02-032 C.M.R. ch. 504, § 4 - Termination, transfer and withdrawal

1. Termination of agent's employment or association. Pursuant to Section 16408(1) of the Act, if an agent licensed under the Act terminates (A) employment by or association with a broker-dealer or (B) activities that require licensing as an agent, the broker-dealer shall complete Form U-5 in accordance with the form instructions and promptly file the form with CRD. If the agent learns that the broker-dealer has not filed the form, then the agent shall promptly file it. The form will be considered to be filed "promptly" if it is filed within thirty (30) days of the termination.

2. Transfer of agent's employment or association. Pursuant to Section 16408(2) of the Act, if an agent licensed under the Act terminates employment by or association with a broker-dealer licensed under the Act and begins employment by or association with another broker-dealer licensed under the Act, an initial application for licensure must be filed in compliance with Section 16406 of the Act and Section 3 of this chapter.

3. Withdrawal of broker-dealer or agent licensing. The application for withdrawal of licensing pursuant to Section 16409 of the Act shall be made by a broker-dealer completing Form BDW or Form U-5, or by an agent completing Form U-5, in accordance with the form instructions, and by filing the form with CRD.

Notes

02-032 C.M.R. ch. 504, § 4