Web CRD Release 2015.09
Form U4 Disclosure Questions-Text/Formatting Issues
FINRA made system enhancements to Web CRD on September 12, 2015, that resulted in inadvertent text changes to some disclosure questions on the Form U4 that is displayed in Web CRD. The changes, which generally involved formatting errors, including missing italics and text, were unintentional and were corrected on November 25, 2015. The changes did not alter the Form U4 approved by the Securities and Exchange Commission (SEC). The Form U4 disclosure questions with the errors identified are reproduced below.
FINRA is publishing this notice to make firms aware of these textual changes displayed in the system from September 12, 2015, to November 25, 2015. Form U4 filings made during that period will reflect the textual changes because that language was displayed to filers when those form filings were submitted.
In connection with this issue, FINRA informed firms about one set of circumstances that may require their attention. Specifically, Question 14C(5) was missing text that elicits whether a civil money penalty was imposed in orders issued by the SEC or CFTC. FINRA recommended that firms with registered representatives who have had a civil money penalty imposed on them by the SEC or the CFTC, and who evaluated this penalty between September 12, 2015, and November 25, 2015, to determine reportability, should confirm that the question was correctly answered.
If you have questions, please call FINRA's Gateway Call Center at (301) 590-6500.
The text identified in red was missing from the Form U4 disclosure questions displayed in Web CRD as a result of the September 2015 release; the missing text was restored on November 25, 2015:
|14C((4)||entered an order against you in connection with investment-related activity?|
|14C(5)||imposed a civil money penalty on you, or ordered you to cease and desist from any activity?|
|14D(1)(d)||entered an order against you in connection with an investment-related activity?|
|14G(1)||regulatory complaint or proceeding that could result in a "yes" answer to any part of 14C, D or E? (If "yes", complete the Regulatory Action Disclosure Reporting Page.)|