Okla. Admin. Code § 660:11-5-14

Current through Vol. 41, No. 19, June 17, 2024

Section 660:11-5-14 - Agent termination

(a)Filing requirement. Termination notice pursuant to the requirements of Section 1-408.A of the Securities Act shall be promptly given by filing within thirty (30) days of termination, a completed Uniform Termination Notice for Securities Industry Registration, Form U5. The Form U5 for an agent terminating registration with a FINRA member shall be filed with the CRD. The Form U5 for agents terminating registration with a non-FINRA broker-dealer shall be filed with the Department.

(b)Responsibility for filing. A completed Form U5 signed by the employer will be accepted as fulfilling the statutory requirements of both parties. Upon verification that the Form U5 has not been filed by the broker-dealer, the agent shall notify the Department in writing of said termination.

(c)Amendments. If the information contained in a Form U5 becomes inaccurate or incomplete, the employer shall promptly file a correcting amendment after learning of the facts or circumstances giving rise to the amendment.

(d)Effect of failure to file. In the event of termination, the filing of a future application for registration shall not be considered complete until compliance with the termination notice requirements of Section 1-408.A and this section.

Okla. Admin. Code § 660:11-5-14

Added at 21 Ok Reg 2532, eff 7-1-04; Amended at 30 Ok Reg 2070, eff 8-1-13

Amended by Oklahoma Register, Volume 37, Issue 24, September 1, 2020, eff. 11/1/2020