Devoted to Corporate Attorneys, Corporate Lawyers, and Corporate Counsel

The following is not meant to be legal advice.

In filling out a U-5 full termination for the NASD, a broker-dealer needs to make sure that it has its branch ID number.  The branch codes are gathered from the billing reports.

The filling out of a U-5 full termination form requires filling in the date of the termination, giving a reason if it is not a voluntary termination, and if it is a clean U-5, marking “NO” to everything. 

A broker-dealer should only terminate someone if the person, in writing, indicates his/her termination date and states it is a clean U-5 in a letter or gives a reason for the termination.

Any termination must be done in around 30 days, otherwise there is a penalty charge.