Registration and Personnel Management
This chapter covers the registration, qualification, and continuing education of associated persons, and the disclosure and reporting duties tied to Form U4 and Form U5.
Registration and Qualification
Persons engaged in a member's securities business must be registered with FINRA and pass the applicable qualification examinations, including the SIE and a representative- or principal-level exam. Registration is initiated through Form U4, which must be kept current and truthful, disclosing employment history and reportable events such as certain criminal, regulatory, and financial matters. Fingerprinting and background checks are required.
Continuing Education and Termination Reporting
Registered persons must satisfy the Regulatory Element of continuing education and their firm's Firm Element training. When a registered person leaves, the firm files Form U5 within 30 days, stating the reason for termination truthfully; the firm must amend the U5 if it later learns new information. Statutory disqualification can bar an individual from association based on serious misconduct, subject to eligibility proceedings.