Securities-Related Entities
Broker-dealers can be a person or a company in the business of buying and selling securities, operating as both a broker and a dealer, depending on the transaction.
Broker-dealer agents are individuals who represent broker-dealers, interact with investors and service brokerage accounts.
Investment advisers are firms or individuals compensated for advising investors on the purchase, sale or value of securities.
Investment adviser representatives (IA Reps) are individuals who represent investment adviser firms.
Issuers are companies that are raising capital through equity or debt to grow their business. Each offering of securities must be either registered or exempt from registration.
Contact Us:
Office of Corporation Finance:
(717) 425-5481
Bureau of Securities Compliance and Examinations:
(717) 783-4223
Securities Registration Office:
(717) 783-4217
DoBS Portal FAQs - Securities
Securities Portal Usage
The DoBS Portal is a secure, digital self-service web portal for use by professionals, institutions, and businesses regulated by the Pennsylvania Department of Banking and Securities that replaces many processes that previously required paper forms and documentation. It is also significantly more efficient than prior methods, allowing for securely submitting documentation to the department.
The DoBS Portal will allow you to access the dashboard that is appropriate for your specific industry. The services and benefits of the DoBS Portal will differ based on industry, license, or registration type.
Non-Depository Institutions: Apply for a license online; retrieve a copy of a license certificate; edit or remove an officer; access books/records; update information; track pending tasks; and submit documents and information for examinations.
Depository Institutions: Apply for a new bank charter; track pending tasks; and submit, review and withdraw filings.
Securities: Track pending tasks; join an organization; receive notices of examination; and receive decision notifications.
Corporation Finance: Track pending tasks and submit a generic filing.
A task is an assignment that the firm will need to complete. The task could pertain to registration, examination, or a request for financial information.
The DoBS Portal requires use of the Keystone Login, a single, secure user credential used to log in to multiple online services provided by the commonwealth. Keystone Login uses advanced authentication tools to prevent unauthorized access and protect personal data.
If you need assistance with your Keystone Login, contact the Keystone Login Help Desk. The help desk can be reached at (877) 328-0995 or keystoneloginsupport@randstadusa.com.
The Licensing Examiner will send an email to the Firm requesting a conference call. The email used will be the email that is identified in the Form ADV filings.
After conference call, you will receive an email from PA DOBS Self-Service Portal. The message will state “Pennsylvania Dept. of Banking and Securities - Join Code Invitation.” There is a link to access the DoBS Portal and a join code. Copy the join code from the email. The join code will need to be pasted inside the Portal to gain access to notifications and correspondence from the Department, Licensing Examiner and/or Accountant (if applicable).
You will receive notification of an examination through email. The email used will be the email that is identified in the Form ADV filings. You will receive an invite code to join the Portal, where you will need to create a Keystone Login. Once logged into the Portal, you will respond to the examination letter and continue the examination process through the Portal.
- The email that contains the user’s join code is only active for 30 days. If the join code expires, email or call your examiner and request another email be sent
- When reviewing a Task, click and save all attachments BEFORE clicking [Submit] or [Acknowledge]. Once the user clicks [Submit] or [Acknowledge], any attachments will no longer be available.
- If there is a change to the Firm’s contact person, please notify an examiner to update the DoBS Portal.
If you have any additional questions about the DoBS Portal, please contact the following:
Non-Depository:
- Licensing: 717-787-3717 or ra-AskLicensing@pa.gov
- Compliance: 717-772-3889 or ra-AskCompliance@pa.gov
- Examinations: 717-425-5460 or ra-AskExams@pa.gov
Securities:
- For Broker-Dealer Firms: (717) 783-4211
- For Broker-Dealer Agents: (717) 783-4221
- For Investment Adviser Firms and Representatives: (717) 783-4211
- For Investment Adviser Notice Filers: (717) 783-4221
- For issues regarding securities offerings, call (717) 787-8059
- Or by email: RA-BNSECURITIESREG1@pa.gov
Registration Renewals
Investment adviser firms, investment adviser representatives, broker-dealers, and registered representatives.
Registrants who do not renew, will have their registrations terminated effective December 31.
If your registration terminates you will not be able to do business until the registration is reviewed and approved. For investment advisor firms and investment adviser representatives, this entails a full review of all up to date filings and documents requested during the registration review.
- The second week of November, the Firm will receive their preliminary statement notice from FINRA, by email.
