Form U4 and Form U5
Chapters in this video
- 0:00 Riley's career starts: Form U4 registration basics
- 0:37 Who files Form U4, and when
- 1:50 The $5,000 complaint threshold and felony charges trap
- 3:35 Continuing obligation: 30-day and 10-day update deadlines
- 4:16 Form U5 termination and the 30-day filing rule
- 5:25 Firm's duty to amend and the two-year jurisdiction window
- 6:21 BrokerCheck: what the public sees from U4 and U5
- 7:28 Rapid-fire exam recap
What this video covers
- Who bears legal responsibility for filing Form U4 and Form U5, and why the individual never submits either form
- The purpose and timing of Form U4 registration, and the specific disclosures required including criminal history, regulatory sanctions, and the $5,000 customer complaint threshold
- Why felony charges must be disclosed on Form U4, not just convictions, and why a baseless customer complaint still triggers reporting if it alleges $5,000 or more in damages
- The continuing obligation to update Form U4 within 30 days for material changes, and the accelerated 10-day deadline that applies only to statutory disqualifications
- The purpose and timing of Form U5 termination, including the 30-day filing deadline and the firm's ongoing duty to amend until final disposition of any reportable matter
- Why regulators retain jurisdiction over a terminated representative for at least two years post-termination
- What BrokerCheck displays to the public from both forms, and why anyone can search it with no account required
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete SIE course in the app is free too, including adaptive practice questions and spaced-repetition flashcards.