FINRA Response and U4/U5 Explanations – Get it Right the First Time and be Consistent
In my practice I have noticed a recent uptick in terminations for cause as well as (particularly in the case of a registered representative attempting to change firms) the necessity to provide an explanation for any CRD blemish to new broker dealers, clearing firms and insurance companies. Terminations for cause from a broker dealer automatically trigger an inquiry from FINRA and often one or more states. The RR’s response to this inquiry is very important in that the response has [...]