles s the applicant first presen ts sufficient evidence of current compliance with the workers compensat ion requirements of Sect ion 31-284. Subsect ion (d) of Section 3l-286a states that " [f]or purposes of this section, sufficient evidence mean s (1) a certificate of self -insuran ce issu ed by a workers compensat ion commis s ioner pursu ant to Sect ion 3l-284, or (2) a certificate of compliance issu ed by the insu rance commissio ner pursu ant to Sect ion 3l-286, or (3) a certificat e of insu rance issu ed by an y st ock or mutual insu rance company or mutual asso ciation authorized to write workers compensation insuranc e in this state o r its agent." f you will be operating a business in Connecticut within the meaning of Section 31-286a(b) of the Connecticut General S tatutes , you mus t include a photocopy of the certificate required by that section. If you have questions about workers compens ation coverage or Section 31-286a(b), please contact the Workers Compensat ion Commis s ion at (860) 493-1500 or your attorney rather than the Department of Banking. Form DBA-1: Remember to file a Form DBA-1 if a broker-dealer, state-regulated invest ment adviser, broker-dealer agent or invest ment adviser ag ent working from the Branch Office uses a trad e or assu med name. WHEN TO AMEND YOUR FILING Bran ch Manag er Chang es (rea ssig nments ; employment terminat ions ): These mus t be filed promptly in writing and include the effective date of the change . Bran ch Office Moves to Another Connecticut Location: Amend your filing to show that bus iness h as c eas ed at the former locat ion. In addition, if the new locat ion is not yet regist ered as a branch office, you must include information on the new locat ion as well as a $100 fee for the new site payable to Treasu rer, St ate of Connecticut. Branch Office Sh uts Down NEED HELP? We will tell you if your filing is deficient. For filers other than SEC-registered invest ment advisers , note that a branch office regist ration is not effective until the branch s name has been entered on the Regist er of Branch Offices and you have received written notice of that fact from us. F or more information, call us at (860) 240-8230 or visit our web site at www.s tate.ct.us /dob. Rev.1 0/2002 >>>> 3 CONNECTICUT BR ANCH OFFICE REGI ST R ATION AND AMENDMENT FORM (Broker-dealers and State-Regul ated Invest ment Advisers Only. SEC- R egulated Invest ment Advisers Need Not File this Form Effective 2/1/01.) I. NEW BR ANCH OFFICE REGISTR ATION ($100 fee per branch office) 1. Type of Branch Office: Broker-dealer ( ) State Regulated Invest ment Adviser ( ) Both ( ) 2.
Name of broker-dealer firm (if applicable) doing business fr om this office: ____