Series 6 Lesson 17 FINRA Regulations
Series 6 Lesson 17 FINRA Regulations  is this lessons topic. Under FINRA regulations, you are not allowed to disclose the contents of the FINRA exam to any other person. It must be kept completely confidential to maintain the integrity of the test.

When a broker-dealer hires a securities agent, they have to fill out a U4 Form. The agent must do everything he or she can to make sure that all information on the form is completely accurate.  You cannot omit any past convictions/problems. It has several sections, including you name, address, etc, your 5-year history of your residences, a 10-year employment history, and information about any legal trouble that you have had. You also have to submit fingerprints in order to complete a background check. You do not have to disclose your marital status or your education history.

Form U5 is used to terminate a registered representative. It outlines the cause of the termination. These are entered into FINRA’s BrokerCheck system. This form can be filled out for any reason, whether there was an infraction, or the person is simply retiring or is taking a different job in another industry. The broker-dealer has to fill this out within 30 days of the termination. An agent's registration is not transferred from one firm to the next. If you leave one firm, you will need to go ahead and fill out another U4 Form.

Registered representatives have to complete continuing education requirements, including a regulatory element requirement and a firm element requirement.

The regulatory element means that they have to participate in a training exercise within 120 after a person’s 2nd registration anniversary of your initial registration date and then again every three years after that. If he or she does not do this, their registration will fall into inactive status, and they will not be able to conduct any business.

The firm element is written training that firms developed that needs to be completed every year.  It covers overall investment features and risk factors, suitability and ethical sales practices, and regulatory requirements that apply to that person’s duties.

Each year, every firm needs to certify to FINRA that all of its employees have complied with the regulatory requirements. They also have membership fees that are based on the number of registered representatives that are employed by the firm.

Series 6 Lesson 17 FINRA Regulations

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