SIE: Statutory Disqualification

Statutory Disqualification

Under the Act (and FINRA bylaws), a firm or individual can be statutorily disqualified as a result of a statutory disqualifying event. A statutory disqualification prevents a person or member firm from continuing to work or operate in the securities industry. Statutory disqualification can result for members and associated persons who:

• • Have been expelled or suspended from membership in any self-regulatory organization, domestic or foreign, or denied trading privileges anywhere
• • Have been barred or suspended from associating with a member of any self-regulatory organization
• • Have been found by their conduct while associated with a broker-dealer to be a cause of any effective suspension or expulsion of another broker or dealer
• • Have associated with any person known to have been expelled or suspended or to have caused the same of another broker or dealer
• • Have been subject to temporary and permanent injunctions (regardless of their age) iss