A broker-dealer who maintains a branch office must obtain a license from the Division before doing business at that office, pursuant to NAC 90.392. NAC 90.027 defines a branch office in Nevada as "any place of business in this State other than the principal office in this State of the broker-dealer, from which one or more sales representatives transact business." Application for licensing shall be made through Financial Industry Regulatory Authority (FINRA).
- All branch information must be submitted to FINRA on the Form BR, Branch Registration, and submitted through the CRD system, along with a fee as determined by NRS 90.360, $100.00, and in the form of payment as prescribed by the CRD.
- Per NAC 90.392(2)(b) the Broker Dealer firm must be qualified to do business in this state. This can be obtained by filing a Foreign Corporation packet with the Office of the Secretary of State, Commercial Recordings Division.
Licensing of Supervisor
A supervisor for each branch office must be designated and licensed with the Division as a principal. If the branch office is not designated as an office of supervisory jurisdiction, the supervisor need not be located at any office for which he is given supervisory responsibility.
- The individual in charge of a branch office must be licensed in this state as a sales representative.
- A broker-dealer who maintains a branch office shall keep a current roster of the sales representatives affiliated with that office.
Designation as Office of Supervisory Jurisdiction
The broker-dealer must designate the branch office as an office of supervisory jurisdiction if required to do so by the requirements of the FINRA, regardless of whether he is a member of that association.
Amendments to Branch Information
If any change occurs in the information set forth in an application made pursuant to this section, the applicant shall, within 30 days after the change, file an amendment Form BR and submit through CRD, and pay a fee of $50.00.
Permissible Name for Operation
A branch office must not be operated under any name other than:
- The name of the broker-dealer; or
- A fictitious name registered as required by chapter 602 of NRS.
Renewal of Branch License
Renewal of branch license must be filed prior to December 31st of each year. Renewal is accomplished through the CRD system.
Withdrawal of Branch License
A broker-dealer shall notify the Division before closing a branch office or terminating business at that location. Notice must be given by the filing of a request for withdrawal of a branch on Form BR through the CRD.