Form BR

Firms must register each branch office with FINRA, the New York Stock Exchange (NYSE) and states that require branch registration. This is accomplished with Form BR, the Uniform Branch Office Registration Form.

Every firm must have at least one branch office location registered. Every registered branch must have a Supervisor or Person-in-Charge that is registered with the firm.

Article IV, Section 8 of the FINRA By-Laws provide more information on FINRA branch office requirements. Information on Residential Supervisory Locations (RSLs) that do not require branch office registration can be found on the RSL key topics page.

Firms can visit the NASAA website for information on which jurisdictions participate in the Branch Office Registration Program.

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General

FINRA Gateway

How to File

You can electronically file Form BR via the FINRA Gateway with a single filing, which covers all the necessary registrations. The form also allows you to amend, close or terminate a registration or withdraw a filing with the appropriate jurisdictions and SROs.

Applicant firms must first file an Initial Form U4 to register the individual who will be designated as a Supervisor or Person-in-Charge on Form BR and assign the individual to the firm's main office (i.e., BDMAIN or IAMAIN) as a "placeholder" Office of Employment Address.

Only after that individual has been registered should an Applicant firm file its initial Form BR to register the location as a branch and select that individual to be a Supervisor/Person-In-Charge. The Form BR filing will automatically create an Office of Employment Address for the branch on the Individual's record, but the firm should then file an amended Form U4 to close out the assignment to the main office.

"Registering" vs. "Notice Filing"

Form BR enables firms to register a branch office either by "registering" or "notice filing." Although SROs and jurisdictions may use these terms interchangeably, registering typically refers to a process that requires an approval by FINRA, other SRO or a jurisdiction before a branch office may begin doing business. A notice filing simply notifies an SRO or jurisdiction of the existence of a branch office for which approval is not required.

FINRA OSJ or Non-OSJ Branch Offices

Firms must indicate on Form BR whether a branch office is a FINRA Office of Supervisory Jurisdiction (OSJ) or a non-OSJ branch. The number of OSJ branches a firm must maintain depends on the nature and scope of the firm's business conducted at the branch office.

An OSJ branch must have at least one on-site supervisor who is a qualified and registered principal with the firm. The main office of each firm is always considered an OSJ and has supervisory jurisdiction and responsibility over all the firm's non-OSJ branch offices.

Filing a CMA When Adding a Branch Office

Adding a branch office may be considered a material change and require the filing of a Continuing Membership Application (CMA). Whether the addition would be considered material depends on how many offices the firm currently has, how many the firm has added in the past year and whether the firm is subject to a restriction. A material change also can result from the specific facts and circumstances involved with adding a branch office.

Your firm may be able to take advantage of the safe harbor for business expansion (see IM-1011-1), allowing you to open branch offices without filing a CMA. Under the safe harbor, some expansions are not considered material and do not require FINRA approval. Learn more about the safe harbor.