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Question

Difficulty: MediumSelf-Regulatory Organizations (SROs) and FINRA

Match each uniform registration form used under SRO and FINRA regulatory oversight to its primary purpose.

  • Form U4Uniform application used by individuals to apply for registration as an associated person with SROs and states.
  • Form U5Uniform termination notice filed by a member firm to end an associated person's registration within 30 days.
  • Form BDUniform application filed by an entity to register as a broker-dealer with the SEC, FINRA, and states.
  • Form BRUniform filing used by a member firm to register, amend, or close a branch office location.

Answer

Form U4 matches the individual representative registration application; Form U5 matches the registration termination notice required within 30 days; Form BD matches the broker-dealer entity registration application; and Form BR matches the branch office registration filing.
Form U4 registers individual associated persons; Form U5 terminates individual registration within 30 days; Form BD registers broker-dealer entities; and Form BR registers individual branch office locations of member firms.

Step-by-Step Solution

1
Identify individual registration requirements
Form U4 is required to register individuals with FINRA and state administrators.
Individual regulatory disclosure and qualification depend on Form U4 submissions to the Central Registration Depository (CRD).
2
Identify termination notification procedures
Form U5 must be submitted by the member firm within 30 days of termination.
FINRA rules mandate prompt filing of Form U5 to update the individual's public CRD record and regulatory status.
3
Distinguish entity registration from branch location registration
Form BD registers the broker-dealer firm as an legal entity, whereas Form BR registers specific branch office locations.
SRO oversight requires separate registration forms for firm-level entities versus individual operational branches.

Key Concept

FINRA Uniform Registration Forms and Compliance Filings
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Topics

Self-Regulatory Organizations (SROs) and FINRA

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