Issuer Agent Registration
It is unlawful for an issuer to employ an agent in Kentucky unless that person is registered under the provisions of KRS 292.330.
All applicants must submit a fingerprint card to the FBI for a criminal background check. Background checks take approximately 14 to 16 weeks to process. The FBI report and the fingerprint card must be submitted with a completed application.
All issuer agent applications shall include:
- A completed Form U-4 application.
- FBI criminal background check.
- The Applicant Acknowledgement and Authorization for Credit Report form.
- Initial registration fee of $50 made payable to the Kentucky State Treasurer.
- Proof of passing the Series 63 or 66 examination.
- Proof of passing an appropriate subject matter examination, such as the Series 6, Series 22, etc. See 808 KAR 10:260.
You can enroll the exams listed above and obtain study materials by calling the Financial Industry Regulatory Authority (FINRA) at 301-590-6500. FINRA will require a FormU-10 to schedule the examination.
Form U-5 must be filed promptly with the Division of Securities when an issuer agent's employment is terminated.
Please note: It is the agent’s responsibility to make sure the registration application (Form U-4) is kept up to date. There is no fee to file an amended Form U-4.
Issuer Agent Dual Registration
In general, Kentucky will not license an agent who works with more than one principal (whether a broker-dealer or an issuer). However, DFI may waive this rule and grant dual registration of issuer agents under the following conditions:
- Each employing issuer must submit written verification to the Division of Securities that the firm is aware of the proposed dual registration and has no objection.
- Each employer must submit a written statement to the Division of Securities that clearly delineates which products and services the firm will be responsible for and oversee.
- At least one of the employers must assume residual responsibility and be accountable for all other securities-related activities of the agent.
Renewal Requirements for Issuer Agents
An issuer agent’s registration expires 12 months from the date of registration, pursuant to KRS 292.331(2) . Companies that wish to renew registration of their issuer agent(s) must submit a Form 33-e-1 with a $50 renewal fee per agent.
For More Information
Contact Leslee Cope at (502) 782-9056 with questions regarding registration of issuer agents.