The Virginia Uniform Notice of Termination or Withdrawal of Registration as a Broker-Dealer is a notice of termination of a broker-dealer's registration with the Virginia State Corporation Commission (SCC). This notice is sent when a broker-dealer has decided to voluntarily withdraw from registration in Virginia or when the SCC has determined that the broker-dealer is no longer qualified to remain registered. This notice is used to inform the SCC of the broker-dealer's decision and to provide the SCC with information about the withdrawal or termination. There are two types of Virginia Uniform Notice of Termination or Withdrawal of Registration as a Broker-Dealer: Voluntary Withdrawal and Termination by SCC. Voluntary Withdrawal: When a broker-dealer decides to voluntarily withdraw from registration in Virginia, they must submit a Virginia Uniform Notice of Termination or Withdrawal of Registration as a Broker-Dealer. This notice must include information such as the broker-dealer's name, address, and contact information, reasons for the withdrawal, and a statement affirming that the broker-dealer does not have any pending customer complaints or investigations in the state of Virginia. Termination by SCC: When the SCC has determined that the broker-dealer is no longer qualified to remain registered, they will issue a Virginia Uniform Notice of Termination or Withdrawal of Registration as a Broker-Dealer. This notice must include information such as the broker-dealer's name, address, and contact information, the reason for the termination, and a statement affirming that the broker-dealer does not have any pending customer complaints or investigations in the state of Virginia.
Virginia Uniform Notice of Termination or Withdrawal of Registration as a Broker-Dealer
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How to fill out Virginia Uniform Notice Of Termination Or Withdrawal Of Registration As A Broker-Dealer?
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FAQ
Form U5 is the Uniform Termination Notice for Securities Industry Registration. Form U4 and Form U5 are submitted by broker-dealers and are designed to report information about registered representatives. Form U6 is the Uniform Disciplinary Action Reporting Form and is filed by regulators.
Submit Form U5 to terminate registration for individuals registered with the firm. All Form U5s must be submitted within 60 calendar days from the BDW filing date. The Designated Custodian for terminating firms must send the completed Custodian Consent Form as a scanned email attachment to BDW@finra.org.
Firms are able to file full or partial withdrawals of registration by submitting Form BDW, the Uniform Request for Broker-Dealer Withdrawal.
What is the difference between U4 and U5? U4 is filed with FINRA when an investment representative joins the broker-dealer, while U5 is used when the employee leaves. A broker-dealer must file Form U4 for newly hired investment representatives to register them with FINRA as an associate of their firm.
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").
GENERAL INSTRUCTIONS 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").
The Form U4 (Uniform Application for Securities Industry Registration or Transfer) is used to establish that registration. FINRA, other self-regulatory organizations (SROs) and jurisdictions use the Form U4 to elicit employment history, disciplinary and other information about individuals to register them.