U-5 Forms

Form U-5, the Uniform Termination Notice for Security Industry Registration form, is used to track the careers of registered employees in the financial services industry. When a registered person's employment is terminated, a member firm has 30 days to complete and submit a Form U-5 to FINRA and give a copy to the employee. The purpose of the U-5 form is twofold: first, it operates as an industry-wide mechanism allowing prospective employers and public investors to thoroughly research the background of a potential employee or advisor. Second, Form U-5 assists FINRA in its regulatory capacity by alerting it to people suspected of misconduct, which in turn enables FINRA to initiate disciplinary proceedings as appropriate.

Outten & Golden attorneys have successfully negotiated and arbitrated the expungement of incorrect or defamatory information on employees’ U-5 forms.

(*Prior results do not guarantee a similar outcome.)