If you are a financial service employee, such as a broker, investment advisor, wealth manager, capital acquisition broker, work with funding portals or provide similar services, you are mostly likely subject to rules and regulations governed by the Financial Industry Regulatory Authority (FINRA).
If you are terminated, resign, or your employment otherwise ends – for any reason – your employer most likely will have to complete and submit a Form U5 to FINRA. Form U5 details how, and under what circumstances, you are leaving your employment.
Form U5 requires your firm to indicate whether your separation was full, and if so, provide a reason for your termination (“Discharged,” “Other,” “Permitted to Resign,” “Deceased” and “Voluntary”). If the reason for your separation was other than “Voluntary” or “Deceased,” then your firm is required to provide an explanation of the details and circumstances surrounding your departure.
We Can Help Protect Your Reputation, Career, & Future
If you separated under unfavorable or unfriendly terms, your firm may provide negative or harmful content and reasoning in your Form U5. This can potentially have a significant adverse impact on your reputation, ability to secure new employment and your career trajectory.
The information listed on your Form U5 may appear on your Broker Check reports, FINRA CRD or during other disclosure events. If you have inaccurate, negative or a misleading Form U5 you may miss out on new opportunities, customers or employers in the financial services field.
Your firm generally only has 30 days from the date of your separation to complete and submit your Form U5, but it may do it as soon as you are separated. This makes understanding how your employer will complete your Form U5 extremely time sensitive.
Call Attorneys Knowledgeable in Form U5 and FINRA in Massachusetts
We can help you work with your employer to complete your Form U5 and navigate other FINRA related-matters. To learn more about Form U5 and FINRA, call or contact the Maura Greene Law Group today to schedule a consultation.
The Not So Fine Print:
We see patterns in our practice, like the ones described above. However, every case has its own unique facts. Before you take any action, you should contact an employment lawyer and get advice on your own situation. We can’t provide legal advice here and this isn’t intended as legal advice. Keep in mind that it is best, if possible, to establish a relationship with an attorney before a workplace issue turns into a full-blown crisis. Employees who have received a verbal or written warning or performance improvement plan, should contact counsel now. Ditto for employees who are seeing their doctor for workplace related stress or anxiety.