Form U5 is the Uniform Termination Notice for Securities Industry Registration, and your firm files it through FINRA’s Web CRD system every time a registered person leaves, no matter the reason. The firm fills it out and submits it, not the departing person, and the form tells regulators why that person left and whether anything reportable happened on the way out.
This form carries real weight because the answers in Section 3 and Section 7 land on BrokerCheck for the public to see. A wrong word in the termination explanation can stall a person’s next job, trigger a regulatory look, or spark a defamation claim. FINRA requires the filing within 30 days of the end date, and roughly 600,000-plus registered representatives sit in the CRD system, so firms file these notices by the thousands each year. The current layout most filers reference is Rev. Form U5 (05/2009), completed on screen in Web CRD.
Here is what you will learn in this guide:
- 📋 What each box, line, and section of Form U5 asks and exactly how to answer it
- ✍️ How to word the Reason for Termination and Termination Explanation without creating legal risk
- 🧾 Which documents and numbers to gather before you open the form
- ⚖️ How the six disclosure questions and DRPs work, with real filled-in examples
- 🚀 How to file, what happens next, and how a person can dispute or expunge an unfair entry
What the Form U5 Is and Who Must File It
Form U5 is the official notice that ends a person’s registration with self-regulatory organizations (SROs) like FINRA and with state jurisdictions. It is the bookend to Form U4, which opened the registration in the first place. When a broker-dealer, investment adviser, or issuer of securities cuts ties with a registered person, the firm uses Form U5 to close that registration in every jurisdiction and SRO where it applies.
The firm files this form, never the individual. Entitled system users at the firm, usually compliance or registration staff, submit it on the person’s behalf through Web CRD or IARD. The departing person does not control the filing, though they have the right to receive a copy and, in some cases, add a brief statement.
FINRA By-Laws Article V, Section 3 is the rule that requires this filing within 30 days of the end date. In plain English, the law says the firm must tell regulators promptly when someone leaves. The consequence of ignoring it is a late fee and possible disciplinary action against the firm for failing to report. For example, when Pinnacle Securities let a producing broker go but waited 70 days to file, FINRA flagged the firm for a late U5 and assessed fees. A common misconception is that the individual can file their own U5 if the firm drags its feet, but only the firm can submit it, and a person’s remedy is to push the firm or report the failure to FINRA.
Three filing types exist, and picking the right one matters:
- Full Form U5 ends every registration with all SROs and jurisdictions at once.
- Partial Form U5 ends only selected SROs or jurisdictions while the person stays registered elsewhere, and it skips the reason for termination and disclosure questions.
- Amendment Form U5 updates disclosure, the termination date, the reason for termination, or residential information after the first filing.
Before You Start: Documents and Information You Need
Gather everything below before you open the form, because Web CRD prepopulates some fields from the existing U4 and a mismatch there forces you to stop and fix the U4 first. Missing one of these items is the top reason a filing stalls.
- Individual CRD number. This is the unique ID FINRA assigns the person; without it the system cannot match the filing to the right record.
- Firm CRD number. This identifies your firm; an incorrect number routes the notice to the wrong entity.
- Individual Social Security Number. The system cross-checks identity, and a missing SSN means you must call FINRA’s Gateway Call Center before you can proceed.
- Exact employment end date. This date sets the 30-day clock and decides whether the person must requalify by exam later; guessing the date can cost them a waiver.
- Current residential address. A P.O. Box is not allowed, and an old address breaks the firm’s two-year duty to keep it current.
- The full legal firm name as it appears on Form BD or Form ADV, because abbreviations get rejected.
- The reason the person left and any supporting facts, so your Section 3 language is accurate and defensible.
- Records of any reportable events, such as customer complaints, investigations, internal reviews, or regulatory actions, since these drive the Section 7 answers and DRPs.
- NFA numbers for the firm and individual if the form will also be filed with the National Futures Association.
- Name and phone number of a firm contact who can answer regulator questions about the filing.
