As we've discussed previously, we often hear from financial advisors looking to clean up their Form U4. Often these advisors are facing a criminal disclosure or have a U4 that reports an old criminal case from many years ago, perhaps from when they were very young. But increasingly, we receive...
If you are a business owner in Georgia, you may have heard about trade names and wondered if you need one, and why you would need one. According to Georgia law, every person, firm, or partnership that conducts business under a trade name, partnership name, or other name which does not disclose t...
In a recent blog, we discussed 3 Things to Consider When Going into Business with a Partner. This week, we want to remind FINRA-registered financial advisors who are considering starting a side business or becoming involved in a corporation or LLC that they must take steps to remain in complian...
If you are a FINRA-registered financial advisor, you are likely familiar with FINRA Rule 3240 regarding borrowing and lending arrangements between advisors and customers. However, in our experience many financial advisors do not fully understand the requirements and limitations of Rule 3240, an...
Are you considering going into business with a partner? Maybe you're coworkers striking out on your own, or best friends finally taking the leap and starting the business you've always talked about. Starting a business is exciting, even more so when you're working with a friend, but don't let the...
If you've received a letter from FINRA requesting information, don't take it likely. In this blog, we'll discuss five common questions about the Rule 8210 letter, and what it means for you. What is Rule 8210? https://www.youtube.com/watch?v=rIvEf9IktN8&t=144s In a nutshell, Rule 8210 requires ...
At The Beck Law Firm, LLC, we often receive calls from financial advisors navigating the ramifications of an arrest or criminal case on their Form U4. Whether the charge is old, new, or already disclosed, they want to know what they can do to minimize the impact of the disclosure on their caree...
Review of FINRA Enforcement Actions Reported for Quarter 1 of 2021 Each month, FINRA publishes a report listing monthly disciplinary actions. These are not current for that month, but generally about two months old. For Quarter 1 of 2021, the January monthly report lists actions finalized in ...
Earlier this week, Georgia Governor Brian Kemp signed into law Senate Bill 359 – the Georgia COVID-19 Pandemic Business Safety Act – passed by the Georgia legislature to provide certain liability protections for Georgia busines...
If you're going to buy or sell a business in Georgia, it really is critical to know exactly what you are buying or selling. While that sounds simple and obvious, it's often an issue that some buyers and sellers don't consider. For example, a typical introductory phone call to me from a pros...
Here at The Beck Law Firm, LLC, we routinely get calls from financial advisors from across the country looking for help in cleaning up their Form U4 where possible. Sometimes, they seek expungement of criminal history disclosur...
At the end of 2018, the Court of Appeals of Georgia issued a decision in a case involving restrictive covenants under the Georgia Restrictive Covenants Act.Specifically, in this case, Kennedy v. The Shave Barber Company, LLC (Georgia Court of Appeals Case # A18A1660, decided December 20, 2018) th...
In my law practice, I work with a lot of professionals such as financial advisors. Sometimes, these people have a blemish in their background. Often it involves an arrest for something relatively minor when they were young and dumb. For example, there might be an arrest for shoplifting or propert...
Today, we're going to address the question of “What should I do about my U5 when I leave a firm?” This is a great question that every financial advisor needs to consider when leaving a firm. In an earlier video, I explained what a U5 is and what it does. In today's video, we're going to spe...
Today, we're going to answer the question “What is the Form U5?” Technically, the form is called the Uniform Termination Notice for Securities Industry Registration, and it is used whenever a person registered with a broker-dealer or a registered investment adviser terminates his or her resignati...
One of the questions we sometimes get from financial advisors goes like this, “I've been arrested. Do I have to disclose that on my Form U4?” The range of underlying events I anything from a traffic violation to a very serious offense. Generally speaking the answer is, “No,” because in most...
One of the questions we get from time to time is from a financial adviser who has called us and said, “FINRA wants to take my testimony, they've told me they want me to come in for an OTR. Why? Why do they want to take an OTR of me?” That's a good question. Essentially what it means when FI...
If you are an employer, you may have questions about whether you can have your employees sign a covenant not to compete, or not to solicit your clients or other employees. One of your questions is almost certainly whether those types of agreements can be enforced in Georgia? Some people bel...
If you're a financial adviser with negative disclosures on your Form U4 and in your CRD record, it really does make sense to see what you can do to clean that up. Those negative disclosures not only sit there and may cause problems when your prospects or clients review it, but it can also hinder ...
More often than you might imagine, I get a call from a financial advisor – someone who is a registered representative of a broker-dealer or an investment adviser representative of a registered investment adviser firm – and they ask a question like one of these: What do I need to know if I'v...
We get calls pretty regularly from financial advisors who've been asked to come in for an OTR, or an on-the-record interview with FINRA. And in an earlier video, we explained what an OTR is. In today's short video, we'll talk about how a FINRA OTR works. If you're going in for an OTR or an ...
If you've been terminated from a broker-dealer, regardless of the label placed on it such as a discharge or permitted to resign or even a voluntary termination under the cloud of an internal investigation, you've probably got some significant questions. What do I do now? How will this affect my c...
If you are considering purchasing a business, be sure to do your due diligence. What's that? Doing your due diligence means that you should conduct a detailed and thorough investigation of various facets of the bu...
Wrapping up the U4 Basics blog post series, today, we'll look at three other U4 disclosure areas: outside business activities, regulatory events, and terminations. OBAs (outside business activities) are to be disclosed in Item 13 of the Form U4. Note the detail that is sought about each act...
Continuing on in this series on the Form U4, in this post we'll address some issues regarding disclosing customer complaints, litigation and arbitration. On the Form U4, Items 14H & 14I seeks information on civil judicial cases and customer complaint/arbitration disclosure. Here, applicants...
To discuss your situation and see how we might be of assistance, contact us today.