The answers to these questions are general in nature not state specific , are not intended as a comprehensive review of this topic and do not include or account for all of the exceptions or variances involved in filing a Form U4 to register an individual as an investment adviser representative of a registered investment advisor firm. An individual not currently registered with an investment advisor firm or broker-dealer will utilize the Form U10 online to open a Series 65 examination window; an individual currently registered with an investment advisor firm or broker-dealer will open the Series 65 examination window by submitting the Form U4. In the event that the individual seeking to register as an investment adviser representative is also starting a state registered investment advisor firm, the Form U4 is often submitted at the same time the Form ADV and other registration documents are submitted to the state securities regulator since most state securities regulators require an investment advisor firm to have at least one individual registered as an investment adviser representative. Yes, there are a few states such as New York and Wyoming that do not register individuals as investment adviser representatives and therefore do not require the filing of the Form U4.
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The U4, also known as the Uniform Application for Securities Industry Registration or Transfer, is the predominant vehicle by which regulatory bodies FINRA, the states, and exchanges screen candidates for registration and registered folks for new or continued registration. It contains personally identifiable information about each applicant such as name, SSN, physical characteristics, address history, work experience, and education.
Beyond these basics, applicants are required to self-report information relating to customer complaints, arbitration claims, regulatory proceedings, bankruptcies, certain criminal history, certain civil litigation and liens, and judgments, etc. This Bylaws section grants folks up to 30 days to amend their Form U4 after learning of the facts giving cause to make an amendment, but if the amendment involves a statutory disqualification, then it must be filed within 10 days, as opposed to 30 days.
Remember that the U4 is meaningful to your career. If you have a question about it, seek knowledgeable counsel. Like on Facebook. Share on LinkedIn.
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Form U4 | Practical Law
The approvals concern the content of the Form U4 Uniform Application for Securities Industry Registration or Transfer and the Form U5 Uniform Termination Notice for Securities Industry Registration , as well as interference with account transfers in connection with departing registered representatives. Previously, Forms U4 and U5 required member firms to report allegations of sales practice violations that were made against a registered person in a civil lawsuit or arbitration only when the registered person was actually a named party. If, for example, the member firm was named as a respondent and the registered representative was only identified in the body of the Statement of Claim, no reporting was required. State securities regulators in particular were concerned that large settlements were occurring without identifying the individuals who were responsible for the alleged misconduct.
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FINRA updates guidance on verification of Form U4 for individual registration