As defined in the Indiana Uniform Securities Act at Ind. Code § 23-19-1-2(1), an “agent” is an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer’s securities. Unlike a broker-dealer agent, a restricted agent, also known as an issuer agent, shall only effect or attempt to effect purchases or sales of a security on behalf of a single issuer. It is unlawful for an individual to transact business in Indiana as an agent unless the individual is registered or is exempt from registration.

In order to represent an issuer in transactions, an individual is required to register with the Indiana Secretary of State, Securities Division (“Division”), unless the individual is otherwise exempt from registration.

• Individual must file online through the Indiana Securities Portal.
• The registration fee for an initial registration of a restricted agent is twenty-five dollars ($25).
• The security that the restricted agent wishes to sell must be registered with the Division or otherwise exempt from registration.
• For initial registrations, the filer must submit the following documents:
  • A completed Form U-4;
  • Agent Undertaking form;
  • Consent to Service of Process; and
  • Provide proof of passing the required FINRA examinations for broker-dealer agents.
    • Examination requirements are waived for issuers of church bonds if the offering is supervised by a registered broker-dealer who agrees to supervise the restricted agent(s) or the offering is restricted to persons reasonably believed by the issuer to be a member of the issuer’s congregation 
• Restricted agent registrations expire on December 31.
• Restricted agent registrations may be renewed by filing through the Indiana Securities Portal and including an Agent Undertaking form and the required twenty-five dollar ($25) fee prior to December 31st.
• A restricted agent registration can be terminated prior to December 31 by filing a Form U-5.

Indiana Code [IC 23-19]
Broker-Dealer and Agent Examinations [18-0002 AO - January 25, 2018]
Restricted agent examination and application procedures [March 26, 1987]
Waiver of examination of certain agents of church bond issuers [March 26, 1987]
Compliance Alert: Indiana Securities Division Response to the COVID-19 Outbreak [March 24, 2020]

Agent Undertaking Form
Consent to Service of Process [Form U-2]
Indiana Securities Portal
Uniform Application for Securities Industry Registration or Transfer [Form U-4]
Uniform Termination Notice for Securities Industry Registration [Form U-5]

Compliance Staff
[email protected]
317-232-6681