If any item is missing, do not file a partial guess. An incorrect end date or a skipped disclosure forces an amendment later and can look like the firm hid information, which invites a regulatory inquiry.
Where to Get the Form and How to Access It
Almost every Form U5 is filed electronically, and broker-dealer terminations cannot be filed on paper at all. You reach the form by logging into FINRA Gateway with your firm’s entitled-user credentials, then opening the individual’s record and selecting the U5 filing. Investment adviser representatives are handled through the IARD system, which shares the same CRD backbone.
The blank official form, the instructions, and the Explanation of Terms all live on FINRA’s Form U5 page. Download the Form U5 instructions PDF and the Explanation of Terms before you start, because the definitions decide how you answer the disclosure questions.
Paper filing is the rare exception, allowed only for certain adviser or issuer terminations, and it requires you to keep a signed original on file for regulators. A common misconception is that you can pull a U5 off a random state website and mail it in; the safe path is the official FINRA version filed through Web CRD, since state copies may be outdated revisions.
Step-by-Step: How to Fill Out Form U5 Line by Line
The form moves in numbered sections. Complete them in order, because later sections depend on choices you make earlier, like whether the termination is full or partial.
Section 1: General Information
What it asks in plain English. This section identifies the person leaving and the firm filing the notice.
How to answer it. Enter the First Name, Middle Name, Last Name, and Suffix exactly as they appear in the CRD record, with no nicknames or abbreviations. Then confirm the prepopulated Firm CRD Number, Firm Name, Individual CRD Number, and Individual SSN.
Example entry. For a broker named Robert James Calloway Jr., the staff types Robert in First Name, James in Middle Name, Calloway in Last Name, and Jr. in Suffix.
Nuance or edge case. If the person has no middle name, leave that field blank rather than typing “NMN” or a placeholder. If the office of employment address is wrong, you must file a U4 amendment first, because the U5 pulls it from the U4.
Common mistake and consequence. Typing a nickname like Bob instead of Robert creates a mismatch with SSA and CRD records, which can hold up processing and confuse the person’s BrokerCheck history.
Misconception. Some filers think they can fix a wrong firm name right here on the U5; they cannot, since the name flows from Form BD or Form ADV and must be corrected at the source.
Section 2: Current Residential Address
What it asks in plain English. This is where the person actually lives right now.
How to answer it. Enter the From (MM/YYYY) date the person started living there, then the Street Address, City, State, Country, and Postal Code. Complete this section for both full and partial terminations.
Example entry. Maria Lopez, leaving her firm, lists 09/2021 in the From field and 148 Maple Ridge Drive, San Jose, CA, United States, 95126.
Nuance or edge case. A post office box is never acceptable here, even if that is where the person gets mail. The person must keep this address current for two years after termination because regulators may need to reach them.
Common mistake and consequence. Entering a P.O. Box gets the address rejected and breaks the firm’s reporting duty, which can resurface as a compliance gap if the regulator tries to contact the person.
Misconception. People assume the firm stops caring about their address once they leave, but the individual stays under regulator jurisdiction for at least two years and must report moves to CRD.
Section 3: Full Termination
What it asks in plain English. This asks whether you are ending all registrations and, if so, why the person left.
How to answer it. Answer “yes” to terminate every registration with all SROs and jurisdictions. Then pick the Reason for Termination from the pick list: Voluntary, Deceased, Permitted to Resign, Discharged, or Other. If you choose Permitted to Resign, Discharged, or Other, you must write a Termination Explanation in the space provided. If this is a partial termination, answer “no” and jump to Section 5.
Example entry. When broker Daniel Okafor resigns to join a competitor with nothing reportable, the firm selects Voluntary and leaves the explanation blank because none is required.
Nuance or edge case. Permitted to Resign sits between Voluntary and Discharged and signals the firm gave the person a choice to quit ahead of being fired; it almost always needs a careful, factual explanation. Keep the explanation strictly factual, since this text shows on BrokerCheck.
