Terminate a BD Firm Registration
Firms are able to file full or partial withdrawals of registration by submitting Form BDW, the Uniform Request for Broker-Dealer Withdrawal.
A partial withdrawal ends registration with one or more specified jurisdictions and/or SROs, but not with the SEC. Registration with at least one SRO and jurisdiction must be maintained in order to submit the filing.
Remember: Partial Form U5 and Form BR withdrawals should be filed to terminate the appropriate SRO and/or jurisdiction registrations for your firm’s branches and registered individuals prior to the submission of the partial Form BDW.
A full withdrawal terminates registration with FINRA, all other self-regulatory organizations (SROs), the U.S. Securities and Exchange Commission (SEC) and all jurisdictions.
Please remember the following items when terminating your firm’s registration:
Before Filing Form BDW
- File a Form BD amendment to update inaccurate or incomplete information, pursuant to Article IV, Section 1 (c) of the FINRA By-Laws.
File Form U4 amendments to update inaccurate or incomplete information for registered representatives, pursuant to Article V, Section 2 (c) of the FINRA By-Laws.
Note: Remember to add employment end dates as appropriate via Form U4 amendment. The Employment History section of an individual’s CRD record cannot be updated via Form U5.
After Filing Form BDW
- File a Form BD amendment to remove individuals from Schedules A/B, leaving at least one control person on Schedule A to finalize shutdown activities for the firm.
- File U4 Page 2 Amendment(s) for Schedules A/B to add an appropriate Employment end date in the Employment History section (Section 12). All U4 Page 2 Amendments must be submitted within 60 calendar days from the BDW filing date.
- Submit Form(s) U5 to terminate registration for individuals registered with the firm. To avoid an RR Term No U5 registration status, all Form(s) U5 must be submitted within 60 calendar days from the BDW filing date.
- The Designated Custodian for terminating firms must send the completed Custodian Consent Form as a scanned email attachment to [email protected] Designated Custodians that are unable to submit the form via email should contact the FINRA Gateway Call Center at (301) 869-6999 to make alternative arrangements.
- Be aware that some jurisdictions may have additional filing requirements for withdrawing a firm registration. Make sure that you contact the appropriate jurisdictions for their specific filing requirements. A directory of states/jurisdictions is available on the North American Securities Administrators Association website.