# EDGAR Filing Document

**Accession Number:** 0001009953
**File Stem:** 0001009953-25-000017
**Filing Date:** 2025-10
**Character Count:** 19517
**Document Hash:** 1a6d249c648b340b810f2c8187bb1bbe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001009953-25-000017.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001009953-25-000017

**CONFORMED SUBMISSION TYPE**: MA/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GUGGENHEIM SECURITIES, LLC
- **CENTRAL INDEX KEY:** 0001009953

**ORGANIZATION NAME:**
- **EIN:** 522144448
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** MA/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 867-01301
- **FILM NUMBER:** 251493190

**BUSINESS ADDRESS:**
- **STREET 1:** 330 MADISON AVENUE
- **STREET 2:** 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212 518 9542

**MAIL ADDRESS:**
- **STREET 1:** 330 MADISON AVENUE
- **STREET 2:** 8TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GUGGENHEIM CAPITAL MARKETS, LLC
- **DATE OF NAME CHANGE:** 20090731

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GUGGENHEIM SECURITIES, LLC
- **DATE OF NAME CHANGE:** 20090722

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GUGGENHEIM CAPITAL MARKETS, LLC
- **DATE OF NAME CHANGE:** 20040311

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM MA: UNIFORM APPLICATION FOR MUNICIPAL ADVISOR REGISTRATION

### Filer and Contact Information

**Filer CIK:** 0001009953

**Filer CCC:** XXXXXXXX

**Contact Name:** Alice Lobo-Rocha

**Contact Phone:** 212-381-7515

**Contact Email:** alice.lobo-rocha@guggenheimpartners.com

**Notification Emails:** GSComplianceInquiries@guggenheimpartners.com

### Type of Filing

**Selected Filing Type:** Amendment

### Item 1: Identifying Information

**A. Full Legal Name of the Firm:** GUGGENHEIM SECURITIES, LLC

**&nbsp;&nbsp;&nbsp;Organization CRD No.:** 40638

**&nbsp;&nbsp;&nbsp;Is applicant a Sole Proprietor?:** No

**&nbsp;&nbsp;&nbsp;Has the municipal legal name changed since the last filing?:** No

**&nbsp;&nbsp;&nbsp;Has the applicant had any previous DBA names?:** No

**&nbsp;&nbsp;&nbsp;Does the applicant have any additional DBA names?:** No

**C. IRS Employer Identification Number:** 52-2144448

**D. Registrations:**

- **Municipal Advisor (Temporary):** SEC File No: 866-01514-00

- **Municipal Advisor:** SEC File No: 867-01301

- **Broker-Dealer:** SEC File No: 008-49107, CRD No: 40638

**E. Principal Office and Place of Business:** 330 MADISON AVENUE, 8TH FLOOR, NEW YORK, NY, 10017

**Telephone Number:** 212-518-9542

**Mailing Address is Different from Principal Office:** No

**F. Website:** www.guggenheimpartners.com

**G. Chief Compliance Officer (CCO):**

**Name:** Tracy Ann Lowery Whille

**Titles:** Senior Managing Director

**Address:** 330 Madison Avenue, 8th Floor, New York, NY, 10017

**Phone Number:** 212-518-9542

**Email:** Tracy.Whille@guggenheimpartners.com

**H. Business Affiliates:**

- **Name:** ASSET CONSULTING GROUP, LLC

  - **Issuing Agency:** SEC

  - **Jurisdiction:** 

- **Name:** GS GAMMA ADVISORS, LLC

  - **Issuing Agency:** SEC

  - **Jurisdiction:** 

- **Name:** GUGGENHEIM FUNDS DISTRIBUTORS, LLC

  - **Issuing Agency:** SEC & FINRA

  - **Jurisdiction:** 

- **Name:** GUGGENHEIM FUNDS INVESTMENT ADVISORS, LLC (D/B/A GUGGENHEIM INVESTMENTS)

