Series 14: 7.3.5.8. Form U5 And Termination Of Service

7.3.5.8. Form U5 and Termination of Service

Should a person registered with a member firm resign or get laid off or fired, the member firm must file a Form U5 with FINRA within 30 days of the termination date. The firm must also provide a copy to the former employee within the same time frame. FINRA will assess a late filing fee on member firms failing to meet that deadline.

If a registered person leaves a member firm and associates with another member firm, the employee must provide a copy of Form U5 to the new employer upon request. The Form U5 must be provided either within two business days, if the employee has obtained the form from the ex-employer, or within two business days after receiving Form U5 from his ex-employer.

The filing of a U5 does not require the asso