Q: More than two years ago, after I left my last job, I had a client file an arbitration action against me and my former employer. The case recently settled. My current employer had already listed this action on my U4, but my former firm just filed an amended U5 disclosing the incident. So now it looks like I have two matters on my record when it’s really just one. Did my former firm have the right to file an amended U5 after all this time?

A: Under Article V, Section 3 of the FINRA bylaws, firms are required to file an amended Form U5 when they learn of facts or circumstances that make a previously filed Form U5 inaccurate or incomplete.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access