  - **Issuing Agency:** SEC

  - **Jurisdiction:** 

- **Name:** GUGGENHEIM INVESTMENT ADVISORS (EUROPE) LIMITED

  - **Issuing Agency:** FINANCIAL CONDUCT AUTHORITY

  - **Jurisdiction:** X0

- **Name:** GUGGENHEIM INVESTMENT ADVISORS, LLC

  - **Issuing Agency:** SEC

  - **Jurisdiction:** 

- **Name:** SECURITY INVESTORS, LLC (D/B/A GUGGENHEIM INVESTMENTS)

  - **Issuing Agency:** SEC

  - **Jurisdiction:** 

- **Name:** GUGGENHEIM INVESTOR SERVICES, LLC

  - **Issuing Agency:** FINRA

  - **Jurisdiction:** 

- **Name:** Guggenheim GNP, LLC (F/K/A Guggenheim Nicklaus Partners, LLC)

- **Name:** GUGGENHEIM PARTNERS EUROPE LIMITED

  - **Issuing Agency:** CENTRAL BANK OF IRELAND

  - **Jurisdiction:** L2

- **Name:** GUGGENHEIM PARTNERS INDIA MANAGEMENT, LLC

- **Name:** GUGGENHEIM PARTNERS INVESTMENT MANAGEMENT, LLC

  - **Issuing Agency:** SEC

  - **Jurisdiction:** 

- **Name:** GUGGENHEIM PARTNERS MIDDLE EAST LIMITED (F/K/A GUGGENHEIM KBBO PARTNERS LIMITED)

  - **Issuing Agency:** Dubai Financial Services Authority

  - **Jurisdiction:** C0

- **Name:** GUGGENHEIM SECURITIES INTERNATIONAL LTD

  - **Issuing Agency:** Financial Conduct Authority

  - **Jurisdiction:** X0

- **Name:** GUGGENHEIM PARTNERS JAPAN, LTD.

  - **Issuing Agency:** KANTO FINANCIAL BUREAU

  - **Jurisdiction:** M0

- **Name:** GUGGENHEIM WEALTH SOLUTIONS, LLC

  - **Issuing Agency:** SEC

  - **Jurisdiction:** 

- **Name:** Transparent Value Private Limited

- **Name:** GUGGENHEIM CORPORATE FUNDING, LLC

  - **Issuing Agency:** SEC

  - **Jurisdiction:** 

- **Name:** Guggenheim Securities Research Services, LLC

- **Name:** GUGGENHEIM PARTNERS EUROPE LIMITED

  - **Issuing Agency:** Central Bank of Ireland

  - **Jurisdiction:** L2

- **Name:** GIFMS CAPITAL COMPANY, LLC

  - **Issuing Agency:** SEC

  - **Jurisdiction:** 

- **Name:** Guggenheim Private Investments, LLC

  - **Issuing Agency:** SEC

  - **Jurisdiction:** 

**I. Location of Books and Records:** No

### Item 2: Form of Organization

**A. Applicant's form of organization:** Limited Liability Company (LLC)

**B. Month of Applicant's Annual Fiscal Year End:** December

**C. State, Other U.S. Jurisdiction, or Foreign Jurisdiction Under Which Applicant is Organized:** DE

**D. Date of Organization:** 01-29-1999

**E. Is the applicant a public reporting company?:** No

### Item 3: Successions

**Is the applicant succeeding to the business of a registered municipal advisor?** No

### Item 4: Information About Applicant's Business

**A. Number of Employees:** 861

**B. Municipal Advisory Activities - Employees:** 5

**C. Registered Representatives - MAA Employees also registered reps of a broker-dealer:** 5

**&nbsp;&nbsp;&nbsp;MAA Employees also associated with an investment adviser:** 0

**D. Public Relations Company?:** No

**E. Soliciting on Behalf of an Affiliate - Number of firms:** 0

**F. Types of Clients - Number of clients served as municipal advisor:** 0

**&nbsp;&nbsp;&nbsp;Types of Clients:** Other

**G. Solicitation of Municipal Entities and Obligated Persons - Municipal Entities:** 0

**&nbsp;&nbsp;&nbsp;Obligated Persons:** 0

**&nbsp;&nbsp;&nbsp;Total Solicited:** 0

**H. Types of Persons Solicited:** 
Not Applicable
, Not Applicable

**I. Compensation Arrangements (Municipal Advisory):** 
Fixed Fees
Contingent Fees
, Fixed Fees, Contingent Fees

**J. Compensation Arrangements (Solicitation):** 
Not Applicable
, Not Applicable

**K. Does the applicant receive compensation in the context of its municipal advisory business from other than its municipal entity or obligated person clients?:** No

