Thursday, October 4, 2012

FINRA Notice of New Procedures for Late Disclosure Fees

FINRA has implemented new procedures regarding application of the late disclosure fee under Section 4(h) of Schedule A to the FINRA By-Laws to the reporting of judgment/lien events on Forms U4. Under the new procedures, FINRA is requesting that member firms provide the date the registered person learned of the judgment/lien on Form U4 when reporting such events and will assess the late disclosure fee based on that date.

The full FINRA Notice is available at its web site. If you have questions or issues with U-4 or U-5 disclosures, contact my firm at to see if we can help you with those questions, or to remove questionable disclosures through an expungement procedure.

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