3043808
| Question | Answer |
| Statutory Disqualification | The SEC can delay or deny the application of a broker/dealer if the application is intentionally incorrect or if any person associated with the broker/dealer: - Has been convicted within ten years of any securities-related crime -has willfully violated the provisions of any Federal Securities Act -Has been expelled or suspended from any SRO -Is subject to an order denying, suspending or revoking registration |
| Application for Registration (Form U4, Form BD, Form ABV) | Application by any person for registration with FINRA: -must be properly signed by the applicant -Every application for registration filed with the corporation shall be kept current at all times by amendments filed electronically -Such amendment to the application must be filed NOT LATER THAN 30 days after learning of the facts or circumstances giving rise to the amendment -If amendment involves a statutory disqualification the amendment must be filed NOT LATER THAN 10 days after such disqualification occurs |
| Voluntary Termination | A registered rep. must resign (U%) and reapply (U4) for registration before joining another broker/dealer -U5 is required to be filed within 30 days -A registered rep. CANNOT transfer registration -Once terminated the registered repwill have to re-test unless they register with another broker/dealer within two years -Form U5 must be amended with the person's name and/or address changes for an additional two years after initial filing |
| Definition of Representative | Persons associated with a member, including assistant officers other than principals, who are engaged in the investment banking or securities business for the member including the functions of supervision, solicitation or conduct of business in securities or who are engaged in the training of persons associated with a member for any of these functions are designated as representatives |
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