Forms U4 & U5 (and Form ADV)
Individual registration and termination forms; the adviser's own registration form.
What is Forms U4 & U5 (and Form ADV)?
Agents and IARs register on Form U4, which discloses employment history and reportable events such as criminal charges, regulatory actions, customer complaints and bankruptcies, and must be updated promptly when those occur. Form U5 is filed by the firm when an individual leaves, generally within 30 days. Investment advisers themselves register on Form ADV through IARD.
Forms U4 & U5 (and Form ADV): a worked example
A written customer complaint alleging theft must be reported on the agent's U4.
More terms in Uniform Securities Act & Registration
Uniform Securities Act (USA)
The model state securities law most states' 'blue sky' statutes are based on.
State Securities Administrator
The official or agency that enforces a state's securities act.
Person (USA Definition)
Anyone who can be held legally responsible - individuals and organizations.
Investment Adviser (USA Definition)
Advises on securities, as a business, for compensation.
Excluded from the Investment Adviser Definition
Banks, incidental professionals, broker-dealers, and publishers are not advisers at all.
Exemptions from State Adviser Registration
An adviser with no office in the state and only institutional or very few clients there.
De Minimis Exemption
No place of business in the state and fewer than 6 clients there in 12 months.
Federal Covered Adviser
An adviser registered with the SEC rather than the states.
All Uniform Securities Act & Registration terms · Full glossary