Registration, Licensing & CE
Key facts on Form U4/U5, top-off exams, CRD, and registration validity windows for the SIE.
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Questions Covered in This Set
10 cards to master
What three things are required to do securities business?
(1) Pass the SIE, (2) pass a top-off representative exam, and (3) be associated with and sponsored by a FINRA member firm.
Who is eligible to take the SIE exam?
Anyone 18 or older — no sponsorship, job, or industry association required.
How long do SIE results vs. top-off exam results/registrations stay valid?
SIE results are valid 4 years; top-off exams and registrations remain valid for 2 years after leaving a firm.
What is Form U4 and who files it?
The Uniform Application for Securities Industry Registration, filed electronically by the sponsoring firm through Web CRD; much of it appears on BrokerCheck.
What does the applicant agree to by signing the U4?
To arbitrate disputes with the firm, other members, and customers — the source of industry mandatory arbitration.
Amendment deadlines for the U4?
Material changes must be amended within 30 days of the firm learning of the event; certain criminal/regulatory events require prompt (10 business day) reporting under Rule 4530.
What is Form U5 and its filing deadline?
The Uniform Termination Notice, filed by the firm within 30 days of termination, stating reason (voluntary, permitted to resign, discharged, for cause) plus disclosures; the ex-employee receives a copy.
What is the two-year window?
After termination you may re-register with a new firm within 2 years without re-testing; after 2 years unregistered, exams lapse and must be retaken.
What is the Maintaining Qualifications Program (MQP)?
A program letting eligible individuals extend exam eligibility up to five years by completing annual continuing education.
What registered personnel must a firm generally have?
At least two registered principals and one Financial and Operations Principal (FinOp).
