Devoted to Corporate Attorneys, Corporate Lawyers, and Corporate Counsel

The following is not meant to be legal advice.

For a representative to obtain a U-5, he/she has to contact his/her prior broker-dealer or write a letter/fax to the NASD, attention to Quality Service.  The representative will need to sign a letter and put the address in the letter where he/she wants the U-5 sent.

The new employer or broker-dealer cannot contact the NASD to obtain the U-5.

In the NASD bylaws, it is required that the firm provide a copy of the U-5 and its amendments to fully terminated employees no later than 30 days after the date of termination. 

Some firms have house rules on these types of procedures.  Other house rules may include requiring a representative to have both the S63 and S6 in order to sell variable annuities.  Another house rule may relate to states in a registration.  If the representative wants to add additional states to the registration, he/she needs to obtain a written request from a program manager and file the additions with the NASD.  Each state costs the firm additional money.