The Michigan Uniform Termination Notice for Securities Industry Registration is a form that must be filed with the Michigan Department of Insurance and Financial Services (DIES) when an individual or firm terminates their securities registration in the state of Michigan. This form must be filed by the terminating individual or firm, and must include the individual or firm's name, address, business telephone number, the date of termination, and a statement of the termination in accordance with the Michigan Uniform Securities Act. There are two types of Michigan Uniform Termination Notice for Securities Industry Registration: one for individual registration and one for firm registration. Both forms must be completed in full and filed with the DIES within 30 days of the termination.
Michigan Uniform Termination Notice for Securities Industry Registration
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How to fill out Michigan Uniform Termination Notice For Securities Industry Registration?
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FAQ
Although there are different types of Form U5 termination filings, such as reporting full or partial terminations or amending past Forms U5, when it comes to full terminations, there are really only three causes: death, being fired and voluntarily resigning.
Who Files a Form U5? Entitled system users at broker-dealer and investment adviser firms are required to file Forms U5 on behalf of registered representatives and investment adviser representatives. The form must disclose why an individual left the firm and other certain events.
The form u-5 Form U5 requires firms to indicate whether a termination was full, and if so, give a Reason for Termination (?Discharged,? ?Other,? ?Permitted to Resign,? ?Deceased,? or ?Voluntary?), and a Termination Explanation if the reason for termination was ?Permitted to Resign,? ?Discharged,? or ?Other.?
The form u-5 Form U5 requires firms to indicate whether a termination was full, and if so, give a Reason for Termination (?Discharged,? ?Other,? ?Permitted to Resign,? ?Deceased,? or ?Voluntary?), and a Termination Explanation if the reason for termination was ?Permitted to Resign,? ?Discharged,? or ?Other.?
The Form U5 is the Uniform Termination Notice for Securities Industry Registration. Broker-dealers, investment advisers, or issuers of securities must use this form to terminate the registration of an individual in the appropriate jurisdictions and/or self- regulatory organizations ("SROs").
Although there are different types of Form U5 termination filings, such as reporting full or partial terminations or amending past Forms U5, when it comes to full terminations, there are really only three causes: death, being fired and voluntarily resigning.
Full Form: A full Form U5 is used when terminating an individual from the firm. Registrations with all SROs and jurisdictions will be terminated. Partial Form: A partial Form U5 is used to terminate individuals from selected SROs and jurisdictions.
As stated in Regulatory Notice 17-30, to be eligible for the waiver program, FINRA requires individuals to start working for a member's financial services affiliate promptly and in no event later than 30 calendar days after the member has terminated the individual's registration.