**L. Applicant Business Relating to Municipal Securities:** Advice Insurance Of MS, Advice Investment Of Proceeds MS, Advice ME Other Investments

### Item 5: Other Business Activities

- **Broker-Dealer:** Actively Engaged: Yes, Primary Business: Yes

**Is applicant engaged in any other non-municipal advisor business?** No

### Item 6: Financial Industry and Other Activities of Associated Persons

**Types of associated persons:** Broker-dealer municipal securities dealer or government securities broker or dealer, Investment Adviser, Security-based swap dealer, Commodity pool operator, Commodity trading advisor, Pension consultant, Real estate broker or dealer, Investment Adviser, Pension consultant, Investment Adviser, Commodity pool operator, Broker-dealer municipal securities dealer or government securities broker or dealer, Investment Adviser, Investment Adviser, Commodity pool operator, Investment Adviser, Investment Adviser, Commodity trading advisor, Investment Adviser, Commodity pool operator, Commodity trading advisor, Broker-dealer municipal securities dealer or government securities broker or dealer, Investment Adviser, Investment Adviser, Investment Adviser, Investment Adviser, Commodity pool operator, Commodity trading advisor, Broker-dealer municipal securities dealer or government securities broker or dealer, Investment Adviser, Broker-dealer municipal securities dealer or government securities broker or dealer, Broker-dealer municipal securities dealer or government securities broker or dealer, Investment Company, Investment Adviser, Real estate broker or dealer, Investment Adviser, Commodity pool operator, Insurance company or agency, Insurance company or agency, Investment Company, Broker-dealer municipal securities dealer or government securities broker or dealer, Insurance company or agency, Investment Adviser, Investment Adviser, Broker-dealer municipal securities dealer or government securities broker or dealer, Security-based swap dealer, Investment Adviser

**Total Associated Persons:** 24

### Item 7: Participation or Interest in Client Transactions

- **Buy or sell municipal securities from or to municipal advisory clients for the firm's own account?:** No

- **Buy or sell municipal securities from or to third-parties on behalf of clients?:** No

- **Enter into derivatives transactions with clients for the firm's own account?:** No

- **Recommend to clients to buy/sell securities in which the firm has a financial interest?:** No

- **Recommend to clients products/services of an affiliated person?:** No

- **Recommend to clients securities of an issuer with which the firm has other relationships?:** No

- **Have discretionary authority to buy/sell municipal securities for clients?:** No

- **Have discretionary authority to buy/sell any other securities or investments for clients?:** No

- **Have discretionary authority to determine the broker-dealer to be used for client transactions?:** No

- **Have discretionary authority to determine the commission paid to a broker-dealer?:** No

- **Recommend broker-dealers to clients?:** No

- **&nbsp;&nbsp;&nbsp;If yes, are any of these broker-dealers an associated person of the applicant?:** —

- **Compensate any person for client referrals?:** No

- **Receive compensation from any person for client referrals?:** No

### Item 8: Owners, Officers, and Other Control Persons

**A. (2) Does any person not named in Item 1-A or Schedules A, B, or C, directly or indirectly, control the applicant's management or policies?** Yes

