What is a 4530 filing?

Rule 4530(f) requires firms to promptly file with FINRA copies of specified criminal actions, civil complaints and arbitration claims. Firms may file the required documents either electronically (as a scanned email attachment or scanned and saved on a disk) or in paper form.

What is reportable to FINRA?

FINRA Rule 4530(b) states that each member firm shall promptly report to FINRA, but in any event not later than 30 calendar days, after the firm has concluded or reasonably should have concluded that an associated person of the firm or the firm itself has violated any securities-, insurance-, commodities-, financial- …

What misdemeanors need to be reported to FINRA?

Form U-4 requires reporting of anycharge or conviction of, or guilty and no contest plea to: (1) any felony or misdemeanor involving investments or investment-related business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to …

What is reportable on a U4?

Whether it is reportable on Form U4 is dependent upon whether it is a sales practice violation. Complaints that allege a “sales practice violation” that involve an amount not less than $5,000 in damages are reportable.

How long must a FINRA member firm maintain a file copy of a complaint?

Customer complaint records shall be preserved for a period of at least four years.

Is FINRA membership mandatory?

In connection with the mandatory membership requirement, FINRA established a waive-in process to expedite the approval of membership applications of the approximately 86 NYSE member organizations that must now become FINRA members. That process is set forth in NASD IM-1013-1 , approved by the SEC on October 12, 2007.

What is a FINRA complaint?

Through its Complaint Program, FINRA investigates complaints against brokerage firms and their employees. FINRA is empowered to take disciplinary actions against brokers and their firms. Sanctions may include fines, suspensions, a barring from the securities industry or other appropriate sanctions.

Can you get a job at FINRA with a misdemeanor?

Furthermore, in relation to criminal offenses, Section 3(a)(39) of the Exchange Act states that disqualification criteria to FINRA includes certain misdemeanor and all felony criminal convictions for a period of ten years from the date of conviction.

What happens if you are barred from FINRA?

Individuals who have been barred by FINRA as a result of a disciplinary decision or expedited proceeding will not appear on this list until the decision becomes a final FINRA action and the time period provided for an appeal permitted under the Exchange Act has expired….

What must be disclosed on a U4 form by an individual applying for registration with a Member firm?

Any person filing Form U4 is required to disclose all felony convictions regardless of when they occurred. The person seeking registration will be statutorily disqualified if the conviction was within the last 10 years. The person may be registered if she requests and receives permission at a special hearing.

Can disclosures be removed from U4?

While you are required to report a bankruptcy on your Form U4, there will be an opportunity to remove the disclosure at some point, assuming that you do not repeatedly file for bankruptcy or are the subject of involuntary bankruptcy proceeding cases.

What is FINRA Rule 4530 (reporting requirements)?

FINRA Rule 4530 (Reporting Requirements) requires firms to report to FINRA specified events, such as a settlement against a firm in excess of $25,000, and quarterly statistical and summary information regarding written customer complaints.

What is rule 4530 (F)?

Rule 4530 (f) requires firms to promptly file with FINRA copies of specified criminal actions, civil complaints and arbitration claims. Firms may file the required documents either electronically (as a scanned email attachment or scanned and saved on a disk) or in paper form.

How do I report on aggregate reporting under Rule 4530 (a) (1) (h)?

For purposes of FINRA Rule 4530 (a) (1) (H), a firm may submit a single report via the Regulatory Filings Application that includes aggregate information regarding the firms that are subject to reporting for a particular reporting period. The reporting firm should list the names of the other firms in the “Details for Disclosure Event” field.

How do I import a 4530 disclosure?

In order to import a filing containing one or more complaints, the file must adhere to FINRA’s XML Format for 4530 Disclosures. See the valid list of Rule 4530 Disclosure Event Codes required for specified events. FINRA Rule 4530 (d) requires firms to report quarterly statistical and summary information regarding written customer complaints.