Common mistake and consequence. Writing a vague or loaded explanation like “let go for trust issues” invites a defamation claim and a possible expungement fight, and FINRA can sanction a firm for a false or misleading reason.
Misconception. Many believe Voluntary is always the “safe” choice; coding a true firing as Voluntary to be nice is itself a false filing that can expose the firm to discipline.
Section 4: Date of Termination
What it asks in plain English. This is the exact day the firm ended the person’s registered association.
How to answer it. Enter the date as MM/DD/YYYY. A complete entry is required, and you cannot leave it blank.
Example entry. If Daniel Okafor’s last day in a registered capacity was March 14, 2026, the firm types 03/14/2026.
Nuance or edge case. SROs and jurisdictions use this date to decide whether the person must requalify by exam or get a waiver when they join a new firm. The SRO, not the firm, sets the official effective date of termination.
Common mistake and consequence. Listing a payroll separation date instead of the registration end date can shorten the person’s two-year window incorrectly and force a costly retake of qualifying exams.
Misconception. Filers think the date can be approximate; it must be exact, and any later change requires an amendment that explains the basis for the correction.
Section 5: Partial Termination
What it asks in plain English. This section ends only some registrations while the person stays registered elsewhere.
How to answer it. Reach this section only after answering “no” in Section 3. In 5A SRO Partial Termination, check the SROs and registration categories to end, keeping at least one SRO unless the firm is intra-state. In 5B Jurisdiction Partial Termination, choose broker-dealer agent (AG) or investment adviser representative (RA) and select the jurisdictions to drop.
Example entry. Priya Nair keeps her FINRA registration but drops her Texas state registration, so the firm checks Texas under 5B as an AG termination.
Nuance or edge case. Do not complete the Reason for Termination or the Section 7 disclosure questions on a partial filing; any disclosures go through a Form U4 instead. Branch office addresses cannot be updated on a partial form.
Common mistake and consequence. Trying to add a disclosure on a partial U5 gets it ignored, which can look like the firm failed to report and trigger a regulatory question.
Misconception. People assume a partial U5 ends their FINRA license; it only ends the specific SROs or states you select, and the rest stay active.
Section 6: Affiliated Firm Termination
What it asks in plain English. This asks whether the person is also leaving firms affiliated with the one filing.
How to answer it. Answer “yes” or “no.” If yes, select each affiliated firm and indicate the registrations to terminate, entering the Affiliated Firm CRD Number, Affiliated Firm Name, and the BD or IA designation.
Example entry. A dually registered rep leaving both the broker-dealer and its affiliated adviser sees the firm enter the adviser’s CRD number and check IA for that entity.
Nuance or edge case. If the SRO or jurisdiction terminations differ between the filing firm and the affiliate, you must file separate 5A and 5B sections for each affiliated firm. This section does not apply to paper filers.
Common mistake and consequence. Skipping an affiliate leaves the person registered at a firm they no longer work for, which creates a false active registration and supervisory risk.
Misconception. Filers think one U5 automatically clears every related entity; it only covers affiliates you actively select in this section.
Section 7: Disclosure Questions (Full Terminations Only)
What it asks in plain English. These six yes-or-no questions ask whether anything reportable was happening when the person left.
How to answer it. Answer “yes” or “no” to each, using the Explanation of Terms for definitions. The six are 7A Investigation, 7B Internal Review, 7C Criminal, 7D Regulatory Action, 7E Customer Complaint/Arbitration/Civil Litigation, and 7F Termination Disclosure. For any “yes,” complete the matching Disclosure Reporting Page (DRP U5).
Example entry. Because a customer filed a written complaint about broker Carlos Mendez before he was fired, the firm answers yes to 7E and yes to 7F, then completes both DRPs.
Nuance or edge case. Question 7B (Internal Review) covers compliance matters, not ordinary employment disputes, and the person may add a brief summary on Part II of that DRP. You may use the Disclosure Certification Checkbox in place of full answers only when there is no new info for 7A, 7C, 7D, or 7E, and never when answering “yes” to 7B or 7F.
