Terminate an Individual's Registration
When a registered representative (RR) leaves a firm for any reason, the firm must file a Form U5, which is the Uniform Termination Notice for Securities Industry Registration for self-regulatory organizations (SROs) including FINRA and states/jurisdictions.
The Form U5 must be submitted within 30 days of the registered representative leaving the firm and generally is required to be filed electronically through Web CRD. Firms are also required to provide the registered representative with a copy of their Form U5 within 30 days.
The Form U5 Web CRD quick reference guide provides assistance on how to file the form electronically. For paper filers, please see the special instructions section provided in the Form U5 Instructions.
There are three types of Form U5 filings:
- A full Form U5 is used when terminating an individual from the firm. All registrations with SROs and jurisdictions will be terminated,
- A partial Form U5 is used to terminate individuals from selected SROs and jurisdictions. The reason for termination and disclosure questions are not included on partial Form U5 filings. Residential addresses can be updated. Branch office address information cannot be updated, and
- An amendment Form U5 is used to update or amend disclosure, date of termination, reason for termination, and residential information on an individual already terminated from a firm. Terminated individuals are required to update any residential address changes for two years following an individual’s termination date.