Registrations Archives - MasterCompliance

Form U4 Disclosure Reporting Best Practices to Protect You and Your Firm

Posted on March 22, 2022 by admin

The U4, also known as the Uniform Application for Securities Industry Registration or Transfer, is the primary source of information for a registered representative’s (also known as “broker”, “financial professional”, “financial advisors”) Central Registration Depository (CRD) or Investment Adviser Registration Depository (IARD) record. Both the firm and the registered representative can update Form U4, but it is ultimately the registered representative’s responsibility to make sure Form U4 is accurate and current. The U4 record, contains personally identifiable information about each applicant such as name, SSN, physical characteristics, address history, work experience, and education. In addition, the U4 also requires disclosure Read more about Form U4 Disclosure Reporting Best Practices to Protect You and Your Firm[…]

FINRA’s Changes to Continuing Education

Posted on November 26, 2021November 26, 2021 by admin

FINRA has adopted important changes to its continuing education (CE) and registration rules to train registered persons more effectively while accommodating registered persons, particularly women and underrepresented minorities, whose personal circumstances take them away from the industry for a time. Maintaining Qualifications Program FINRA has amended the CE rules to provide that beginning March 15, 2022, eligible individuals who terminate any representative or principal registration category, including any permissive registration category under Rule 1210.02, have the option of maintaining their qualification for the terminated registration category beyond the current two-year qualification period by completing annual CE through a new program, Read more about FINRA’s Changes to Continuing Education[…]

Upcoming Payment Deadlines for 2022 Renewals

Posted on November 19, 2021 by admin

This is a reminder that December 13, 2021, is the payment deadline for Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative, and Branch Renewals for 2022. Firms that miss this deadline can still make payments until 6 p.m. ET on Dec. 26, 2021, but they will be subject to a late fee. If payment is not received by Dec. 26, 2021, firms risk becoming ineligible to do business in jurisdictions where their registrations are not renewed. FINRA’s Renewal Program supports the collection and disbursement of fees related to the renewal of broker-dealer (BD) and investment adviser (IA) registrations, exempt Read more about Upcoming Payment Deadlines for 2022 Renewals[…]

FINRA Annual Registration Renewal Calendar

Posted on October 29, 2021 by admin

This blog serves as a reminder of important dates related to FINRA’s 2022 Annual Registration Renewal Program. If you have any state registrations that you do not want to renew in 2022, you must take action by Friday, November 5th in order to avoid being charged on the Preliminary Statement. Registration terminations can be post-dated to remain active through the end of 2021. The Preliminary Statement will be available in FINRA E-bill on Monday, November 8th. After this time, you will still be able to drop registrations. However, once it is generated, the Preliminary Statement must be paid in full Read more about FINRA Annual Registration Renewal Calendar[…]

1017 Change in Membership Review

Posted on October 22, 2021 by admin

In our 1017 Change in Membership blog we discussed events that would be considered a change in membership that trigger the requirements of FINRA Rule 1017. In this blog we will go over some key areas that firms should cover when reviewing to see if they trigger the application requirements under Rule 1017. Part 1: Changes in Business Lines or Product Offerings The reviewer is to inspect the Firm’s current membership agreement and verify its approved business lines. The reviewer considers other present or future business lines not contained in its membership agreement. Firms are not to engage in any Read more about 1017 Change in Membership Review[…]

1017 Material Change Determination

Posted on October 15, 2021 by admin

When a member intends to add a line of business, FINRA has shown that this type of expansion is often a significant event that impacts the firm’s supervisory and compliance infrastructure, personnel, and finances. When such an impact occurs, FINRA staff is required to verify that the member continues to meet each of the membership criteria identified in Rule 1014. However, FINRA recognizes that any proposed new business line’s characterization as a “material change in business operations” ultimately depends on assessing all relevant facts and circumstances. Certain proposed new business lines, such as market-making, underwriting, and acting as a dealer Read more about 1017 Material Change Determination[…]