Common mistake and consequence. Answering “no” to 7F on a for-cause firing tied to misconduct is a false disclosure that draws FINRA discipline and can lead to a bar.
Misconception. Firms think a complaint must name the person to count; 7E(4) and 7E(5) can require a “yes” even when the claim only describes conduct the firm ties to that person.
Section 8: Signature and Acknowledgment
What it asks in plain English. This is the firm’s certification that the filing is true.
How to answer it. Enter the Date as MM/DD/YYYY (no future dates), type the Signature of Appropriate Signatory as the full legal name, and list the Person to Contact for Further Information with a phone number. Complete 8A Firm Acknowledgment on every firm filing, and 8B Individual Acknowledgment and Consent only on amendments where the person changes Part II of the Internal Review DRP or their residential address.
Example entry. Compliance officer Susan Reyes types Susan Reyes in the signature field on 03/16/2026 and lists herself with a direct phone line as the contact.
Nuance or edge case. Typing a name in the electronic field is a legally binding signature, the same as ink. A future-dated signature is rejected outright.
Common mistake and consequence. Leaving the contact phone number blank slows any regulator follow-up and can delay the person’s BrokerCheck update.
Misconception. Some think the departing person must sign the U5; the firm signs the initial filing, and the individual only signs in the narrow 8B situations.
Disclosure Reporting Pages (DRPs U5)
What it asks in plain English. A DRP is the detail page that explains any “yes” answer in Section 7.
How to answer it. Use the matching DRP: Criminal, Customer Complaint/Arbitration/Civil Litigation, Internal Review, Investigation, Regulatory Action, or Termination. Fill the drop-down fields like Product type, disposition, and Termination Type (Discharged, Permitted to Resign, or Voluntary Resignation).
Example entry. On the Customer Complaint DRP for Carlos Mendez, the firm selects Equity Listed (Common & Preferred Stock) as the product and Settled as the disposition once the matter resolves.
Nuance or edge case. Firms must keep amending DRPs until final disposition, even years later, as new facts surface. On the Internal Review DRP, the individual may add their own brief statement in Part II.
Common mistake and consequence. Filing a thin DRP that omits the disposition leaves a permanent “pending” item on BrokerCheck that can quietly block the person’s next hire.
Misconception. People believe a settled or dismissed matter disappears from the DRP; it stays disclosed, though the disposition is updated to show the outcome.
Three Filled-Out Examples Using Real Scenarios
Below are three common fact patterns, each followed through the form by one named person.
Scenario 1: Daniel Okafor, clean voluntary resignation. Daniel quits to join a rival, with nothing reportable.
| Form Section | What Daniel’s Firm Enters |
|---|---|
| Section 1 General Information | Daniel / (no middle) / Okafor, with his CRD number and SSN |
| Section 2 Residential Address | 512 Birch Lane, Austin, TX, United States, 78704 |
| Section 3 Full Termination | Yes; Reason: Voluntary; explanation left blank |
| Section 4 Date of Termination | 03/14/2026 |
| Section 5 Partial Termination | Left blank (full termination) |
| Section 6 Affiliated Firm | No |
| Section 7 Disclosure Questions | No to 7A through 7F; Disclosure Certification Checkbox used |
| Section 8 Signature | Signed Susan Reyes on 03/16/2026 with contact phone |
Scenario 2: Carlos Mendez, discharged with a customer complaint. Carlos is fired over a complaint alleging unsuitable trades.
| Form Section | What Carlos’s Firm Enters |
|---|---|
| Section 1 General Information | Carlos / Antonio / Mendez, with CRD number and SSN |
| Section 2 Residential Address | 89 Harbor View Rd, Miami, FL, United States, 33133 |
| Section 3 Full Termination | Yes; Reason: Discharged; factual explanation provided |
| Section 4 Date of Termination | 04/02/2026 |
| Section 6 Affiliated Firm | No |
| Section 7 Disclosure Questions | Yes to 7E and 7F; No to others |
| Customer Complaint DRP | Product Equity Listed; allegation summary; disposition Pending |
| Termination DRP | Termination Type Discharged; factual conduct summary |
| Section 8 Signature | Signed by compliance officer with contact phone |
Scenario 3: Priya Nair, partial state termination. Priya keeps her FINRA registration but drops one state.
