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Posted by / 10-Dec-2019 16:12

Updating u4

An AWC is essentially a settlement agreement with Finra in which the representative (1) consents to (but does not admit or deny) certain "findings" as to the facts that underlie the violation, and (2) accepts certain sanctions.Sanctions generally include a monetary fine and a suspension.

If Finra determines that an adviser's failure to update their U-4 to reflect these events is "willful," then the adviser will be deemed permanently "statutorily disqualified" (SD) under securities laws.Put another way, Finra generally does not accept "ignorance of the law" as a defense to a charge of willfulness in this context.Once a representative is deemed to be SD, their firm will have to go through a costly and intrusive process of filing an application with Finra (called an "MC-400") requesting permission for the representative to remain associated with the firm.(Related read: How advisers bounce back from bankruptcy) Both of these scenarios can result in very significant, even devastating, consequences.Finra has reiterated over the last several years that they view timely and accurate Form U-4 reporting to be of critical importance to their mission of investor information and protection.

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