4.1 Registration & Form U4 / U5
Securities professionals must register through their broker-dealer using Form U4 and maintain clean regulatory disclosures.
Key FINRA Exam Takeaways
- Form U4: Uniform application for securities industry registration; filed with CRD/FINRA.
- Disclosure requirements: 10-year employment history, 5-year residential history, criminal convictions.
- Statutory Disqualification (SD): Automatic bar from securities industry for any felony conviction within past 10 years or securities-related misdemeanors.
- Form U5: Uniform termination notice; firm must file within 30 days of rep's departure and provide a copy to the rep.
- BrokerCheck: Free FINRA public database disclosing rep credentials, employment history, and customer complaints.
Knowledge Checkpoint • Section 4.1
When a registered representative leaves employment with a FINRA-member broker-dealer, within how many days must the firm file Form U5 with FINRA?