| Form Section | What Priya’s Firm Enters |
|---|---|
| Section 1 General Information | Priya / (no middle) / Nair, with CRD number and SSN |
| Section 2 Residential Address | 27 Cedar Court, Plano, TX, United States, 75024 |
| Section 3 Full Termination | No (partial termination) |
| Section 5B Jurisdiction | Texas selected as AG termination |
| Section 4 Date of Termination | Entered only if post-dated during renewal |
| Section 6 Affiliated Firm | No |
| Section 7 Disclosure Questions | Not completed on partial filings |
| Section 8 Signature | Signed by registration staff with contact phone |
How to File the Completed Form U5
Filing is almost always electronic, and the channel depends on the registration type. Keep proof of every submission, since the date stamp protects the firm against a late-filing charge.
- Web CRD (broker-dealers). File at FINRA Gateway. There is no separate U5 filing fee for the termination itself, though renewal and other CRD fees may apply. Submission posts immediately, and you should save the confirmation and filing ID as proof.
- IARD (investment advisers). File adviser-representative terminations through the IARD system, using your firm’s entitled credentials, and retain the electronic confirmation.
- Paper (rare exceptions only). Broker-dealer terminations generally cannot be filed on paper; permitted paper filers mail to the jurisdiction or SRO per its instructions and must keep a signed original for inspection. Processing is slower, so confirm receipt directly with the jurisdiction.
After you submit, the firm must give the individual a copy of the full-termination Form U5 within 30 days, along with any later amendments. Save proof that you sent it, because failing to deliver the copy is itself a reporting violation.
What Happens After You File
Once the U5 posts, the SRO or jurisdiction sets the official termination date and updates the person’s CRD record. Disclosure answers and any DRP details flow to BrokerCheck, where future employers and clients can see them. The person stays under regulator jurisdiction for at least two years and must report any address change during that window.
The firm’s job is not finished at submission. Firms carry a continuing duty to amend Section 7 and the DRPs until each matter reaches final disposition, even if that takes years. For example, if Carlos Mendez’s pending complaint settles 18 months later, the firm must file an amendment updating the disposition to Settled.
The departing person is not powerless over an unfair entry. If a U5 disclosure is false or misleading, the individual can pursue expungement through FINRA arbitration, and may also bring a defamation claim against the firm in some cases. Courts in several states give firms only a qualified privilege, not absolute protection, so a U5 written with malice or reckless disregard for the truth can support damages. The practical lesson is that accurate, neutral, fact-based language in Section 3 and the DRPs protects both the person and the firm.
Mistakes to Avoid When Filling Out the Form U5
Each error below carries its own consequence, so check them before you submit.
- Using a nickname in Section 1 creates a record mismatch that delays processing.
- Entering a P.O. Box in Section 2 gets the address rejected and breaks the two-year reporting duty.
- Coding a real firing as Voluntary is a false filing that can draw FINRA discipline.
- Writing a vague or insulting termination explanation invites a defamation suit and an expungement fight.
- Answering “no” to 7F on a misconduct-based firing is a false disclosure that can lead to a bar.
- Missing the 30-day deadline triggers a late fee and a possible reporting violation.
- Filing the wrong type (full instead of partial) wipes out registrations the person meant to keep.
- Listing a payroll date instead of the registration end date can force unnecessary exam retakes.
- Forgetting to complete an affiliated-firm termination leaves a false active registration.
- Skipping a DRP after a “yes” answer leaves an incomplete, misleading public record.
- Never amending a “pending” DRP leaves a permanent unresolved item on BrokerCheck.
- Failing to give the individual their copy within 30 days is its own reporting violation.
Do’s and Don’ts
Do’s
- Do verify the CRD and SSN before filing, because the system matches identity on these numbers.