**B. (1) Is any person in Schedule A, B, or C, or in Section 8-A of Schedule D a public reporting company?** No

### Item 9: Disclosure Information

**Criminal Disclosure:**

- **Applicant/Advisory Affiliate Convicted/Pled Guilty to Felony?:** No

- **Applicant/Advisory Affiliate Charged with Felony?:** No

- **Organization Convicted/Pled Guilty to Felony?:** No

- **Organization Charged with Felony?:** No

**Regulatory Disclosure:**

- **SEC/CFTC Found False Statement?:** No

- **SEC/CFTC Found Violation?:** Yes

- **SEC/CFTC Found Cause of Denial/Suspension?:** No

- **SEC/CFTC Entered Order?:** Yes

- **SEC/CFTC Imposed Civil Penalty?:** Yes

- **SRO Found Unethical Conduct?:** No

- **SRO Found Violation?:** Yes

- **SRO Found Cause of Denial/Suspension?:** No

- **SRO Barred/Suspended/Fined > $2,500?:** No

- **SRO Denied/Suspended/Revoked Registration?:** No

- **Foreign Authority Found False Statement?:** No

- **Foreign Authority Found Violation?:** Yes

- **Foreign Authority Found Cause of Suspension?:** No

- **Foreign Authority Disciplined?:** No

- **Authorization to Act as Attorney/Accountant Revoked?:** No

- **Subject of a Regulatory Complaint?:** No

**Civil Disclosure:**

- **Enjoined in Connection with Municipal Advisory Activity?:** No

- **Found to Have Violated Regulations?:** No

- **Civil Proceeding Dismissed Pursuant to Settlement?:** No

- **Named in Civil Proceeding Alleging Violation?:** No

### Item 10: Small Businesses

**Does the applicant have annual receipts of less than $7,000,000?** No

**Is the applicant affiliated with a person that has annual receipts of more than $7,000,000?** No

### Schedule A: Direct Owners and Executive Officers

| Name                     | Title/Status             | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|
| Links Holdings, LLC      | Member                   | 01-09-1999      | E - 75% or more   | Yes               | 52-2144923   |  |
| Guggenheim Manager, Inc. | Member                   | 03-17-2022      | NA - less than 5% | Yes               | 36-4406374   |  |
| ALAN DAVID SCHWARTZ      | Co-Chairman              | 09-14-2018      | NA - less than 5% | Yes               |  | 416184       |
| JOHN KELLY ROBINSON      | CHIEF LEGAL OFFICER      | 11-01-2010      | NA - less than 5% | No                |  | 4781547      |
| Mark Alan VanLith        | Chief Executive Officer  | 09-01-2015      | NA - less than 5% | Yes               |  | 2263510      |
| James E Millstein        | Co-Chairman              | 09-12-2018      | NA - less than 5% | Yes               |  | 4270577      |
| Tracy Ann Lowery Whille  | Chief Compliance Officer | 06-21-2024      | NA - less than 5% | No                |  | 2872693      |
| Christine Anne Santoro   | FINOP                    | 09-06-2024      | NA - less than 5% | No                |  | 4678635      |
| Andrew Jon Schwartz      | CHIEF FINANCIAL OFFICER  | 10-21-2024      | NA - less than 5% | Yes               |  | 5121914      |

### Schedule B: Indirect Owners

| Owning Entity            | Name                     | Title/Status   | Date Acquired   | Ownership Code   | Control Person?   | IRS Number   |
|:---|:---|:---|:---|:---|:---|:---|
| GUGGENHEIM PARTNERS, LLC | GUGGENHEIM CAPITAL, LLC  | MEMBER         | 09-01-2005      | E - 75% or more  | Yes               | 36-4358656   |
| LINKS HOLDINGS, LLC      | GUGGENHEIM PARTNERS, LLC | SHAREHOLDER    | 03-01-2007      | E - 75% or more  | Yes               | 94-3489008   |

