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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?

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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 category of items listed above has a unique DRP page asking for particular details of the disclosure event. Certain disclosure events will require multiple DRP updates. For example, when a matter arises (i.e. complaint received arbitration or litigation served, bankruptcy petition filed) and upon a change in the status or at final disposition of the matter (i.e. complaint settled, arbitration order issued, litigation settlement, bankruptcy discharged).

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