Notification of Status Changes

What this video covers

• The two independent triggers that mandate prompt notification to the Administrator: beginning or terminating a connection with a broker-dealer (BD) or issuer, and beginning or terminating the activities that make someone an agent
• Why a same-firm role change (from clerical to sales, or sales to clerical) is a notification event even though no firm switch occurs
• The triple notification requirement: why the agent, former employer, and new employer must each notify the Administrator independently when an agent moves between firms
• Why failure by any single party, including the former employer, is a separate violation of the Uniform Securities Act (USA) and does not affect the other parties
• How the former employer satisfies its notification duty by filing Form U5 (Uniform Termination Notice for Securities Industry Registration) through the Central Registration Depository (CRD) within 30 days of termination
• The five termination reason categories on Form U5 and why "permitted to resign" is never a clean voluntary resignation
• What misconduct-related disclosures the Form U5 requires, and the agent's right to add a comment if they disagree with the firm's characterization