### Schedule C: Amendments to Schedules A and B

| Type   | Ownership   | Owning Entity            | Name                     | Title/Status             | Date Acquired   | Ownership Code    | Control Person?   | IRS Number   | CRD Number   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Direct      |  | Links Holdings, LLC      | Member                   | 01-09-1999      | E - 75% or more   | Yes               | 52-2144923   |  |
|  | Direct      |  | Guggenheim Manager, Inc. | Member                   | 03-17-2022      | NA - less than 5% | Yes               | 36-4406374   |  |
|  | Indirect    | GUGGENHEIM PARTNERS, LLC | GUGGENHEIM CAPITAL, LLC  | MEMBER                   | 09-01-2005      | E - 75% or more   | Yes               | 36-4358656   |  |
|  | Indirect    | LINKS HOLDINGS, LLC      | GUGGENHEIM PARTNERS, LLC | SHAREHOLDER              | 03-01-2007      | E - 75% or more   | Yes               | 94-3489008   |  |
|  | Direct      |  | ALAN DAVID SCHWARTZ      | Co-Chairman              | 09-14-2018      | NA - less than 5% | Yes               |  | 416184       |
|  | Direct      |  | JOHN KELLY ROBINSON      | CHIEF LEGAL OFFICER      | 11-01-2010      | NA - less than 5% | No                |  | 4781547      |
|  | Direct      |  | Mark Alan VanLith        | Chief Executive Officer  | 09-01-2015      | NA - less than 5% | Yes               |  | 2263510      |
|  | Direct      |  | James E Millstein        | Co-Chairman              | 09-12-2018      | NA - less than 5% | Yes               |  | 4270577      |
|  | Direct      |  | Tracy Ann Lowery Whille  | Chief Compliance Officer | 06-21-2024      | NA - less than 5% | No                |  | 2872693      |
| Delete | Direct      |  | Christine Anne Santoro   | FINOP                    | 09-06-2024      | NA - less than 5% | No                |  | 4678635      |
|  | Direct      |  | Andrew Jon Schwartz      | CHIEF FINANCIAL OFFICER  | 10-21-2024      | NA - less than 5% | Yes               |  | 5121914      |
| NewAdd | Direct      |  | Susan nmi Tsou           | FINOP                    | 09-26-2025      | NA - less than 5% | No                |  | 6187001      |

### Disclosure Reporting Pages (DRPs)

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for GUGGENHEIM SECURITIES, LLC

- **CRD Number:** 40638

- **Disclosure Number:** 1704000

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for GUGGENHEIM SECURITIES, LLC

- **CRD Number:** 40638

- **Disclosure Number:** 1660524

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for GUGGENHEIM SECURITIES, LLC

- **CRD Number:** 40638

- **Disclosure Number:** 1650726

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for GUGGENHEIM SECURITIES, LLC

- **CRD Number:** 40638

- **Disclosure Number:** 1630837

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for GUGGENHEIM SECURITIES, LLC

- **CRD Number:** 40638

- **Disclosure Number:** 1623307

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for GUGGENHEIM SECURITIES, LLC

- **CRD Number:** 40638

- **Disclosure Number:** 1580405

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C4)**

  - **Associated Person:** —

  - **CRD Number:** 129288

  - **Filed On (AP):** Form ADV/BD/U4 for GUGGENHEIM FUNDS INVESTMENT ADVISORS, LLC

  - **Disclosure Number:** 42893

**Regulatory DRP for: Applicant (Responding to Questions: 9-D2)**

  - **Associated Person:** —

  - **CRD Number:** 105477

  - **Filed On (AP):** Form ADV/BD/U4 for SECURITY INVESTORS, LLC (D/B/A GUGGENHEIM INVESTMENTS

  - **Disclosure Number:** 32821

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C4, 9-C5)**

  - **Associated Person:** —

  - **CRD Number:** 137432

  - **Filed On (AP):** Form ADV/BD/U4 for GUGGENHEIM PARTNERS INVESTMENT MANAGEMENT, LLC

  - **Disclosure Number:** 127470

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Guggenheim Securities, LLC

- **CRD Number:** 40638

- **Disclosure Number:** 1921515

**Regulatory DRP for: Applicant (Responding to Questions: 9-E2)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Guggenheim Securities, LLC

- **CRD Number:** 40638

- **Disclosure Number:** 1894348

**Regulatory DRP for: Applicant (Responding to Questions: 9-C2, 9-C5)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Guggenheim Securities, LLC

- **CRD Number:** 40638

- **Disclosure Number:** 2137069

**Regulatory DRP for: Applicant and Associated Person (Responding to Questions: 9-C2, 9-C4, 9-C5)**

- **Filed On (Applicant):** Form ADV/BD/U4 for Guggenheim Securities, LLC

- **CRD Number:** 40638

- **Disclosure Number:** 2321813

  - **Associated Person:** —

  - **CRD Number:** 137432

  - **Filed On (AP):** Form ADV/BD/U4 for Guggenheim Partners Investment Management, LLC

  - **Disclosure Number:** 2321813

### Execution Page

**Signature:** Tracy Whille

**Signer Name:** Tracy Whille

**Title:** Chief Compliance Office

**Date:** 10-23-2025

**CRD Number:** 2872693