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Reviewing & Updating Form U4 & Form ADV Part 2B

June 27, 2022

Join Senior Vice President Jarrod James as he provides advice on reviewing and updating Form U4 and Form ADV Part 2B, along with general best practices for reviewing investment adviser documents.

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What is a Form U5?

November 02, 2018

The Form U5 is the Uniform Termination Notice for Securities Industry Registration. Investment advisor firms must use the Form U5 to terminate with a state securities regulator the registration of an individual serving as an investment adviser representative. Similar to the Form U4, the Form U5 is filed electronically via the Web CRD.

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Is the information on the Form U4 available to the public?

November 02, 2018

The Investment Adviser Public Disclosure (“IAPD) database allows public users to search for investment adviser representatives. The information published by the IAPD about the investment adviser representative includes qualifications, such as licenses, professional designations, and any exams passed; previous employment, including a list of firms where the investment adviser representative was previously registered, as well […]

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What happens to the Form U4 if an Investment Adviser Representative leaves a registered investment advisor firm and starts at another investment advisor firm?

November 02, 2018

As a general rule, when an investment adviser representative leaves an investment advisor firm, the former investment advisor firm will file a Form U5 disclosing the termination of the investment adviser representative’s affiliation as an investment adviser representative with the former investment advisor firm. The new investment advisor firm that the investment adviser representative joins […]

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What happens if the individual registering as an Investment Adviser Representative has a “yes” answer/disclosure event on the Form U4?

November 02, 2018

If the answers to any disclosure questions (i.e. criminal actions, regulatory disciplinary actions, customer complaints, arbitrations, civil litigation, termination, financial matters) on the Form U4 are “yes”, then the investment adviser representative is required to disclose additional details of the event or proceeding on the appropriate Disclosure Reporting Page (“DRP”) to the Form U4. Each […]

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When does an Investment Adviser Representative need to update a Form U4?

November 02, 2018

Whenever there is a material change to information that should be disclosed on the Form U4, the investment adviser representative has an obligation to update promptly that information. Typically, this means filing an amended Form U4 within 30 days of the material change. Failure to do so can lead to fines, suspensions, or even being […]

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Do state securities regulators require an individual applying to register as an Investment Adviser Representative to submit a fingerprint card?

November 02, 2018

Although most state securities regulators do not require an investment adviser representative only applicant to submit fingerprint cards, the state securities regulators for Alaska, Arizona, District of Columbia, Georgia, Florida, Indiana, Maine and Ohio require fingerprint cards when registering as an investment adviser representative. In order to confirm whether a fingerprint card is required, an […]

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What information does an Investment Adviser Representative include on his or her Form U4?

November 02, 2018

The following is a list, not necessarily in order of the form, of information that needs to be provided by the investment adviser representative when completing a Form U4: Full name, any previous names, and any name changes (usually applicable when filing an amendment) of the investment adviser representative; Start date of the investment adviser […]

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Are there state securities regulators that do not require filing a Form U4 for registration of an Investment Adviser Representative?

November 02, 2018

Yes, there are a few states such as New York and Wyoming that do not register individuals as investment adviser representatives and therefore do not require the filing of the Form U4. However, these state securities regulator may have an alternative requirements/filings related to minimum qualifications and designation of supervisors. For example, the New York […]

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