Regulatory Notice 08-20

FINRA Requests Comments on Proposed Changes to Forms U4 and U5; Comment Period Expired: May 27, 2008

Executive Summary

FINRA requests comment on proposed changes to Forms U4 and U5. The proposed changes, which were developed by a working group composed of regulators and industry participants (the Working Group), are intended to benefit regulators, investors and the industry. Proposed revisions, among other things, would require firms to report, as customer complaints, allegations of sales practice violations made in arbitration claims and civil lawsuits against registered persons who are not named as parties in those proceedings. The proposals also include revisions to Forms U4 and U5 designed to ease, clarify or facilitate reporting requirements and other technical and/or conforming changes.

Questions concerning this Notice should be directed to Richard E. Pullano, Associate Vice President and Chief Counsel, Registration and Disclosure, at (240) 386-4821; or Stefanie M. Watkins, Senior Counsel, Registration and Disclosure, at (240) 386-4824.

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The views, expressions, findings and opinions expressed in the comments on this Web page are solely those of the author(s) and FINRA accepts no responsibility for the content of the comments.


Comments By Date Received
Brecek & Young, Advisors Inc. (PDF 16 KB) 4/24/2008
Richard A. Stephens 4/24/2008
Steiner & Libo 4/24/2008
Wall Street Access (PDF 28 KB) 4/28/2008
Patricia Nelson 4/29/2008
Aidikoff, Uhl & Bakhtiari 5/2/2008
Law Offices of David Harrison 5/2/2008
Aidikoff, Uhl & Bakhtiari 5/5/2008
Sadler & Hovdesven, P.C. 5/7/2008
Baruch College, CUNY 5/7/2008
Cornell University (PDF 629 KB) 5/8/2008
FMSbonds, Inc. 5/9/2008
Penson Worldwide, Inc. 5/12/2008
RND Resources, Inc. (PDF 27 KB) 5/15/2008
Maddox Hargett & Caruso, P.C. (PDF 51 KB) 5/15/2008
Wachovia Securities, LLC 5/20/2008
St. John's University School of Law (PDF 21 KB) 5/21/2008
NPB Financial Group, LLC 5/22/2008
National Planning Holdings, Inc. (PDF 44 KB) 5/23/2008
MWA Financial Services, Inc. (PDF 18 KB) 5/23/2008
Public Investors Arbitration Bar Association (PDF 313 KB) 5/23/2008
Cyndi Steinberger 5/23/2008
Association of Registration Management, Inc. (PDF 85 KB) 5/27/2008
John Jay Legal Services, Inc. (PDF 39 KB) 5/27/2008
Cambridge Investment Research, Inc. (PDF 61 KB) 5/27/2008
MassMutual Financial Group (PDF 99 KB) 5/27/2008
FSI (PDF 62 KB) 5/27/2008
Wachovia Securities, LLC (PDF 61 KB) 5/27/2008
Nationwide Financial Services, Inc. (PDF 31 KB) 5/27/2008
SIFMA (PDF 68 KB) 5/27/2008
NASAA, Inc. (PDF 31 KB) 5/27/2008
Cantella & Co. Inc. (PDF 32 KB) 5/30/2008
Brown & Brown Securites, Inc. (PDF 37 KB) 5/30/2008
ProEquities, Inc. (PDF 177 KB) 7/2/2008
Woodforest Financial Services, Inc. (PDF 13 KB) 7/14/2008
Woodforest Financial Services, Inc. (PDF 50 KB) 7/16/2008