What is Form U5 and What is it used for?

The Form U5 is the Uniform Termination Notice for Securities Industry Regulations. Upon terminating a registered representative or an investment advisor from a firm, whether voluntary or involuntary, a Form U5 must be filed. The form must be filed in the appropriate jurisdictions and/or self- regulatory organizations (“SROs”). It can be filed electronically with the Central Registration Depository (“CRD”) or the Investment Adviser Registration Depository (“IARD”).  Firms can also submit paper filings.  Filers submitting paper filings should read the Special Instructions for Paper Filers in conjunction with the other instructions to the form. In addition, paper filers should contact the appropriate jurisdiction and/or SRO for specific filing instructions or requirements. Once filed, the individual’s registration will be terminated in the appropriate jurisdictions and/or self-regulatory organizations.

Instructions:

Filers must answer all questions and submit all requested information, unless otherwise directed in the Specific Instructions. Only Section 2, the Reason for Termination and/or Termination Explanation in Section 3, Section 4, Section 7 and Disclosure Reporting Page(s) (DRPs U5) may be amended on the Form U5. If the Form U5 has been completed for a full termination, a copy of the form and any subsequent amendments thereto, must be provided to the terminated individual.

For full termination filings, complete Section 7 and use the Disclosure Reporting Page(s) (DRPs U5) to provide details to the “Yes” answers. Firms may select the optional Disclosure Certification Checkbox if there is no new information to report in Section 7. (See Specific Instructions and the Form for further details). For partial terminations, disclosures should be made through the Form U4. Upon request, additional documents may be required to clarify or support responses to the form.

Firms are under a continuing obligation to amend and update Section 7 until final disposition, including reportable matters that occur and become known after initial submission of this form.

Sections of Form U5

Form U5 is comprised of eight sections.  The sections are the following:

  1. General Information
  2. Current Residential Address
  3. Full Termination
  4. Date Terminated
  5. Date Terminated
  6. 5A. SRO Partial Termination
  7. 5B. Jurisdiction Partial Termination
  8. Affiliated Firm Termination
  9. Disclosure Questions
  10. Investigation Disclosure
  11. Internal Review Disclosure
  12. Criminal Disclosure
  13. Regulatory Action Disclosure
  14. Customer Complaint/Arbitration/Civil Litigation Disclosure
  15. Termination Disclosure
  16. Signature
  17. 8A. Firm Acknowledgment
  18. 8B. Individual Acknowledgment And Consent
  19. Disclosure Reporting Pages (DRPS U5) (Full Terminations and Amendments Only)
  20. Criminal DRP
  21. Customer Complaint/Arbitration/Civil Litigation DRP
  22. Internal Review DRP
  23. Investigation DRP
  24. Regulatory Action DRP

General Instructions from FINRA

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