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What To Know About FINRA Form U5 Terminations


It’s not uncommon to have paperwork to fill out when you leave a job. Depending on the position you had in certain industries, you may have more specific forms that are required. For FINRA-registered employees, one form that you’ll be required to fill out is a Form U5 (Uniform Termination Notice for Securities Industry Registration). While this form is required, it can cause complications for some employees.

The New York City employee rights attorneys at Brown Kwon & Lam can help explain everything you need to know about FINRA Form U5s.

When Do You Need to File a Form U5?

A Form U5 is not only used when a representative is fired from their position. This form is also required whenever representatives of broker-dealers, investment advisers, or issuers of securities leave their position, even if the representative voluntarily leaves on good terms. This form is even required if the representative passes away during their employment.

In addition to being fired or voluntarily leaving, some representatives may be “permitted to resign,” meaning they were encouraged to leave after an issue. While most representatives will fall under the three categories of being fired, quitting voluntarily, and being permitted to resign, there is also an option listed as “other.” If a representative is listed as having been fired, terminated, or other, the firm must provide a reason. These forms must be filed within 30 days of the termination.

Types of Form U5s

Depending on the circumstances, there are three different types of Form U5s that you may need. These include:

Full Form

A full Form U5 is required when a representative is terminated from the firm. This terminated registration with all jurisdictions and self-regulatory organizations (SROs).

Partial Form

A partial Form U5 is used when the representative is terminated from only certain jurisdictions and SROs. In this type of form, reasons for terminations are not included.

Amendment Form

If the information on a form U5 needs to be updated or amended, an amendment form is used. For two years following their termination, a representative is required to contact their previous firm with any changes in address, which will also require an amendment form.

Who Can Access a Form U5?

Every FINRA-registered representative needs to understand that when they leave their position and have a Form U5, is that anyone can view this file. When you apply for a future position, a potential employer will likely review this, especially if you continue to work in the financial industry. What information is included on a Form U5 can significantly impact a representative and their career.

Of course, if there are concerns over a representative continuing to work in this industry, any violations or other negative conduct is important for potential employers to know about. However, in some cases, the information a firm fills out on a Form U5 is not wholly truthful. If a form isn’t filled out correctly with accurate information, the representative could have a difficult time finding new employment.

Contact New York City Employee Rights Lawyers Who Can Help

A Form U5 should always be accurate and truthful, but this isn’t always the case. Before your form is completed, you need to ensure that your firm filled everything out correctly. However, you may realize later on that your Form U5 was not accurate and don’t know what you can do about it. Navigating issues with these forms can be extremely difficult, and you need the right help to do it. If you have concerns about a Form U5, contact Brown Kwon & Lam to learn more about what your options are.