Statutory Disqualification
Chapters in this video
- 0:00 What statutory disqualification means for Riley
- 0:56 Felony versus misdemeanor trigger rules
- 2:22 Non-criminal tripwires: injunctions, expulsions, willful violations
- 3:05 False filings and the transparency trap
- 3:42 The 10-year look-back from conviction date
- 4:45 Nolo contendere equals guilty plea
- 5:27 MC-400 relief and three required proofs
- 6:30 Rapid-fire exam recap
What this video covers
- Why any felony within 10 years triggers statutory disqualification, but misdemeanors only count if they involve securities, insurance, banking, financial activity, or dishonesty
- How non-criminal events, including court injunctions, SRO expulsions, willful regulatory violations, and false filings, can instantly trigger disqualification
- Why the 10-year look-back clock starts on the conviction date, not the offense date, and how this distinction appears as a classic exam trap
- Why a nolo contendere (no contest) plea counts identically to a guilty plea for disqualification purposes, starting the same 10-year clock
- What the Membership Continuance Application (MC-400) process requires: adequate supervision, public interest, and accepted restrictions
- Whether a statutorily disqualified person can ever associate with a member firm again, and what conditions FINRA may impose
Read the full lesson, free
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