The Financial Industry Regulatory Authority made a filing with the Securities and Exchange Commission to amend the Uniform Application for Securities Industry Registration or Transfer (Form U4) and the Uniform Termination Notice for Securities Industry Registration (Form U5). The changes include, among other things, revisions to the arbitration and civil litigation disclosure questions and clarifications to the reporting standards for sales practices violations alleged against registered persons. In addition, the filing raises the monetary threshold for reporting of settlements of customer complaints, arbitrations or civil litigation on the Forms, from $10,000 to $15,000, and revises the definition of “Date of Termination” in Form U5. FINRA indicated that it anticipates including the proposed changes in a software release to the Central Registration Depository at some point in the second quarter of 2009.
To read the filing, click here.