Broker-Dealers and Investment Advisers

05/16/2025 – 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 effective May 15, 2025. The link to Corporations Code section 25206.1 is https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?sectionNum=25206.1&lawCode=CORP

5/6/2024 – PRO 07-21: Investment Adviser Representative Continuing Education (IAR CE)

On May 1, 2024, the Department’s IAR CE rulemaking file was approved by the Office of Administrative Law and filed with the Secretary of State, and became effective immediately. The IAR CE regulation requires that IARs complete twelve credits of continuing education annually, with six credits focused on Products and Practice and six credits focused on Ethics and Professional Responsibility. The 2024 compliance period runs from May 1, 2024 to December 31, 2024. Credits earned at any time in 2024 will be accepted and count toward 2024 compliance.

The final text of the regulation and the final statement of reasons are posted on the Department’s website and available here.

Archived News

• About Broker-Dealers and Broker Dealer Agents
• Broker-Dealer Applications/Forms
• Requirements after a Broker-Dealer Certificate has been issued

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.

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

You may also access Broker-dealer Registration Forms electronically on CRD

• 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)
• 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

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

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.

• 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

• 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.

• 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)

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.

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.