Prior to 2015, FINRA would bring direct actions against advisors who falsified or failed to set forth reportable events on their Form U4. Any type of compromise with a creditor (occurring within 10 years of filling out the Form U4) must be disclosed. The Disclosure Questions on Form U4 pertaining to criminal history ask, “Have [you] ever?” Although the felony may have been charged 15 years ago, it is still required to be disclosed. Additional Information on investment related matters in any Civil, Self-Regulatory, or Administrative proceeding. 5.0 stars 43 reviews. Written by Foreside Compliance 2016-09-02 15:49:40. Form U4 also requires financial advisors to disclose any “unsatisfied judgments or liens.” Unfortunately, every lien or judgment is “unsatisfied” for some short period of time before payment is made. 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. Do not send any confidential information to The Beck Law Firm, LLC until we have requested it. If you have questions related to compliance obligations, compliance requirements, or other compliance topics, please contact us at 800-800-3204 or info@ncsregcomp.com. And, to boot, he is responsible for repaying the yet unforgiven significant portion of the recruiting bonus he had received from his former firm in 2015. Failure to look at credit history or accepting it at face-value and not doing any due diligence is a practice that is certain to get the company in trouble. 0000000016 00000 n The use of this website does not create a lawyer-client relationship, and we are not your lawyers until we have agreed, in writing, to represent you. of Shustak Reynolds & Partners, P.C. A copy, with original signatures, of the initial Form U4 and amendments to DRPs U4 must be retained by the filing firm and must be made available for inspection upon regulatory request. Will Alibaba Stock Continue to Gain Momentum in 2021? 0000003546 00000 n Form U5 is most often filed to effect a “full termination” of the representative from the firm and all jurisdictions in which they are appointed to do business. The information disclosed on the form pertains to: As with the ADV Part 1, for each of these items, the DRP page requires disclosure of various pertinent information such as relevant dates, the allegations, the disposition, the amount of any fines, judgments or awards, other disciplinary sanctions imposed as well as offering you the opportunity to briefly state your own position regarding what happened. This blog will not address details regarding the Form BD. Representatives of broker-dealers, investment advisers and securities issuers must complete a Form U4 (titled “Uniform Application for Securities Industry Registration or Transfer”) to register with FINRA and the various states and other jurisdictions in which they do business.

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