SIE practice questioneasyForm U5
When a registered representative leaves a broker-dealer, the firm must file Form U5 within how many days?
- A10 days
- B60 days
- C90 days
- D30 days✓ Correct answer
Explanation
Why D — 30 days
When an associated person is terminated (voluntarily or involuntarily), the broker-dealer must file Form U5 (Uniform Termination Notice for Securities Industry Registration) within 30 days of the termination date. This form discloses the reason for termination and becomes part of the individual's CRD record, viewable through BrokerCheck.
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