GENERAL INSTRUCTIONS. The Form U4 is the Uniform Application for Securities Industry Registration or. Transfer. Representatives of broker-dealers. Registered individuals and firms share a continuing obligation to promptly update a registered representative’s (RR) Form U4 if any information changes or. Web CRD provides entitled users at Broker-Dealer and Investment Adviser firms with the ability to submit electronic filings of Form U4 to fulfill securities.

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We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff.

Web CRD Quick Reference Guide on Form U4

The U4 is a living document, so if after the thirty days the judgment or lien is satisfied, update the U4. If there is ever any question about whether a disclosure to a prospective employer should be made, it is almost always better to err on the side of caution and make the disclosure. FINRA stated in its press release that the firm failed to adequately investigate the broker prior to hiring him, even though he was subject to twelve reportable events, including criminal charges and seven customer complaints.

Seemingly, reporting these types of events would appear rather cut and dry, and lead all advisors to make the necessary disclosures; but unfortunately, this is not always the case. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ” Registration Data “such as your:.

Please review the following resources: Hindsight review prompted by FINRA inquiry, determined that 16 garnishment notices required amendments to 13 registered representatives.

To Disclose or Not to Disclose on Form U4, That is the Question

We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users’ movements around the site. To assist firms in requesting registrations on the Form U4 SRO Registration tinra, a feature will be added to CRD to auto-select valid registrations previously maintained.


In the past, enforcement cases involving failures to timely amend U4s were generally brought against individual registered representatives. We encourage you to read the legal notices posted on those sites, including their privacy policies.

Educational Resources Our goal is to empower consumers with the tools they need to protect their finances and to make well-informed decisions when it comes to spending or investing their hard-earned money.

These range from being charged with a felony or certain types of misdemeanors that involve investments, investment-related businesses, fraud, wrongful taking of property, perjury and other similar offenses that go to the good character of an advisor. When the payroll department or any other division or personnel learns that there may be an action against a registered representative, through a garnishment order or other resource, investigate it. JD Supra’s principal place of business is in the United States.

You can make a request for this information by emailing us at privacy jdsupra. It is expected that a variety of factors will be considered in assessing whether enforcement actions will be taken against firms based on unreported or late reported events.

FINRA and U4 reporting: do you have a target on your back? – Lexology

You can always check this page for the latest version. Sometimes, a failure to disclose even the most mundane or long forgotten youthful indiscretions could lead to career-damning consequences, essentially costing the advisor his job and the potential of being banned from the securities industry.

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. Follow Please login to follow content. The termination, and the circumstances causing it became a black mark for Tim.


Marketing 12 hours ago. However, this cannot be further from the truth.

Interestingly, however, advisers are not required to vote clients on behalf of clients. FINRA has spent the past year reviewing public databases for material financial information that is required to be reported. We also use cookies and other tracking technologies to collect this information. Destruction of records under such circumstances may result in SEC action against both the broker-dealer and the third party service provider.

We may also receive information about you from third party sources. The proposed changes will most directly impact: For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. FINRA inquiries do not necessarily result in the initiation finrq a formal investigation or enforcement proceeding, torm most investigations and enforcement proceedings begin with an inquiry.

We also collect other information you may voluntarily provide.

The amended rule also requires that firms adopt written procedures that will require them to search public records to complete their pre-hire due diligence. Contributed by Rochelle A. By continuing u browse this website you accept the use of cookies. The Department of Banking regulates the financial services industry in Connecticut. Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Finrq Center under the ” My Account ” dashboard available if you are logged into your JD Supra account.