- Make sure your email address in CRD/IARD is up to date.
- You will pull the preliminary statement from the Firm account in CRD/IARD.
- The statement specifies the amount of money needed to fund the Firm’s renewal account. Even if you plan on terminating an individual or with a particular state (not a full withdrawal) before the end of the year, you MUST keep the full amount of funds required per the original renewal statement in your account, until January; or you will be deemed “Funds Deficient” in all states and will not renew in any state. The Firm should review the annual renewal program letter received from FINRA to view the schedule of statements, sweeps, and CRD shutdown.
- The statement specifies the amount of money needed to fund the Firm’s renewal account. Even if you plan on terminating an individual or with a particular state (not a full withdrawal) before the end of the year, you MUST keep the full amount of funds required per the original renewal statement in your account, until January; or you will be deemed “Funds Deficient” in all states and will not renew in any state. The Firm should review the annual renewal program letter received from FINRA to view the schedule of statements, sweeps, and CRD shutdown.
The Firm has both a Flex Funding account and a renewal account. If there is enough money in the Flex Funding account, it will sweep to the renewal account per the dates on the FINRA Renewal Calendar.
When funding the firm account, the funds do not go into the Firm account immediately, it may take several business days for the funds to be moved where it can be applied to the renewal application. The funds will not be counted until that process is complete. You must have the account funded prior to the system shutdown. Always double check to make sure the funds are in the account.
Do not wait until the end of the month to fund your account. The system shuts down a few days before December 31.
CRD helpline: 301-590-6500
IARD Helpline: 240-386-4848
www.iard.com
iard@finra.org
Or contact Susan Courtney (717-783-4221; sucourtney@pa.gov) or Robyn Galloway (717-783-4211; rgalloway@pa.gov)
Balance Sheets
All financial advisory firms who either have custody or discretion for the entire year or a portion of the year that falls during the firm’s fiscal year end and have the Commonwealth of Pennsylvania as their principal place of business.
For firms with discretion...
A balance sheet dated as of the year end of the firm evidencing $10,000 net worth, a signed true and accurate assertion statement and basic footnotes explaining how the elements of the balance sheet are valued and reported.
For firms with custody...
An audited balance sheet as of the fiscal year end evidencing $35,000 net worth complete with footnotes and a signed true and accurate assertion statement. A surprise examination needs to be conducted with 120 days of filing the audited financial statements with the Department. This report must state that an accountant has made an examination of the client funds and securities and describes the nature and extent of the examination.
For new applicants...
In addition to these items listed above, a bank statement will be requested which corroborates the cash reported on the initial balance sheet. If applicable, a copy of the Surety Bond in place clearly evidencing the amount of the Surety Bond and evidencing that it was in effect as of the date of the balance sheet. A copy of the continuation certificate issued by most underwriters is sufficient.
If applicable, a copy of the Surety Bond in place clearly evidencing the amount of the Surety Bond and evidencing that it was in effect as of the date of the balance sheet. A copy of the continuation certificate issued by most underwriters is sufficient.
Yes, firms with discretion and/or custody must still file a financial statement for their fiscal year end even though they may be undergoing an exam concurrently. This requirement is a separate filing from the requests made from the exam and would not fulfill the annual financial statement filing requirement. Firms without discretion and those domiciled outside of Pennsylvania are not required to file financial statements on an annual basis therefore they only need comply with the requests of their examiner.
All balance sheets should be submitted for review 120 days following the firm’s fiscal year end.
All annual balance sheet submissions must be transmitted via the secure DoBS Portal. You will receive a task to submit your annual balance sheet. For firms with a fiscal year end of December 31, you will receive your Portal task on January 7.
No, any balance sheet submissions mailed to the office will not be accepted. The balance sheet must be uploaded to the secure DoBS Portal. Additionally, balance sheets emailed or faxed to department staff will not be accepted.
No. The complexities and nuances for each firm are individual and varied. The department can answer questions about the deadline for filing and the basic items required for compliance. If you should need further assistance, you should contact a professional services firm.
DoBS does not make recommendations regarding the suitability of accounting software for any IA firm. Firms must determine their accounting needs as part of their application process. The department does not require the use of any particular software package.
For any further questions pertaining to submission of the balance sheet, contact Chris Yother (717-705-9328; cyother@pa.gov) or Cambria Baish at (717-783-4229; cbaish@pa.gov).