Division of Securities Reports Large Increase in Licensed Professionals, Firms
COLUMBUS, Ohio – After wrapping up license renewals at the end of December, the Ohio Division of Securities licensed 249,653 individuals and firms to allow them to operate in Ohio, a nearly 10.25% increase from the previous year.
The increase is the largest in the past decade, according to a news release.
“As we continue to see an increase in the number of licensed securities professionals in Ohio, we want to take this opportunity to highlight resources for Ohio’s consumers and prospective investment advisers to have a successful 2023,” Securities Commissioner Andrea Seidt said.
The Division of Securities, part of the Ohio Department of Commerce, licenses broker-dealers, securities salespersons, investment advisers, investment adviser representatives and investment officers. It has the second-largest licensee population of all state agencies as of June 30, 2022, behind only the Board of Nursing.
When doing business with Ohio investors, securities professionals and firms are required to be licensed or qualify for an exemption from licensing with the Division of Securities. Though the Securities Exchange Commission regulates investment advisers managing more than $100 million in assets, Ohio regulates investment advisers managing assets under that threshold.
“The division protects Ohio investors and their money by routinely performing background checks of license applicants, investigating complaints and performing regular examinations,” Seidt said. “Most securities fraud cases occur where unlicensed promoters are selling unregistered securities, so it pays for investors to do their homework before handing over their hard-earned money.”
Before working with a securities firm, platform or professional, investors can do a licensing and background check online HERE or by calling the Division of Securities hotline at 877 683 7841.
Published by The Business Journal, Youngstown, Ohio.