“Ask An AdvisorLaw Expert” is a video series where we ask some of our most esteemed colleagues questions commonly asked by financial advisors. This week, we’re focusing on the topic, “New Disputes And Form U5 Terminations,” with our President and Founder, Doc Kennedy, MBA, J.D.
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Full Transcript:
Well, 30 days is the short answer. Form U5’s are supposed to be filed within 30 days from the event. Now, being terminated requires that the firm who terminated you populate and complete various filings that are then submitted to the CRD or to the SEC. Namely, the Form U5. Form U5 pertinent to termination is whether or not there are allegations that you violated industry rule regulation or state securities statute. Within that 30-day time frame, the firm’s compliance, the parting firm’s compliance, will make a determination as to what allegations they will report to the CRD system as far as what it was that constitutes a violation of a rule, regulation, or security statute.