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FINRA, other self-regulatory organizations (SROs) and jurisdictions use Form U5 (Uniform Termination Notice for Securities Industry Registration) to terminate registration and, if relevant, details why an individual left the firm. Effective September 25, firms can now enable two new optional features in FINRA Gateway’s Firm Settings.
5. PARTIAL TERMINATION For a partial termination, do not complete the Reason for Termination in Section 3 (FULL TERMINATION) or Section 7 (DISCLOSURE QUESTIONS). The Reason for Termination and Section 7 (DISCLOSURE QUESTIONS) should only be completed on Form U5 for full termination requests.
The Form U5 is the Uniform Termination Notice for Securities Industry Registration.
About Form U5 The Form U5 is the Uniform Termination Notice for Securities Industry Registration. Broker-dealers, investment advisers, and issuers of securities are required to use the Form U5 to terminate the registration of an individual in the appropriate self-regulatory organizations (SROs) and/or jurisdictions.
When a financial advisor resigns, or is terminated, FINRA member firms are required to submit a Form U5 to FINRA. The Form U5 provides information to FINRA about the circumstances surrounding the termination.
The Form U5 is the Uniform Termination Notice for Securities Industry Registration. Broker-dealers, investment advisers, or issuers of securities must use this form to terminate the registration of an individual in the appropriate jurisdictions and/or self-regulatory organizations ("SROs").
A Form U-5 follows the Broker anywhere and everywhere in the industry. Any accusation of misconduct can prevent the Broker from obtaining another job in the securities industry. When a licensed professional is terminated for any reason, FINRA rules require the firm to complete a U-5.