- Do keep the termination explanation strictly factual, since the text is public on BrokerCheck.
- Do download the Explanation of Terms, because it defines how to answer the disclosure questions.
- Do fix the U4 first when prepopulated fields are wrong, since the U5 pulls from the U4.
- Do save the confirmation and filing ID, because it proves you met the 30-day deadline.
- Do amend DRPs as matters resolve, because the duty continues until final disposition.
Don’ts
- Don’t soften a firing into a resignation, because a false reason exposes the firm to sanctions.
- Don’t use a P.O. Box for the residential address, since it will be rejected.
- Don’t add disclosures on a partial U5, because they belong on Form U4.
- Don’t future-date the signature, because the system rejects it.
- Don’t guess the termination date, since errors can cost the person an exam waiver.
- Don’t skip the individual’s copy, because non-delivery is a reportable lapse.
Pros and Cons of Filing on Your Own vs. With Help
Firms file most U5s with in-house staff, but complex or for-cause terminations often call for legal review.
Pros of filing in-house
- Faster turnaround, because staff control the timing inside the 30-day window.
- Lower cost, since no outside counsel fee is involved.
- Direct control over wording, which keeps the explanation consistent with firm records.
- Familiarity with the person’s CRD history, which reduces data errors.
- Immediate access to Web CRD, so amendments are quick.
Cons of filing in-house
- Higher legal risk on for-cause language, because untrained staff may write something defamatory.
- Easy to misjudge a disclosure question, which can create a false filing.
- No privilege review, so harmful wording reaches BrokerCheck unchecked.
- Possible inconsistency across filers without a standard template.
- Limited insight into expungement exposure, which counsel would flag.
FAQs
Who files Form U5, the firm or the broker?
No. The broker does not file it. The firm, through entitled compliance or registration staff, files Form U5 on the individual’s behalf through Web CRD or IARD.
When is Form U5 due?
Yes, there is a hard deadline. The firm must file within 30 days of the employment end date and give the individual a copy within 30 days.
Is there a fee to file Form U5?
No, there is no separate termination filing fee, but a late fee applies if the firm misses the 30-day deadline, and other CRD charges may apply.
Do I pick “Voluntary” or “Permitted to Resign” in Section 3?
No single answer fits all. Use Voluntary for a true resignation and Permitted to Resign when the firm gave the person the choice to quit ahead of a firing.
Should I write an explanation if I select “Voluntary”?
No. A Voluntary reason needs no explanation. Only Permitted to Resign, Discharged, or Other require a written Termination Explanation.
Can I put a P.O. Box in Section 2?
No. A post office box is never acceptable as a residential address. Enter a physical street address, and keep it current for two years.
Do I answer Section 7 disclosure questions on a partial U5?
No. The reason for termination and the Section 7 questions are completed only on full terminations. Disclosures on a partial filing go through Form U4.
Must I complete a DRP for every “yes” in Section 7?
Yes. Each “yes” answer requires the matching Disclosure Reporting Page with full details, including product type and disposition.
Can I use the Disclosure Certification Checkbox on every filing?
No. You may use it only when there is no new info for 7A, 7C, 7D, or 7E, and never when answering “yes” to 7B or 7F.
Does the departing person sign the Form U5?
No, not on the initial filing. The firm signs it; the individual signs only on amendments changing the Internal Review DRP Part II or their residential address.
Can a broker get a bad U5 disclosure removed?
Yes. A person can seek expungement through FINRA arbitration and may pursue a defamation claim if the disclosure is false or made with malice.
Can I file a Form U5 on paper?
No, generally not for broker-dealer terminations. Most filings must be electronic through Web CRD, with paper allowed only for limited adviser or issuer exceptions.
Does a settled complaint disappear from BrokerCheck?
No. The matter stays disclosed on the DRP, but the firm amends the disposition to show it was Settled or otherwise resolved.
Do I enter the payroll date or the registration end date in Section 4?
No to payroll dates. Enter the date the firm ended the registered association, because SROs use it to decide requalification.
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