Update an Individual's Registration
MARCH 18, 2020
Due to the coronavirus pandemic (COVID-19), FINRA is providing temporary relief for member firms from rules and requirements in the Frequently Asked Questions below. The relief provided does not extend beyond the identified rules and requirements. As coronavirus-related risks decrease, member firms should expect to return to meeting any regulatory obligations for which relief has been provided. When appropriate, FINRA will publish a Regulatory Notice announcing a termination date for the regulatory relief that will provide member firms with time to make necessary operational adjustments.
Registered individuals and firms share a continuing obligation to promptly update a registered representative’s (RR) Form U4 - Uniform Application for Securities Industry Registration or Transfer if any information changes or becomes inaccurate. This is done by submitting a Form U4 amendment electronically through Web CRD unless the filer is an approved paper filer.
The Form U4 must be amended within 10 days of learning of a statutory disqualifying event. For all other types of amendments, the Form U4 should generally be updated no later than 30 days after learning of facts or circumstances that prompt an update. FINRA charges a late disclosure fee when a firm fails to report a disclosure event in a timely manner.
Firms can allow their RRs to edit a pending Form U4 filing in Web CRD. The firm user must select the ‘Allow Rep Edits’ feature in Web CRD for the specific U4 filing and provide the RR with the reference number of that filing.
The firm can provide the RR with the link to the Web CRD Registered Representative Site and after logging on to the site, the RR will be prompted to enter the reference number which will allow him or her to access and edit the pending Form U4 filing. Then the RR may submit the filing back to the firm for final review and submission of the form by the firm. RRs cannot submit filings to regulators.
Steps for Filing an Update
- Login to Web CRD or Firm Gateway to submit a Form U4 amendment.
- Review the Form U4 and the Form U4 Instructions.
- Review the Web CRD Quick Reference Guide on Form U4 quick reference guide for information on how to file a Form U4 amendment electronically in Web CRD.
- To review or verify information that has been filed through the Form U4, an individual Snapshot Report can be requested by individuals who are or have been registered as a broker or investment adviser representative.